PROPERTY PRICE REGISTER
DUBLIN CORK GALWAY LIMERICK
Updated 30-9-12. The Property Price Register Database is now on line and we hope to have full details shortly
Updated 15-4-12. Latest reports say that the establishment of the House Price Register will now not occur until September 2012, due to legal difficulties. A Commercial Lease Terms Database is also due to be set up shortly.
A Property Price Register is to be established by the Property Services Regulatory Authority in June 2012, which should contain a publicly accessible seachable list
of prices achieved for those houses sold thoughout Ireland
from mid 2010.
This Property Price Register may well be used by NAMA,
in conjunction with prices achived at property auctions, to set realistic prices for their properties.
As well as setting up a House Price Register, the PSRA is also charged with regulating the estate agent
and property management industries.
It is not yet clear when the members of the PSRA will be appointed by the Department of Justice.
Part of the remit of the PSRA is to enforce best practice in the estate agency business and examples of improvements that could be made include the following:
Ensuring the advised minimum value (AMV) of the property given to the potential buyers must not be less than the AMV given to the seller.
Ending the practice of telling the potential buyer that another "mystery buyer" has made a higher offer. Genuine bidders will soon be able to demand that the estate agent back up such claims with proof that there really is another bidder.
Estate agents will soon need to express their fees as a monetary amount, not just as a percentage of the selling price.
Booking deposits, which always returnable if a sale does not go through, will now have the possibility of having conditions attached to them, if the estate agents feels that potential buyers intend to abuse the system.
Vendors will now be entitled to know if the estate agent is also arranging the mortgage for the potential buyer.
This summary is based on a recent Irish Times article.
Property Price Register | House Prices Database | Dublin Cork Galway Limerick
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