Queries on a property bought at auction! HELP??

dougal321

Hi i'm new on this site and im hoping someone can help me!

I bought a HOLIDAY HOME from a receiver a few months ago at auction(so i signed the contract there and then) where a closing date was agreed for July. It has also been agreed that i can move in this coming September. If i missed the closing date there was a high penalty but the receiver asked for the closing date to be delayed to the 10th of July (therefore I am not liable to pay any penalty). I agreed to the change of date though its August so, clearly, still waiting to finalise. My solicitor was still trying to retrieve more information from
the receiver about the property though they are still not disclosing enough information about the management company or when they expect to close aka sign deeds and what not! So I have come on here to see if any one has any insight into the following questions.......

1. Can my solicitor impose a penalty on the receiver for not finalising on the agreed date?
2. Can i still move in on the agreed date ( In September) even though we have not finalised?
3. If I cant move in in September is the receiver liable to pay for my alternative accommodation?
4. Is it only on closing (again aka signing the deeds) that I become a member of the management company or is it when I signed the contract at auction?

P.S I do have a solicitor but things are so slow as it was an auction buy so I am trying to grasp some sense of it myself!

djmcr

dougal321 wrote: »

Hi i'm new on this site and im hoping someone can help me!

I bought a HOLIDAY HOME from a receiver a few months ago at auction(so i signed the contract there and then) where a closing date was agreed for July. It has also been agreed that i can move in this coming September. If i missed the closing date there was a high penalty but the receiver asked for the closing date to be delayed to the 10th of July (therefore I am not liable to pay any penalty). I agreed to the change of date though its August so, clearly, still waiting to finalise. My solicitor was still trying to retrieve more information from
the receiver about the property though they are still not disclosing enough information about the management company or when they expect to close aka sign deeds and what not! So I have come on here to see if any one has any insight into the following questions.......

1. Can my solicitor impose a penalty on the receiver for not finalising on the agreed date?
2. Can i still move in on the agreed date ( In September) even though we have not finalised?
3. If I cant move in in September is the receiver liable to pay for my alternative accommodation?
4. Is it only on closing (again aka signing the deeds) that I become a member of the management company or is it when I signed the contract at auction?

P.S I do have a solicitor but things are so slow as it was an auction buy so I am trying to grasp some sense of it myself!

Ask the receiver to arrange for you to rent the property whils finalising the sale, it may entail signing a lease for a month or so till paperwork sorted.

Milk & Honey

dougal321 wrote: »

1. Can my solicitor impose a penalty on the receiver for not finalising on the agreed date?
2. Can i still move in on the agreed date ( In September) even though we have not finalised?
3. If I cant move in in September is the receiver liable to pay for my alternative accommodation?
4. Is it only on closing (again aka signing the deeds) that I become a member of the management company or is it when I signed the contract at auction?

1. No.
2. Only by agreement. Most unlikely.
3. No.
4. On closing.

dougal321

Thanks guys really appreciate the help (",) .

odds_on

I was trying to buy an apartment from a receiver but the receiver's paperwork was all wrong - in one place it said that the apartment was on the first floor and in another place that it was on the 4th floor. The receiver's authorization from the repossessing bank was not in order to give authority for him to sell the property.

The receiver had a closing date of 31 July 2012 and with all the problems and two days to the closing date I saw no sense in continuing with the purchase. Got a nicer apartment in the same complex last week - at the same price.

My solicitor reckoned that it could take months to sort it all out so I pulled out of the sale - there are plenty of properties out there, why bother with the hassle.

As with auctions, receivers are exempt from any comeback if there is a problem.

What amazes me is that all the paperwork could have been corrected. The apartment was originally put on the market November last year - went off daft.ie early January and was back on daft in late February; so I suppose someone else had the same problem.

It was being sold by a very big and well known Estate Agents in Dublin who were also the receivers. I can't understand why they leave all the paperwork to the last minute when they know that the property must be sold at sooner or later - it would seem to me that if the paperwork was all in order the property could be sold sooner and quicker.