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Solicitor needed: "subject to loan approval"

  • 13-04-2017 6:43am
    #1
    xboxdad
    Registered Users, Registered Users 2 Posts: 972 ✭✭✭


    Hello,

    I just booked a new build and I'm looking for a solicitor who has experience adding and getting developers accept the "subject to loan approval" clause in the contract.

    Can you please PM me the details of your solicitor if they successfully added this clause for you?

    Thank you.


Comments

  • #2
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,260 Mod ✭✭✭✭godtabh


    Why would a developer do this? He could have sold the unit 10 times over before you get loan approval


  • #3
    Hasmunch
    Registered Users, Registered Users 2 Posts: 938 ✭✭✭Hasmunch


    Because a developer may be selling the unit 12 months before draw down is needed.
    Typically banks will only give 6 months approval at which point the buyer will needed re-approval.

    If the buyer does not get re-approval the builder would be able to keep the buyer deposit without this clause.


  • #4
    Samuel T. Cogley
    Registered Users, Registered Users 2 Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    I'm not sure why you need a specific solicitor OP. Any solicitor can do this, whether the developer, or indeed any vendor, will accept that clause is down to them. I think you need some goons to make the developer an offer they can't refuse :pac:


  • #5
    xboxdad
    Registered Users, Registered Users 2 Posts: 972 ✭✭✭xboxdad


    This seems to be some sort of a taboo. Some solicitors just refuse doing this, others will not confirm/deny until you hire them.
    It's not that easy to find the right solicitor for this task.


  • #6
    Samuel T. Cogley
    Registered Users, Registered Users 2 Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    Okay so where are you looking for this Solicitor. No point in PMing you about one in North Dublin if you're in Cork.


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  • #7
    xboxdad
    Registered Users, Registered Users 2 Posts: 972 ✭✭✭xboxdad


    Samuel T. Cogley wrote: »
    Okay so where are you looking for this Solicitor. No point in PMing you about one in North Dublin if you're in Cork.

    I apologize, you're right. I'm in Dublin. Working in the city centre.


  • #8
    daheff
    Registered Users, Registered Users 2 Posts: 5,994 ✭✭✭daheff


    So the solicitor is working for you. Would you not insist that this clause is in the contract with the solicitor before the solicitor asks you to sign?
    If its not in the contract then dont sign...tell solicitor to send it back to get that clause inserted.

    Explain this clause is mandatory for you and you wont sign any contracts without it inserted. Be open & upfront with the solicitor at the outset (set expectations).


  • #9
    xboxdad
    Registered Users, Registered Users 2 Posts: 972 ✭✭✭xboxdad


    daheff wrote: »
    So the solicitor is working for you. Would you not insist that this clause is in the contract with the solicitor before the solicitor asks you to sign?
    If its not in the contract then dont sign...tell solicitor to send it back to get that clause.

    I'm not looking to play hard ball with a solicitor or a large developer with a lot of resources.
    I think it's wiser to find a solicitor who does this routinely and successfully. There's not so many large developers in the area so any random local solicitor would have worked with them and should have experience with adding a clause like this.


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