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Booking deposit- New Build

  • 27-09-2016 8:51pm
    #1
    sullivk
    Registered Users, Registered Users 2 Posts: 299 ✭✭


    We are looking at buying a new build, paperwork from estate agent says initial booking deposit is 5k- subject to contract.
    And then further 10% upon signing of unconditional contracts.
    Can i clarify --- If we were to put the 5k deposit on a new build, is this refundable (before we sign contracts) if we can't go through with the sale?
    Thank you


Comments

  • #2
    PhoenixParker
    Registered Users, Registered Users 2 Posts: 2,677 ✭✭✭PhoenixParker


    Generally yes.
    Get it in writing because getting it in writing never hurts.


  • #3
    OfflerCrocGod
    Registered Users, Registered Users 2 Posts: 6,334 ✭✭✭OfflerCrocGod


    That's what "subject to contract" means.


  • #4
    sullivk
    Registered Users, Registered Users 2 Posts: 299 ✭✭sullivk


    Grand, i thought so, just double checking I was reading it correctly! Thanks :)


  • #5
    TheUnderfaker
    Registered Users, Registered Users 2 Posts: 275 ✭✭TheUnderfaker


    Sorry to hijack a thread, but what form does a booking deposit normally take these days? Can you pay with your card or does it have to be a bank draft/cheque? I'm not even sure KBC do them!


  • #6
    bittihuduga
    Registered Users, Registered Users 2 Posts: 1,943 ✭✭✭bittihuduga


    TheUnderfaker wrote: »
    Sorry to hijack a thread, but what form does a booking deposit normally take these days? Can you pay with your card or does it have to be a bank draft/cheque? I'm not even sure KBC do them!

    it depends on estate agents..
    few take in cheque, draft and online transfer
    few also have card machines
    usually you must confirm with the agents and be prepared.


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  • #7
    Utah
    Closed Accounts Posts: 426 ✭✭Utah


    TheUnderfaker wrote: »
    Sorry to hijack a thread, but what form does a booking deposit normally take these days? Can you pay with your card or does it have to be a bank draft/cheque? I'm not even sure KBC do them!

    We did a bank transfer for the booking deposit.
    Bank draft for the deposit balance


  • #8
    REFLINE1
    Registered Users, Registered Users 2 Posts: 428 ✭✭REFLINE1


      Most say proof of finance is required within X days of paying booking deposit... what proof is usually required? There is a development im really interested in the next month or so but i don't want to formally apply for my mortgage until Jan 2017 as both our salaries will have risen? has anyone payed a booking deposit before Full approval or is that total lunacy?


  • #9
    TheUnderfaker
    Registered Users, Registered Users 2 Posts: 275 ✭✭TheUnderfaker


    @REFLINE1 you can always apply for the mortgage now, and get the amount adjusted when your salary increases come in. That's what I did anyway


  • #10
    Gumbo
    Moderators, Society & Culture Moderators Posts: 40,339 Mod ✭✭✭✭Gumbo


    TheUnderfaker wrote: »
    Sorry to hijack a thread, but what form does a booking deposit normally take these days? Can you pay with your card or does it have to be a bank draft/cheque? I'm not even sure KBC do them!

    Are generally no as the fees associated with the transaction means someone loses out.


  • #11
    REFLINE1
    Registered Users, Registered Users 2 Posts: 428 ✭✭REFLINE1


    Problem would be the approval amount wouldn't be high enough currently & our deposit would still be a little bit shy of whats needed :(


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  • #12
    TheUnderfaker
    Registered Users, Registered Users 2 Posts: 275 ✭✭TheUnderfaker


    Best thing to do would be to call the mortgage broker/bank and ask them what's possible. If you got proof from your employers that you'll be getting salary increases in January they may be able to grant you approval in principle for the higher amount pending the increases coming into effect... I'm no expert but it's worth a shot.

    That doesn't solve the other part of your question as to when you've got to prove you have the funds in place though!


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