What if the Solicitor runs off with the purchase money?

ireland2023

I have just arrived in Ireland and am a cash buyer and understand that the money to buy a property must be transferred to the buyer's solicitor first and then to the seller's solicitor.

Can the solicitor be trusted? 

Can I trust him and transfer the hundreds of thousands of euros for the purchase of a property to him just because he is a licensed solicitor, without having worked with them or even met them before?

What if the solicitor receives the money and does not transfer it to the seller?

In my home country, it is necessary to transfer the money to purchase the property to a government-regulated account.

Thank you all in advance.

Victor

It is generally safe. There have been a few cases of fraud by a solicitor, but they are the exception. Solicitors need to belong to the Law Society and have insurance. Fraud by a solicitor means they will never work as one again.

Get recommendations from people you know and trust for a solicitor that is experienced with conveyancing work.

ireland2023

https://www.boards.ie/discussion/comment/120215162#Comment_120215162

Thanks for the advice, very useful, is there a place to check if a solicitor has insurance or not?

I am currently planning to find some Solicitors with good reviews from GOOGLE maps there.

Grolschevik

All solicitors are required to have and confirm to their regulatory body, the Law Society of Ireland, that they have professional indemnity insurance.

There's a "check a solicitor's record" function buried in the 'For the public' submenu on lawsociety.ie.

herbalplants

You just have arrived in Ireland and decided to buy in Ireland a house, why Ireland? Just curious.

99% it is safe to transfer the money in the solicitor bank account. There has been couple of dodgy solicitors in the past, nothing to be concerned now.

Blind As A Bat

It's absolutely normal practice in Ireland and 99.9% safe. However, you should be aware that buying a property in Ireland is a slow process. First you have to pay the deposit and exchange contracts and then the solicitor conducts something called a search, a number of them in fact which can drag on for months before you finally complete. Worst case scenario be prepared for a six month delay between exchange and completion.

ireland2023

https://www.boards.ie/discussion/comment/120215335#Comment_120215335

Thanks, I checked it out as you suggested.

ireland2023

https://www.boards.ie/discussion/comment/120215452#Comment_120215452

Because the rent is too high and I have to submit a bunch of certificates to rent a room.

We intend to settle here.

herbalplants

https://www.boards.ie/discussion/comment/120215514#Comment_120215514

Very true, rental is mental. Best of luck

Mrs OBumble

https://www.boards.ie/discussion/comment/120215452#Comment_120215452

If its only 99% safe, that means that it is unsafe for 1 in every hundred purchases. That's a lot.

I'd be looking for at least 99.99% (one issue in every 10,000) - and in fairness, it is at least that safe.

Claw Hammer

The Law Society has a compensation fund for victims of fraud by solicitors.

https://www.lawsociety.ie/public/compensation-fund

For negligence, solicitors are supposed to have insurance but many don't report potential claims to the insurer and so the insurer can avoid the policy. In some ways it is better to be the victim of fraud rather than negligence.

The best thing to do is have a solicitor recommended to you. Do not approach a solicitors office without doing research beforehand.