New Stamp Duty Rules - Does 'execution' = 'drawing down'

mathie

When does 'execution' happen?
Is it when a mortgage is drawn down?

New changes to Stamp duty as follows :

Transfers of residential property
Reduction in rate for transfers of residential property to 1% on properties valued up to €1 million, with 2% applying to amounts over €1 million, in respect of instruments executed on or after 8 December 2010;
Abolition of various reliefs and exemptions, in respect of instruments executed on or after 8 December 2010, as follows:
First time buyer relief
Exemption for new houses under 125 sq m in size
Relief on new houses over 125 sq m in size
Consanguinity relief for residential property transfers
Exemption for residential property transfers valued under €127,000
Site to child relief

crabfeet

Execution happens when the deed of transfer is signed. The mortgage will normally be drawn down before that and the purchase monies paid over paid over to the vendor.