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Booking Deposit

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  • 11-04-2024 4:35pm
    #1
    suitcasepink
    Moderators, Education Moderators Posts: 7,837 Mod ✭✭✭✭


    Hi all, we are interested in a new build development and want to secure one of the houses in the next phase.

    My question is, this house won’t be completed until early 2025 and what if something changes in the mean time? Can we pull out of the sale if we find a different house etc in the meantime? Would we be at a financial loss if we do?

    I’m a FTB and just trying to navigate my way with everything.

    Thanks



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    #2
    L1011
    Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,722 Mod ✭✭✭✭L1011


    You can pull out at that stage, booking deposits are refundable.



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    #3
    dkRulez
    Registered Users Posts: 17 ✭dkRulez


    So many people put money first and then take a week to think what have they done. Therefore, don't worry too much. Just be mindful if you are dealing with reputed EA's who may save all your information on AIP amount eligible, past bids etc.

    You could end up dealing with them again for a different house.



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    #4
    suitcasepink
    Moderators, Education Moderators Posts: 7,837 Mod ✭✭✭✭suitcasepink


    Thanks a million for the replies. I don’t mean to lead these people on but it’s just such a long wait time, that if something else suitable came up sooner I would like the option to consider it.
    That’s a great point about the EA, as in my area there is 2 main ones so we would very easily cross paths again.



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    #5
    dkRulez
    Registered Users Posts: 17 ✭dkRulez


    ++ Once the deposit is paid the EA would chase you to sign and exchange contracts within 21-28 days. Once contracts are exchanged its hard to go back. But in reality you can delay things more than that, also contracts can be rescinded/cancelled at some stage with some negotiation if you decide to pull out. Remember the this is a sellers market but an buyer already into the sales process holds equal sway. Its too much pain for EA, builder to start a sale process with someone else later.



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    #6
    Dav010
    Registered Users Posts: 14,019 ✭✭✭✭Dav010


    https://www.boards.ie/discussion/comment/122008852#Comment_122008852

    Have to say, I disagree with everything in this post.

    Sales rarely move along with such speed that EAs pressure buyers to sign contracts within 3-4 weeks, though we would all wish sales went through with such efficiency, they don’t.
    Once contracts are signed, they are not easily rescinded/cancelled unless there are clauses such as subject to drawdown etc, if a buyer pulls out after contracts are signed, there is a significant risk that they forfeit their deposit.
    Buyers do not hold equal sway with developers, their are far more people trying to buy than sell. There is a very good chance a new buyer may be out there willing to pay more, so I very much doubt EAs are perturbed by buyers changing their minds.



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    #7
    Claw Hammer
    Registered Users Posts: 6,163 ✭✭✭Claw Hammer


    https://www.boards.ie/discussion/comment/122008852#Comment_122008852

    Once a deposit is paid, the EA writes to the solicitors for each side and then waits. The EA often has no contact with the buyer after that unless it is to facilitate a survey and hand over keys after the closing. Any pressure to sign comes from the vendor's side through the solicitor.



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