Land shows in price register with half price of our last bid

A piece of land we bid on last year appears sold in the price register for about half our last offer. What are the legal options of why this is?

  • Vendor can decide to sell to anyone for any price they want
  • Land was co-owned, they found out what market is prepared to pay, and one party bought the other’s half?
  • Is the register price the final one paid? Or only the mortgage minus deposit? VAT payable? etc.
  • anything else?

Thanks.

Possibly co owned. Was it an executor sale?

Land should not show up on the register as it would be deemed commercial. Was there any sort of dwelling on this land?

Your ‘testing the market’ theory seems plausible. Is there a note saying ‘not full market price’? You often see this in cases of separation.

Land shouldn’t be on the register - but if there was a house or a shack or something on it, they may have treated this as a residential property in order to pay less stamp duty. Stamp duty on residential property is 1%, duty on commercial is 2% - therefore if they split the sale as 50% resi (e.g. shack and 1 acre of surrounding lands) / 50% commercial (remaining lands), they would save 25% of the total stamp duty bill compared to treating the whole deal as commercial. Commercial property doesn’t go on the residential register, hence why we don’t (usually) see sites on the register.

Yes, there is a derelict house on the site.

No note in the register.

That’s what the auctioneer told us, that it is an executor sale.

There are a few strange things about it, we found it in the price register by accident after searching only one word in the address and it showed up as sold twice, in Dec 2014 as half the price of Dec 2015 when we bid on it and were told was sold for more than twice the price shown in the register.

What i know from buying a property on 2+ acres only the value of house and up to 1 acre goes in the register. So what is paid is more than shows on the register in these cases.

This mirrors the LPT liability revenue.ie/en/tax/lpt/faqs/v … l#section3

are you certain what was bought in 2014 and sold in 2015 was the same package ?

Thank you all for the comments, I guess most of the above suggestions are plausible reasons of why the register price is skewed.

The 2014 entry in the price register has the same address as the 2015 entry and I can’t see how it could be a different package, is a derelict house on a 0.25Acre site in Galway city.