Cash Purchase

My parents are in the process of buying a house, they've paid 9k deposit and the balance of 81k is due in 2 weeks. The solicitor has advised them the deeds of the property won't be available until approx 3 days after they have paid in full. Can anyone explain why this is, my parents are reluctant to part with their hard earned cash and not receive the deeds on the same day. Is there any cause for concern?

Anyone???

Don't they want details of their purchase noted in the Land Registry?

Even that would take more than three days. Don't they trust the solicitor? Maybe they should just fire the solicitor and do it themselves?

mf

On the closing date the solicitor gets a deed transferring ownership to your parents. They must then pay the Revenue any stamp duty due which is done online, and they then receive a stamp duty certificate from the revenue- sometimes the Revenue give this immediately, sometimes it takes a few days to process. If your parents are retired their pps numbers might be inactive and have to be reactivated by the revenue before the stamp duty cert is given. The cert is then attached to the deed and filed with the property registration authority, another government agency. They usually have a backlog but if this is a full folio transfer then it could well be registered within a few weeks. If there is only part of a folio involved then it could take a few months to a few years depending on the backlog in the mapping division of the PRAI. When it is registered the solicitor will receive a notice of completion of registration and can apply for a copy folio showing your parents as the new registered owners. There is no such thing as original title deeds anymore when it is a land registry title. As your parents are purchasing the house it is either now or will have to become land registry title.

Thanks Vanilla

mf1 - a certain solicitor accused of massive fraud, allegations involving 20 homes etc. etc. Who do you trust .......