Chapter 5 of 10 · From sale agreed to keys · 9 of 12
Signing contracts on a house: the 10%, the closing date and what binds you
Checked 21 Oct 2026the Central Bank's mortgage measures, Revenue's rules and the scheme operators' published terms.
What happens when you sign: the 10% deposit, the closing date, special conditions, mortgage-approval conditions and when it becomes binding.
Check before you hire: a solicitor should be on the register kept by the Law Society of Ireland. Law Society: find a solicitor
Written in plain English for the person buying, selling or switching. This guide covers the Republic of Ireland only.
Signing contracts is the day the sale becomes real. Before it, either side can walk away. After it, both sides are bound. This guide explains what you sign, what you pay, what to look for in the special conditions, and what changes from that day on.
What you are signing
The contract for sale is a printed form from the Law Society of Ireland, the General Conditions of Sale (2023 edition), with a set of special conditions added for this home. It names the seller, the buyer, the home, the price, the deposit and the closing date. The seller's solicitor drafts it. Your solicitor (check the Law Society's register; see the conveyancing solicitor page) reads it, raises questions and asks for changes before you sign anything.
Most of the contract is standard. The special conditions are where this home differs from every other, and where your solicitor earns the fee.
What you pay: the 10%
At signing you pay the contract deposit. It is 10% of the price, less the booking deposit you paid when you went sale agreed. Your solicitor holds it until exchange and then sends it to the seller's solicitor.
| Price | 10% deposit | Less booking deposit | Paid at signing |
|---|---|---|---|
| €300,000 | €30,000 | €5,000 | €25,000 |
| €380,000 | €38,000 | €5,000 | €33,000 |
| €450,000 | €45,000 | €10,000 | €35,000 |
On a new build, Help to Buy can make up part of the 10%, because Revenue pays it to the builder at this stage. The new build guide explains how. The rest of the price, most of it from the mortgage, is paid at closing. The cost of buying calculator adds up everything you pay from here to the keys.
When it becomes binding
Your signature alone binds nobody. The sale binds both sides when:
- You sign the contracts and your solicitor sends them, with the deposit, to the seller's solicitor.
- The seller signs.
- The signed copies are exchanged, one for each side.
This is called exchange of contracts. Your solicitor tells you the day it happens. From then on, the seller cannot sell to anyone else, and you cannot walk away without losing the deposit. Until then, the seller can still take a higher offer; the gazumping guide explains that risk and why speed matters.
The closing date
The contract names a closing date, also called the completion date. That is the day the money moves and you get the keys. It is usually two to eight weeks after signing, agreed between the two solicitors. If one side is not ready on the day, the other can serve a completion notice, which gives a fixed number of days to complete or face a claim. Interest can run on the balance for late completion. Ask your solicitor what the contract says before you sign.
Special conditions to look for
Read the special conditions with your solicitor. Common ones:
- Planning. The seller gives a certificate that the home and any extension comply with planning permission and building regulations. If there is no certificate, ask why.
- Boundaries. A declaration that the fences and walls match the map.
- Contents. What stays: the cooker, the blinds, the shed. Write it down. If it is not in the contract, the seller can take it.
- Vacant possession. The seller must move out by closing. If there is a tenant, the contract must say what happens.
- Management company. On an apartment, the seller must show the service charge is paid.
- Local Property Tax. The seller must show it is paid up to the sale date.
- Defects. Many contracts say you take the home as it is. That is why the survey comes before signing, not after.
A subject to loan clause
A subject to loan clause (sometimes called a subject to mortgage clause) says the sale depends on your mortgage going ahead. If the lender withdraws the loan through no fault of yours, you can cancel and get the deposit back.
Sellers often resist it, and once you have a full loan offer many solicitors advise that it is no longer needed. Do not sign without the loan offer in hand unless the clause is in. The loan offer guide explains what the offer contains and how long it lasts.
What to have in place before you sign
- The full loan offer, read and accepted.
- The survey report, read, with any fault either priced into the deal or accepted.
- The valuation, done, with the figure at or above the price.
- The money for the 10%, in your solicitor's client account.
- Mortgage protection and home insurance, applied for. The lender needs both before it sends the money.
Buildings insurance starts from the day you sign in many contracts, because the risk of damage passes to you at exchange under the General Conditions. Ask your solicitor whether yours says so, and have the policy ready to start that day.
A worked example
Conor goes sale agreed on a house at €380,000 and pays a €5,000 booking deposit. Five weeks later the contracts arrive. His solicitor raises questions and gets a planning certificate for the back extension. Conor's loan offer for €342,000 arrives in week six. He signs in week seven and his solicitor sends €33,000 with the contracts. The seller signs two days later, and contracts are exchanged. The closing date is four weeks on. Conor arranges mortgage protection and buildings insurance that week. On the closing date his solicitor draws down the €342,000, pays the balance, and Conor collects the keys.
Where this leaves you
Between signing and closing, every cost comes due at once: the deposit, the solicitor, stamp duty, insurance. Add them up with the cost of buying calculator, follow the first-time buyer journey for the order of the last steps, and get quotes for a solicitor if you have not yet instructed one.
Questions people ask
How much do you pay when signing contracts for a house?
The contract deposit is 10% of the price, less the booking deposit you already paid. On a €380,000 home that is €38,000, so €33,000 at signing if you paid €5,000 to book. Your solicitor sends it with the signed contracts.
When is a house sale legally binding in Ireland?
When both sides have signed the contracts and the signed copies have been exchanged. Your signature alone does not bind anyone. The seller usually signs after you, and your solicitor tells you when the exchange has happened.
Can I pull out after signing contracts?
Only at a real cost. Once contracts are exchanged, the seller can keep your 10% deposit and can sue for any further loss. A subject-to-loan clause, if your solicitor got one in, lets you out if the mortgage falls through.
What is a subject to loan clause?
A condition in the contract that says the sale depends on you getting your mortgage. If the lender withdraws the loan through no fault of yours, you can cancel and get your deposit back. Many sellers refuse it once you have a loan offer in hand.
What happens between signing contracts and closing?
Your solicitor does the final searches, asks the lender for the money, and you put mortgage protection and home insurance in place. The gap is usually two to eight weeks, set by the closing date in the contract.