A new conveyancing system took effect on New Year’s Day 2019
Did you know that since the 1st of January there is a faster, more efficient and cost-effective system for buying and selling property in Waterford and indeed Ireland. The new ‘pre-contract investigation of title’ (PCIT) system will improve the conveyancing process by ensuring any questions relating to the property’s title are raised and resolved before the contracts are signed.
This means that the new system changes the procedures that you have to go through when buying or selling a house.
So why a new system? The Law Society of Ireland saw the need for a for transparancy in the conveying process and so the new process is more transparent because any issues are fully revealed before one is “locked into” the contract.
“Every property sale involves a process called ‘investigation of title’,” explains Michael Walsh, partner and head of property at ByrneWallace. “It requires the buyer’s solicitor to carry out certain checks on the property’s title. Historically, copying and exchanging the documents needed to investigate title was a difficult task, and took place after the buyers and sellers had signed contracts.”
“This means that the system has, up to this point, been structured so that queries or problems relating to the title to the property can often arise at a very late stage in the transaction. It is not unusual for such issues to severely delay or even completely kill a deal, which can be expensive as well as extremely disappointing.”
PCIT system: saving time and money on property sales
Mr Walsh explains that the PCIT system will be more efficient and cost-effective for everyone involved in a property sale. “We may also see a reduction in the time frame between signing the contract and handing the keys over to the buyer. This will very much depend on finance being ready and available, but this new process aims to reduce or avoid the current duplication of work and effort and minimise the potential for disputes that can lead to delays in completing the sale,” explains Mr Walsh.
“This is one of the most fundamental changes in conveyancing practice in a very long time.”
Read more at https://www.lawsociety.ie/News/Media/Press-Releases/a-faster-more-efficient-way-to-buy-and-sell-property/