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Quick guide to buying an apartment off plans

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  • 22-02-2006 4:01pm
    #1
    connundrum
    Registered Users Posts: 5,563 ✭✭✭


    Hi, just looking at the Heywood Court complex in Santry and they're looking for a €3000 deposit with a view to completion in Sept '07. What way would the payments work out and/or what way does the whole situation usually pan out? Like is it €3000 now, €7000 in 6 months and the rest on completion or what?


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    #2
    Victor
    Registered Users Posts: 78,392 ✭✭✭✭Victor


    I understand it is deposit now (is it refundable, what conditions?), the balance of 10% when contracts are signed and the rest when it is handed over.

    Make sure you get a full specification (more than 1 page) and drawings from the builder (not the estate agent).


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    #3
    zefer
    Registered Users Posts: 884 ✭✭✭zefer


    hi,

    I rang about them and it is
    €3000 deposit, then 5000 upon signing of contracts in 21 days.
    The 3k is fully refundable until you sign contract..


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    #4
    PhoenixRising
    Closed Accounts Posts: 790 ✭✭✭PhoenixRising


    zefer wrote:
    hi,

    I rang about them and it is
    €3000 deposit, then 5000 upon signing of contracts in 21 days.
    The 3k is fully refundable until you sign contract..

    Is the sale from the plans going through the estate agent or are you dealing directly with the developer/builder?


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    #5
    connundrum
    Registered Users Posts: 5,563 ✭✭✭connundrum


    Thanks for that, I don't know if I'm asking the right question here though.. like say I put 3k down now, then 5k in 21 days, then will I have from then until completion to get a mortgage together? Or what way does it work? When is the 270k balance expected by the builders?


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    #6
    babaduck
    Registered Users Posts: 488 ✭✭babaduck


    Ok...

    Booking deposit now - €3k - which you give the Auctioneer (HOK). At this point you MUST nominate a solicitor to handle your purchase

    A sales advice note will then be issued by HOK & sent to the developer, and their solicitor giving them your details, the price paid for the apartment & details of your own solicitor.

    Within 21 days of receipt of this sales note, the developer's solicitor will send your solicitor the Building Agreement/Contract. You have 14 days to sign this & return it with the balance of the deposit - €5k

    After you've signed the contract, you're locked in & legally obliged to complete the purchase of the apartment. Just changing your mind will not get you out of the contract, so be very sure that you want to go ahead with the purchase.

    Then... you start saving like a lunatic for the next 18 months. You also start speaking to mortgage brokers about getting the best deal.

    When your apartment is ready, the developer's solicitor will send a Completion Notice to your solicitor. Now's the time to make sure all the finance is in place and your solicitor will request your cheque from the lending institution. Then you snag the apartment, give the snag list over and when it's all complete, hand over the balance cheque in exchange for keys


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    #7
    lomb
    Registered Users Posts: 6,031 ✭✭✭lomb


    spot on there babaduck, i can only add, that when buying off plans, avoid north facing single sided apartments like the plague.
    look for corner apartments, in a block where there are only a few apartments and not 50 off the main door. otherwise common areas will get in a very bad shape quickly. get car parking, this is essential.
    also make sure u get a receipt that says "subject to contract" written on it, if it has that legally its fully refundable without charge. some write on it "subject to contract/contract denied" but i believe both are the same and they must refund fully the deposit if u dont sign contracts without deducting anything.


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