We here at Nestor Shanahan Auctioneers often find that buyers and sellers view “sale agreed” as the finish line. In reality, it is a significant milestone, although it is not the end of the process. The period between sale agreed and closing is where transactions are either secured or quietly fall apart.
Understanding what happens during this phase, and where risks typically arise, is essential for both parties.
At the point of sale agreed, the price has been negotiated and accepted. The property is effectively taken off the market, subject to contract. This wording matters. It means that while there is agreement in principle, the deal is not legally binding until contracts are signed and exchanged.
From this moment, the process becomes more legal and procedural, and the role of solicitors becomes central.
The first key step is the issue of contracts.
The seller’s solicitor prepares the contract for sale, along with supporting documentation. This typically includes title deeds, planning permissions, property boundaries, and any relevant certificates such as BER ratings.
The quality and completeness of this documentation can influence how smoothly the process moves. Delays often occur where information is missing, unclear, or requires further investigation.
On the buyer’s side, their solicitor reviews the contract in detail. This is not a formality. It is a thorough examination of the legal status of the property.
Any issues identified at this stage can lead to additional queries, requests for clarification, or, in some cases, renegotiation. Buyers need to be aware that this process can take time, particularly where complexities arise.
At the same time, the buyer will usually arrange a structural survey.
Even where a property appears to be in good condition, a professional inspection provides reassurance and can identify issues that are not immediately visible. If the survey highlights significant concerns, this may lead to further negotiation on price or, in some cases, withdrawal from the purchase.
This is one of the key points where deals can change direction.
Another critical step is mortgage approval.
While many buyers will have approval in principle before going sale agreed, full loan approval is only finalised after the lender has assessed the specific property.
The bank may require a valuation, confirm the borrower’s financial position again, and ensure that the property meets its lending criteria.
If there are issues at this stage, such as a down valuation or changes in the buyer’s financial circumstances, it can delay or disrupt the process.
This is why it is important for buyers to maintain financial stability during this period. Any changes in employment, income, or borrowing can affect the outcome.
From the seller’s perspective, maintaining momentum is important.
It can be tempting to assume that once sale agreed is reached, the process will take care of itself. In reality, active engagement is required. Responding promptly to queries, ensuring documentation is in order, and working closely with the auctioneer and solicitor all help keep the process moving.
There is also a behavioural aspect that both buyers and sellers need to be aware of.
The period after sale agreed can feel uncertain. There is often a lack of visible progress, as much of the work is happening between solicitors. This can lead to frustration or concern, particularly if timelines are unclear.
Communication becomes important here.
Regular updates, even where there is no major development, help maintain confidence and reduce the risk of misunderstandings.
Another risk during this phase is loss of commitment.
Because the deal is not yet legally binding, either party can withdraw. This is not common in straightforward transactions, although it does happen.
Buyers may reconsider if they find another property, encounter unexpected issues, or experience changes in their circumstances. Sellers may also receive other interest, particularly in competitive markets.
This is why managing expectations and maintaining engagement is important. The goal is to move from agreement in principle to a legally binding contract as efficiently as possible.
Once all queries are resolved, the next major step is signing contracts.
The buyer signs the contract and pays a booking deposit, usually held by the seller’s solicitor. At this point, the agreement becomes legally binding.
From here, the focus shifts to closing.
Closing involves the transfer of funds and the completion of legal formalities. The buyer’s solicitor arranges for the mortgage funds to be drawn down and transferred to the seller’s solicitor. The balance of the purchase price is paid, and ownership is transferred.
On completion, the buyer receives the keys and the transaction is finalised.
While this may sound straightforward, delays can still occur at this stage, often due to banking processes or final checks. Again, preparation and communication help minimise these risks.
It is important to recognise that the timeline from sale agreed to closing can vary.
Simple transactions may complete within a few weeks, while more complex cases can take longer. Factors such as chain dependencies, title issues, or planning queries can all affect timing.
Patience is required, although it should not come at the expense of progress. Active management of the process is what keeps it moving.
From a practical perspective, both buyers and sellers should remain organised during this period.
Buyers should ensure that all documentation requested by their solicitor or lender is provided promptly. Sellers should have all relevant property information ready and accessible.
Small delays at this stage can have a cumulative effect, extending the overall timeline.
There is also value in understanding that this phase is where the initial agreement is tested.
The price agreed at sale agreed reflects expectations based on available information. The legal and financial checks that follow either confirm those expectations or challenge them.
Where the property is well presented, properly documented, and realistically priced, the process tends to move smoothly.
Where there are gaps or uncertainties, additional work is required to resolve them.
Ultimately, the period after sale agreed is about moving from intention to completion.
It is where the detail is examined, the risks are assessed, and the agreement is formalised.
Buyers and sellers who understand this are better prepared for the process and more likely to achieve a successful outcome.
Those who assume that sale agreed marks the end often find themselves unprepared for what follows.
Clarity, preparation, and communication are what turn an agreed deal into a completed sale.
If you would like to discuss buying or selling a property, contact us on 061 415337 or email info@nestorshanahan.ie or visit nestorshanahan.ie.
Disclaimer: This article is based on publicly available information and is intended for general guidance only. While every effort has been made to ensure accuracy at the time of publication, details may change and errors may occur. This content does not constitute financial, legal or professional advice. Readers should seek appropriate professional guidance before making decisions. Neither the publisher nor the authors accept liability for any loss arising from reliance on this material.
