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Booking deposit on a house

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  • 08-08-2008 1:37am
    #1
    ford fiesta
    Registered Users Posts: 3,529 ✭✭✭


    auctioneer looking for 4.5K

    If any, in what circumstances will this be not refunded to me?

    Otherwise what's the point of paying it??


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    #2
    Jo King
    Banned (with Prison Access) Posts: 2,139 ✭✭✭Jo King


    It is refundable up to the time both you and the vendor sign binding contracts.
    The points is
    1. To show you are serious and more importantly;
    2. To secure the agents fees for the transaction.


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    #3
    Victor
    Registered Users Posts: 78,397 ✭✭✭✭Victor


    Make sure it is actually refundable.


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    #4
    ford fiesta
    Registered Users Posts: 3,529 ✭✭✭ford fiesta


    So if I pull out of the house between paying it and (supposedly) signing the contracts...will I get it back?


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    #5
    Victor
    Registered Users Posts: 78,397 ✭✭✭✭Victor


    Thats the idea.


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    #6
    ford fiesta
    Registered Users Posts: 3,529 ✭✭✭ford fiesta


    I'll ask again, if I dont buy the house after paying the booking deposit, will I get it back!!??


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    #7
    musicfan
    Closed Accounts Posts: 146 ✭✭musicfan


    The booking deposit shows you are serious and want to go ahead. Once you pay this, the house should be taken off the market and no more viewings should be arranged.

    This is refundable up to the point thatyou sign the contracts. Once you have signed these, and even before the vendor countersigns them, you will lose the booking deposit if you pull out of the sale. If you then pull out , you will lose your booking deposit and the vendor could sue ..............


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    #8
    Jo King
    Banned (with Prison Access) Posts: 2,139 ✭✭✭Jo King


    musicfan wrote: »
    The booking deposit shows you are serious and want to go ahead. Once you pay this, the house should be taken off the market and no more viewings should be arranged.

    This is refundable up to the point thatyou sign the contracts. Once you have signed these, and even before the vendor countersigns them, you will lose the booking deposit if you pull out of the sale. If you then pull out , you will lose your booking deposit and the vendor could sue ..............


    Wrong. The booking deposit is paid "subject to contract". both parties must sign it for it to be binding. The deal can be aborted if only one party has signed. If you send a signed contract to the vendor and try to pull out before the vendor signs you may have the practical difficulty in establishing that he has not signed.


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    #9
    musicfan
    Closed Accounts Posts: 146 ✭✭musicfan


    Jo King wrote: »
    Wrong. The booking deposit is paid "subject to contract". both parties must sign it for it to be binding. The deal can be aborted if only one party has signed. If you send a signed contract to the vendor and try to pull out before the vendor signs you may have the practical difficulty in establishing that he has not signed.

    Well, if you sign the contract and then tell the solicitor / vendor that you want to pull out of the deal, you don;t have a hope in hell of getting your deposit back, because they are just going to sign the contract and keep the deposit!!! So yeah, if you;ve paid your booking deposit and signed the contract you might as well say bye bye to your money!!!!


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