When do I pay the stamp duty?

Question:

When do I need to pay stamp duty when buying a home in Ireland?

Answer:

Stamp duty is an essential part of the home-buying process in Ireland, and its payment must be carefully coordinated to ensure the smooth completion of your property purchase. Here’s how it works:

Timing of Payment: Although stamp duty is officially paid to Revenue on the day the sale is finalized, your solicitor needs to confirm to your lender that the funds are available before they can draw down your mortgage.

When to Transfer Funds: To facilitate this, you must transfer the stamp duty amount to your solicitor at least 7 days before the completion date. This ensures your solicitor can hold the funds in their account and provide the necessary confirmation to your lender.

Purpose of Stamp Duty: This tax is a government requirement for property transactions and is calculated based on the purchase price of the property.

By transferring the funds to your solicitor on time, you can avoid delays in the mortgage drawdown process and ensure your purchase proceeds as planned. Your solicitor will guide you on the exact amount and timing to ensure compliance with all legal requirements.