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Selling house/booking deposit

  • 15-01-2015 10:54am
    #1
    foleypio
    Banned (with Prison Access) Posts: 138 ✭✭


    Hello guys,

    I'm in the process of selling my house & a booking deposit has been secured from the potential purchaser.

    Contracts are yet to be signed though but I was wondering when they are signed, do I get the booking deposit minus his fee from the auctioneer directly or does he give it to my solicitor minus his fee or is their another way. Also does he usually do this by bank transfer or another method, bank draft.

    Thanks for any replies in advance


Comments

  • #2
    foleypio
    Banned (with Prison Access) Posts: 138 ✭✭foleypio


    Guys, could anyone help with the above please? thanks


  • #3
    draiochtanois
    Registered Users Posts: 2,655 ✭✭✭draiochtanois


    This post has been deleted.


  • #4
    foleypio
    Banned (with Prison Access) Posts: 138 ✭✭foleypio


    draiochtanois wrote: »
    This post has been deleted.

    Well I'd prefer to ask someone in here as I'm sure there are many posters that have sold properties in here that could help. Thats why I was asking in the first place


  • #5
    selfbuildkk
    Registered Users Posts: 226 ✭✭selfbuildkk


    From selling my own house, when everything is done and sale completed the solicitor will "settle" the account. Meaning if you owe him money they send you a bill, and then if they owe you money thy send you a check. This is my own personal experience, it may differ between practices. Hope this helps.


  • #6
    BeatNikDub
    Closed Accounts Posts: 603 ✭✭✭BeatNikDub


    Generally the agent will take their fee from the booking deposit and then send the balance by cheque to the vendor solicitor in advance of closing for the solicitor to then settle all the monies on closing.

    However if you request you can have this cheque made out to you instead, just let the estate agents know a good bit in advance. Their admin or accounts dept will generally start doing this up about two weeks before closing date so if you want it made out to you they may have to cancel and reissue a cheque which will take a little longer but no problem to do.

    :)


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  • #7
    Bigcheeze
    Closed Accounts Posts: 2,858 ✭✭✭Bigcheeze


    foleypio wrote: »
    Hello guys,

    I'm in the process of selling my house & a booking deposit has been secured from the potential purchaser.

    Contracts are yet to be signed though but I was wondering when they are signed, do I get the booking deposit minus his fee from the auctioneer directly or does he give it to my solicitor minus his fee or is their another way. Also does he usually do this by bank transfer or another method, bank draft.

    Thanks for any replies in advance

    You don't get anything until the keys are handed over. All funds will be handled by the solicitor. When all funds are received - booking deposit (less EA fee) + remainder of 10% deposit + balance of house price, your solicitor will pay the disbursements due which are generally: his fees, any extra due to EA, mortgage balance and whatever is left over goes to you. Your solicitor will send you a statement showing the flow of money.


  • #8
    Bigcheeze
    Closed Accounts Posts: 2,858 ✭✭✭Bigcheeze


    BeatNikDub wrote: »
    However if you request you can have this cheque made out to you instead, just let the estate agents know a good bit in advance. Their admin or accounts dept will generally start doing this up about two weeks before closing date so if you want it made out to you they may have to cancel and reissue a cheque which will take a little longer but no problem to do.

    :)

    I guess you could do that but the EA won't pay any balance of deposit before closing so not sure what advantage there is to letting solicitor handle it.


  • #9
    BeatNikDub
    Closed Accounts Posts: 603 ✭✭✭BeatNikDub


    In my experience from previously working for a couple of chains the default was to in advance of closing do up the account to take fees and agreed marketing outlays (if not paid in advance) and then send the balance by cheque to the solicitor with a full breakdown of costs.
    This is ready for sending in the post upon day of closing. The odd time the vendor would have advised this cheque to be sent directly to them instead of solicitor.
    My observation is it just seemed easier for the solicitor to handle everything.


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