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Receivership sale of house: contract question

  • 09-07-2015 5:56pm
    #1
    Coburger
    Registered Users, Registered Users 2 Posts: 324 ✭✭


    I'm trying to buy a house which is a receivership sale. In the contract, there is a clause where they state, in basic terms, they the Vendor / Receiver cannot guarantee that there no third party who may have rights the property.

    How is it legal for someone to sell a house but not guarantee that there may not be an issue with it later on concerning someone who may have a right to part of the property?


Comments

  • #2
    L1011
    Registered Users, Registered Users 2 Posts: 71,190 ✭✭✭✭L1011


    Run - don't walk - away now.

    Your solicitor should have given you the same advice. Clearly the vendor cannot secure clean title - you aren't going to be able to draw down a mortgage for this either.


  • #3
    slimjimmc
    Registered Users, Registered Users 2 Posts: 7,786 ✭✭✭slimjimmc


    Not a consumer issue, moved to Accommodation & Property


  • #4
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,286 Mod ✭✭✭✭The_Conductor


    Any solicitor who has half a notion of how to conduct conveyancing- will be able to put this to bed for you. If there are possible issues- normally it just takes a little longer (ok- several weeks or even months longer).

    Receivers- will never be in a position to guarantee anything (at all)- they are selling a pig in a poke- and are not going to get clarification of anything from the previous owner.

    If the previous owner is contacted- given the property has been seized by a receiver- you're hardly going to have a cooperative informative talk with them- they are highly unlikely to clarify anything........

    Your solicitor- if he/she is worth their salt- should be able to kill off any issues that may arise-and if they're good- they won't let you sign anything until they are happy that its all kosher.

    There are thousands of residential properties coming onto the market via receivers at the moment- there is no reason to run- you do need to carry out proper diligence however, and at the end of the day- I'd also keep in mind that there is probably an aggrieved previous owner hiding in the woodwork somewhere- who is unhappy that receivers managed to extricate the property from them.........

    Don't run. Instruct your solicitor to conduct forensic level due dillegence. Prepare to pay for this caution. If all is kosher- sign on the dotted line- but not until then.


  • #5
    the_syco
    Registered Users, Registered Users 2 Posts: 37,316 ✭✭✭✭the_syco


    Coburger wrote: »
    I'm trying to buy a house which is a receivership sale. In the contract, there is a clause where they state, in basic terms, they the Vendor / Receiver cannot guarantee that there no third party who may have rights the property.
    If the solicitor didn't explain this bit to you, or didn't mention it at all, get a new solicitor.

    IMO "cannot guarantee that there no third party who may have rights the property" means that "there is a third party who has rights through the property" but they hope that no-one asks about it. Did you mean "right of way" through the property?

    Are there any gates in the back garden?


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