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public indemnity policy

  • 16-08-2019 11:53am
    #1
    Pdoghue
    Registered Users, Registered Users 2 Posts: 781 ✭✭✭


    I am in the process of buying a house. As part of the contract the vendor is trying to get me to pay an insurance policy for the access road and services which are being retained in ownership by the vendor pending them being handed over to the county council on completion of the development. However, the development would appear to be complete and there's no indication of when the access road and services will be handed over to the county council. Has anyone ever heard of this?


Comments

  • #2
    Gumbo
    Moderators, Society & Culture Moderators Posts: 40,351 Mod ✭✭✭✭Gumbo


    Pdoghue wrote: »
    I am in the process of buying a house. As part of the contract the vendor is trying to get me to pay an insurance policy for the access road and services which are being retained in ownership by the vendor pending them being handed over to the county council on completion of the development. However, the development would appear to be complete and there's no indication of when the access road and services will be handed over to the county council. Has anyone ever heard of this?

    Never heard of this.
    My estate was finished in 1996 and still hasn't been handed over!


  • #3
    sabat
    Banned (with Prison Access) Posts: 2,896 ✭✭✭sabat


    Laughable arm-chancing. I assume your solicitor has told them to do one.


  • #4
    Pdoghue
    Registered Users, Registered Users 2 Posts: 781 ✭✭✭Pdoghue


    sabat wrote: »
    Laughable arm-chancing. I assume your solicitor has told them to do one.

    It's a condition of the contract. It's coming from the vendor's side.


  • #5
    sabat
    Banned (with Prison Access) Posts: 2,896 ✭✭✭sabat


    Pdoghue wrote: »
    It's a condition of the contract. It's coming from the vendor's side.

    There's no way you should agree to this. It's an open-ended legally binding agreement to pay the bill for someone else's property indefinitely. What if some chancer "slips" on the ground, sticks a claim in and the following year's insurance bill goes up to €5K? And if the council haven't taken it in charge for 10 years following that? Not only does this have the potential to be a serious drain on your own money, it will also make it more difficult to sell in the future.


  • #6
    Pdoghue
    Registered Users, Registered Users 2 Posts: 781 ✭✭✭Pdoghue


    sabat wrote: »
    There's no way you should agree to this. It's an open-ended legally binding agreement to pay the bill for someone else's property indefinitely. What if some chancer "slips" on the ground, sticks a claim in and the following year's insurance bill goes up to €5K? And if the council haven't taken it in charge for 10 years following that? Not only does this have the potential to be a serious drain on your own money, it will also make it more difficult to sell in the future.

    Thinking exactly the same..


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