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req 37 form as part of conveyance (MUD act pre contract.)

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  • 22-01-2014 12:08pm
    #1
    Lantus
    Registered Users Posts: 3,027 ✭✭✭


    Is it a legal requirement that the purchasers solicitor issues this to the management company to get the questions answered or just 'good practice'?

    Some sites seem to suggest it is legally required as a part of the conveyance process but the main source; the law society, is a members only site so cant access the required info.

    What if a sale goes ahead and completes without this being done? What are the implications for the seller, purchaser and management company respectively?


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    #2
    blacklilly
    Registered Users Posts: 2,687 ✭✭✭blacklilly


    Lantus wrote: »
    Is it a legal requirement that the purchasers solicitor issues this to the management company to get the questions answered or just 'good practice'?

    Some sites seem to suggest it is legally required as a part of the conveyance process but the main source; the law society, is a members only site so cant access the required info.

    What if a sale goes ahead and completes without this being done? What are the implications for the seller, purchaser and management company respectively?

    The replies to requisitions will make the purchaser aware of the financial postion of the management company, any claims being made against the Mgt Co, any levies being applied to members and will also make the purchaser aware of whether there is service charge owed on the property.

    Personally I would not purchase a property without seeing this document but as far as I know it is not a legal requirement to obtain it prior to purchasing.

    Should you purchase without this document you may find yourself in a position where there is service charges owing to your property, where the Mgt Co are in financial difficulity which may give rise to levies being applied etc.

    As always: Buyers beware


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    #3
    adaczo
    Registered Users Posts: 8 ✭adaczo


    I would like to know can i drow down mortgage without this req.37?


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    #4
    blacklilly
    Registered Users Posts: 2,687 ✭✭✭blacklilly


    adaczo wrote: »
    I would like to know can i drow down mortgage without this req.37?

    As stated above, it is not a legal requirement to obtian replies, however it is best practice and I would be surprised if any reputable solicitor did not request replies.
    For your own benifit I would strongly recommend you obatin replies to req 37.

    I am not overly au fait with bank proceedures, perhaps ask your manager.


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    #5
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    adaczo wrote: »
    I would like to know can i drow down mortgage without this req.37?

    Did you not read the replies on your other thread??? http://www.boards.ie/vbulletin/showthread.php?t=2057244940

    Your bank are extremely unlikely (luckily for you as you seem not to understand the significance of a management company where the members are not paying fees) to release a mortgage without this.


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