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Deposit/contract/site query

  • 16-02-2006 4:17pm
    #1
    skywalker_208
    Registered Users, Registered Users 2 Posts: 1,350 ✭✭✭


    Hi Guys,

    Just a quick question on paying the deposit on a site, agent reckons you have give them deposit and then they issue a contract which you agree to with solicitor...

    i was under the impression you get the contract, and when you agree to it you sign it and send it back and then send deposit...

    anyone got any info on this?


Comments

  • #2
    squire1
    Registered Users, Registered Users 2 Posts: 730 ✭✭✭squire1


    It would be standard prictice when buying any property/land to pay a "booking deposit" when you agree to buy. The Agent normally keeps this to cover his fees with the vendor. AFAIK this is fully refundable if the deals falls through before contracts are signed. When you are signing contracts you would be expected to pay a deposit up to 10% to your solicitor which is sent to the vendors solicitor with the contracts. You then pay the balance on closing the deal.


  • #3
    skywalker_208
    Registered Users, Registered Users 2 Posts: 1,350 ✭✭✭skywalker_208


    yea was thinking that... however they are looking for a deposit before they even draw up any contracts....


  • #4
    antoinolachtnai
    Registered Users, Registered Users 2 Posts: 9,815 ✭✭✭antoinolachtnai


    This is the 'booking deposit'. This sounds normal. However if you are unsure about whether to pay, ask your solicitor.


  • #5
    Irjudge1
    Closed Accounts Posts: 377 ✭✭Irjudge1


    Are you buying the site subject to attaining planning permission?


  • #6
    rooferPete
    Registered Users, Registered Users 2 Posts: 1,497 ✭✭✭rooferPete


    Hi,

    The process you describe looks fairly standard for any property transaction, the agent should be bonded to get an auctioneers licence so your deposit is safe and subject to contract.

    If there is any proplem with the title or conditions in the contract you don't agree with then you get your deposit back, the words to watch for are "Subject To Contract" sometimes it's worded
    "Subject To Contract / Contract Denied", As far as I know that means there is no binding contract in place, I am of course open to correction.

    .


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