IPAV, the Institute of Professional Auctioneers & Valuers, has announced it is spearheading a new initiative to speed up the conveyancing of property – the legal process in transferring property title.
This week it has written to the Law Society of Ireland seeking its support for the introduction of a Seller’s Legal Pack, a collection of documents that would be provided to aspiring buyers when a property is placed on the market for sale, thereby front-loading the current process that takes an average of about four months.
IPAV’s Chief Executive, Pat Davitt, says his organisation’s recent Conveyancing Survey found 79pc of auctioneers are experiencing conveyancing delays from the time a property is deemed ‘sale agreed’ to when the sale eventually closes.
“We found the average time it takes from when a property is ‘sale agreed’ to when contracts are signed is ten weeks, and it takes a further six weeks from the signing of the sales contracts to the date on which the sale closes,” he says.
Mr Davitt says IPAV has now begun the process of seeking the support of all stakeholders within the industry, including the legal profession and policymakers, to streamline the conveyancing process and make it more efficient.
“As the representative body responsible for driving standards for the property sales industry, we have no doubt, the Seller’s Legal Pack would satisfy these objectives while substantially reducing the delays incurred in the current sales process which is unaligned, rife with uncertainty and presents legal risks to the Vendor,” he says.
And he said the ultimate objective was to influence the development of a sustainable property market where people can buy, sell or rent properties in a cost-effective and efficient manner.