Quick answer: In Ireland, offers — even accepted ones — are not legally binding until contracts are signed by both parties. A booking deposit (typically €5,000–€10,000) secures the sale informally but is refundable up to the point of signing. Nothing is final until contracts exchange.
How the Bidding Process Works
Unlike auction-based systems, most Irish residential properties are sold through an estate agent by private treaty — meaning you submit offers verbally or in writing, and the process is largely informal until contracts are signed.
Step 1: Register Your Interest
Contact the estate agent to express interest in the property. In a competitive market, agents may ask for proof that you have Approval in Principle (AIP) before they pass offers to the vendor.
Step 2: Submit Your Offer
Offers are typically made verbally to the agent, who relays them to the seller. The agent does not have to disclose competing offers to you, though they must act honestly in the process.
Step 3: Bidding Up
If there are multiple bidders, the agent runs an informal competitive process — each bidder can raise their offer incrementally. The agent may call for "best and final offers" when they want to close the bidding process.
Step 4: Offer Accepted
When the seller accepts, the agent issues a letter of sale agreed (or "sale agreed" email). This is not legally binding on either party.
Step 5: Booking Deposit
Once sale agreed, you'll be asked to pay a booking deposit — typically €5,000–€10,000. This: - Removes the property from active marketing - Is generally held by the estate agent in a client account - Is generally refundable in full up until you sign contracts — however, exact refund terms are governed by the agent's terms; confirm these in writing before paying - Does not create a binding contract
PSRA bid records: Estate agents in Ireland are regulated by the Property Services Regulatory Authority (PSRA). Agents are required to maintain a written record of every offer received on a property. You are entitled to ask the agent to see the bid history, which shows the sequence of offers submitted. This protects buyers against claims of phantom bidding.
Step 6: Instruct Your Solicitor
Immediately instruct your solicitor, who will begin legal searches and review the title documents sent by the vendor's solicitor. The same day, ask the estate agent whether they run the sale on Progressa, so you, the vendor and the agent share one record of where the sale is, what it is waiting on and what happened last.
Step 7: Sign Contracts
When searches are complete and your solicitor is satisfied with the title, you sign contracts. The vendor's solicitor countersigns. At this point the sale is legally binding on both parties.
"Subject to Contract / Survey / Mortgage"
All Irish property offers are implicitly subject to contract — meaning you are not legally bound until contracts are exchanged. You may also make your offer explicitly:
- Subject to survey — you can walk away if a structural survey reveals serious issues
- Subject to mortgage — you can withdraw if your lender does not issue a formal loan offer
These conditions give you legal and practical protection before contracts are signed.
What is Gazumping?
Gazumping occurs when a seller accepts a higher offer from another buyer after already accepting your offer — but before contracts are signed. It's legal in Ireland (since no binding agreement exists at sale agreed stage) but uncommon as it damages the seller's agent's reputation.
To reduce gazumping risk: exchange contracts as quickly as possible and keep your solicitor progressing the title work promptly.
Using the Property Price Register
Before bidding, check the Property Price Register for recent sold prices of comparable properties in the same area. This gives you an objective reference point for what to bid.
PPR limitations: PPR data typically lags the sale agreement date by 2–3 months (the time from sale agreed to closing and registration). The register also does not include floor area or BER rating, so direct price-per-sqm comparisons require cross-referencing with the original listing data.
Key Points
- Nothing is legally binding in Ireland until both parties have signed contracts.
- The booking deposit is fully refundable until contracts are signed.
- "Sale agreed" is not the same as "sold" — either party can still pull out.
- Your solicitor, not the estate agent, protects your legal interests.
- Get Approval in Principle before bidding seriously — you'll need it, and vendors prefer it.
Common Questions
Q: Is my offer legally binding once the seller says yes? No. In Ireland, an accepted offer is not legally binding until both parties have signed contracts. Either the buyer or seller can pull out at any time before contracts exchange, with no legal penalty (though you may lose the booking deposit in some circumstances — check the agent's terms when paying).
Q: Can I bid on a house without mortgage approval? You can bid without AIP, but you risk not being able to proceed if you can't get a mortgage for the agreed price. Most estate agents won't pass offers to vendors without evidence of AIP, and bidding without it wastes everyone's time including your own.
Q: How long between offer accepted and signing contracts? Typically 4–8 weeks, depending on how quickly the vendor's solicitor issues title documents and how quickly your solicitor can complete searches. You can push this by instructing your solicitor immediately on going sale agreed. If the sale is on Progressa, you can also see what it is waiting on at any point, rather than ringing the agent to ask.