I purchased a property on BidX1 in September 2019. As per the agreement i paid a 10% deposit within 48 hours. The amount was 140,000 so i have paid 14,000 total so far.
I had already recieved the loan approval for this property from PTSB so they just asked me to have the paperwork done by my solicitor to release the balance.
My solicitor informed me that the title was "horrendous" as there was only a 70 year lease and due to other conditions the legal queries couldnt be answered on it so the bank wouldnt be able to release the funds as it wasn't sellable. She advised me to pull out of the sale and request my deposit back. This was in October.
I accepted this and the sellers legal team have come back to me in January offering only 50% of the deposit back and they want to keep the other 7000 euro themselves.I dont know who is selling the property, just the legal team and that it was sold by online auction by BIDX1.
There was no information about the poor condition of the title at the time of purchase.