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Balance Deposit

  • 11-05-2022 11:23pm
    Registered Users Posts: 828 ✭✭✭ Heart Break Kid

    Hi, just looking for some peoples experience re: buying and selling a house roughly at the same time.

    We're purchasing a house with a close date in mid June.

    We're also selling a house with a closes on the same date June.

    We've paid a booking deposit of circa €10K and the remainder of or contribution (mortgage which will cover the remainder) will be via equity from the our house sale.

    The vendors Solicitor have asked for the balance deposit 7 days prior to close date of our new house. Unfortunately we won't have the balance deposit till we close our sale.

    In regards to the vendors solicitors request, is this usual request or have you managed to agree that remaining outstanding funds will be paid on the closing date along with the monies from the mortgage.

    I hope the above makes sense, we've being trying to align the selling and buying bit but I feel I've come across a slight snag. I know when we bought our first house and selling this house, such condition wasn't on the contract albeit, the monies were detailed as to what amounts accounted for what.


  • Registered Users Posts: 12,008 ✭✭✭✭ Dav010

    I’m surprised the deposit wasn’t asked for in full when you signed the contract. Are you trying to align sale/buy for same day for convenience (move out/in same day)? If you are, focus on getting sale done as soon as possible, if that drags on and you can’t complete the buy on time, it may complicate matters.