Property Tax - Selling Property

S

Sunny

Registered User
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Hi,

I am sure this has been answered before but if I sell my property, do I need to do anything to transfer the liability to the new owner after the sale closes or how does it work? I can see there is an option to transfer property on the website but not sure if this is all I have to do. I just don't want to be down as the registered owner on the 1st November.

Cheers
 
The person that owns the residential property on 1 November in any given year is liable for LPT for the following year. Normally this is apportioned on closing between vendor and purchaser.
 
Sarenco said:
The person that owns the residential property on 1 November in any given year is liable for LPT for the following year. Normally this is apportioned on closing between vendor and purchaser.
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Thanks but I am aware of that. Question is what happens when the sale closes. How does the liability for future years transfer to the new owner? I am still seeing the liability for next year for a property that i sold under my tax. Just wondering if I need to tell revenue that I am no longer the owner or how does it work.
 
Sunny said:
Thanks but I am aware of that. Question is what happens when the sale closes. How does the liability for future years transfer to the new owner?
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Ah, sorry for the misunderstanding.

Revenue are notified of the sale when the purchaser’s solicitor submits the transfer deed for stamping (which is done electronically these day) and the LPT account is automatically updated.

That’s what is supposed to happen but I actually ran into a bit of a problem with this process a few years ago.

In my case, the purchaser’s solicitor filed an incorrect stamp duty return - they put me down as the purchaser! I rang Revenue and they contacted the purchaser’s solicitor directly to correct the return. Problem sorted.
 
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