Selling, buying or transferring a property
You are buying a property
The valuation for the property on 01 May 2013 applied up to 31 December 2021. The valuation for the property on 01 November 2021 applies for the years 2022 to 2025 inclusive. The valuation(s) must be reasonable.
What should you, or your solicitor, do before completion of the sale?
Before the completion of the sale you, or your solicitor, should:
- Obtain any relevant information and supporting documentation from the seller (property ID, valuation band or valuation, basis for their valuation and details of any exemption claimed).
- Check whether there is any outstanding tax, interest or penalties in relation to that property. Any unpaid tax will attract interest.
- Ensure there is no deferral on file.
- Ensure that all deferred liabilities are paid together with the interest due.
- Ensure that the Household Charge is fully paid.
- Consider whether the valuation declaration for the property is reasonable and honestly made. The buyer, or their solicitor, should address any concerns prior to the closing of the sale.
All sellers must obtain general clearance before completing the sale. Some must also obtain specific clearance from Revenue. The seller must provide this to the buyer. If this is not the first sale since 2013, the seller must provide details of any clearance they hold for the earlier sale.
You, as the buyer, must ensure that the seller provides you with copies of the appropriate clearance(s).
Buying a derelict property - Stamp Duty implications
Certain properties are considered residential for Stamp Duty purposes even if they are not liable for LPT. For example, a derelict house. While a derelict house may not be liable for LPT, it is subject to Stamp Duty at the residential rate.
You may buy a property which is not liable for LPT, but is subject to the residential rate of Stamp Duty. If so, you must ensure the seller provides you with an LPT Property ID before the sale is complete. You will need the Property ID to submit your Stamp Duty Return.
If the property does not have a Property ID Number, you should ask the seller to contact LPT Branch. The seller should explain to the LPT Branch that the number is needed to file a Stamp Duty return.
For further information on Stamp Duty, please see What Is Stamp Duty.
After completion of the sale
You may consider that the valuation(s) declared by the seller or previous owner on 01 May 2013 and, or 01 November 2021 is not reasonable. If you consider the valuation(s) should be higher or lower, you should provide the following details to the LPT Branch:
- The name and Personal Public Service Number (PPSN) of the buyer and new liable owner.
- The property ID.
- The property address.
- Your own assessment of the market value and valuation band of the property as at 01 May 2013 and, or 01 November 2021. You must select the actual value if the property was valued at more than €1 million.
- You must provide documentation in support of your valuation(s).
Next: You are transferring a property