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If you’ve been house hunting in Ireland, you’ve probably come across the term ‘sale agreed’ and wondered what it actually means. Well, you’re not alone — it’s a phrase that often causes more confusion than clarity. So, let’s have a proper chat about it, like friends over a cuppa.
When a property is marked as ‘sale agreed’, it means the seller and a buyer have come to a verbal agreement on the price. In other words, they’ve agreed to sell and buy, but—and here’s the kicker—it’s not legally binding yet. It’s kind of like a handshake deal before the paperwork starts rolling.
It’s important to know that ‘sale agreed’ is not the same as ‘sold’ or ‘under contract’. The sale can still fall through before contracts are signed, and we’ll get into why that matters.
Sometimes, when a buyer and seller agree on a price, the buyer might pay a booking deposit. This deposit is meant to show good faith—that the buyer is serious. But here’s the thing: because the sale isn’t legally sealed, the deposit isn’t always protected the way you might think.
In Ireland, unless the deposit is held by a solicitor in a client account or there’s a formal contract in place, that money can be at risk if the sale doesn’t go ahead.
So, a few pointers to keep in mind:
If you’re buying or selling, it’s worth chatting with your solicitor early on to understand how deposits work and avoid any nasty surprises.
Here’s a phrase that might make your shoulders tense up: gazumping. It’s a real thing in Ireland’s property market and one of the reasons why ‘sale agreed’ isn’t the final word.
Gazumping happens when a seller accepts a higher offer from another buyer after they’ve said ‘sale agreed’ to someone else. Because no contract is signed yet, the seller can legally pull out of the initial agreement and go with the better offer.
This can be heartbreaking for the original buyer — especially if they’ve already put down a booking deposit.
To protect yourself from gazumping:
It’s a frustrating part of the process, but knowing about it helps you stay one step ahead.
Once the ‘sale agreed’ stage is reached, the next big step is the exchange of contracts. This is when the buyer’s solicitor and the seller’s solicitor get busy drawing up the legal documents.
Until contracts are signed and exchanged, the sale isn’t legally binding for either side. That means:
Once contracts are exchanged, usually the buyer pays a deposit (often 10%) and the sale becomes legally binding. After that, it’s a matter of arranging the moving day and finalising the mortgage and other details.
Whether you’re buying your first home, upgrading to a family house, or searching for a rental, FindQo.ie is here to help you navigate the Irish property market with confidence.
Check out our extensive listings of properties for sale and properties for rent across Ireland. We’re dedicated to making your property search as smooth and honest as possible — just like a trusted friend who knows the ropes.
Take your time, ask questions, and always remember: the journey to your new home is just as important as the destination.
It means the seller and buyer have agreed on a price, but the sale is not legally binding until contracts are signed.
Not always. It depends on how and where the deposit is held. Ideally, a solicitor should hold it securely.
Yes, until contracts are exchanged, the seller can accept a better offer, a scenario known as gazumping.
Get your solicitor involved early, stay in touch with the seller and estate agent, and move quickly to exchange contracts.
Once contracts are signed and exchanged by both parties, usually accompanied by a deposit payment.
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