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Àuctioneer bankruptcy

  • 08-01-2008 9:23pm
    #1
    dryle
    Closed Accounts Posts: 44 ✭


    Hopefully someone here can help me. I am in the process of purchasing a new house, my house is on the market for somewhile now. I was checking on the house that I am purchasing and it appears that the agent has gone out of business and has declared bankrupt. I only found this all out by accident today.

    Can anyone tell me if the deposit that I paid him is safe and what action should I take if it isn't.

    TIA


Comments

  • #2
    Victor
    Registered Users, Registered Users 2 Posts: 78,494 ✭✭✭✭Victor


    In theory it should be in a separate client account. However, given the recent shenanigans before the courts, I would get your solicitor to make sure.

    Check if the auctioneer is an IAVI member and if the have a compensation scheme.

    Are you certain it is bankruptcy? Not administration or anything similar?

    You really need to talk to your solicitor and get him to clarify things.


  • #3
    dryle
    Closed Accounts Posts: 44 ✭dryle


    He wasn't a member of the Iavi, he was remax. I was looking for details of the house that we were/are buying and could not find them. I contacted Remax and they said he no longer held the franchise with them. I have contacted my solicitor last night and he is making inquiries.

    I searched his name and it came up on courts.ie under bankruptcy. I can't get the page to laod for me today.


  • #4
    Our man in Havana
    Closed Accounts Posts: 29,473 ✭✭✭✭Our man in Havana


    That sounds bad. Hopefully it ain't as bad as it seems.


  • #5
    Victor
    Registered Users, Registered Users 2 Posts: 78,494 ✭✭✭✭Victor


    More academically. Is the auctioneer an agent of the seller. Surely, if the property is bought by teh person who has paid the deposit, then the buyer can still claim the credit of the money paid against the final price?

    Note, at times an auctioneer is the agent of the buyer and after an auction can sign on behalf of the buyer.


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