Got contracts, but sort of confused

ShadowHearth

Hey again. I finally found a house. Its repossed property ( again ffs ) and our solicitor got contract from sellers solicitor.

few things were very weird in contract ( for me ) and i just want to hear out from you if its normal... those things are main reasons, why i cant move forward with the sale.

1. this was in contract: "the vendor shall notify the mortgagor and any other mortgagee of particulars of sale within 21 days after completion of sale. purchaser shall be deemed to buy with full notice of this ans shall raise no objections, requisitions or enquiry in relatation thereto."

my solicitor asked this to be removed, but they refuse and dont explain why. my solicitor says, that by this we are getting involved in conflict between bank and previuos owner. are we being too safe? I trust my solicitor, but i just wanted to know more opinions on this.

2. seller refuses to give us Requisition on title. they refuse to give it to us, because they dont have information on property, because they repossed and no one in bank knows anything about that house. they just say: we havent lived there, so we cant answer questions.
As far as i understand its a standart question, which are needed for any sale? it will be very dodgy to buy house without it? plus my solicitor said that bank wont transfer money without it too...

i will have to get engineer to check out map, because they still havent sent out all of it.

So am i being too caution? or there is something very bad... house is in briliant location and for really really really good price. i dont wont turn it down.

thank you!

subway

Issues with title? Walk away. That's what I've always been told

edanto

Just don't rush.

You say that the vendors won't remove the "deemed to buy with full notice " clause, but is your solicitor content to proceed with that clause intact? If you don't fully understand what it means (I sure don't), then you need to go over that again with your solicitor. The solicitor has an inherent interest in making sure you understand the implications of it.

Get your solicitor to do more investigation on the Title issue.

ShadowHearth

right, called solicitor today and she said that they agreed to do that requisition on title, but only on stuff they know.

Solicitor assured me that is prety much the best you can get from reposed property. In all fairness bank is selling property, which it havent even seen once.


on the other hand, solicitor said to hold untilll they remove completly that first thing i mentioned.

she explained me what it is as best as possible. It does look like they trying to involve us in dispute between last owner and bank. she found out, that previuos owner still owns 200k++ on that house.

i am foreigner, so all those fancy words make me confused as hell. i wondered maybe some other bright head can explain me the reason of that condition in contract and how can it bite me in the arse in the long run...

edanto

mortgagor n. the person who has borrowed money and pledged his/her real property as security for the (mortgagee). In this case, the last owner.

mortgagee n. the person or business making a loan that is secured by the real property of the person (mortgagor) who owes him/her/it money. In this case, the bank.

Do those definitions help?

I suspect you might need to check with a different solicitor, one with more experience of repossession properties, just to get a second opinion and to have someone else explain it to you so you will understand both items properly.

Marcusm

A classic banking bind, your bank won't lend against the property without effectively a "full title guarantee" which the vendor (the bank as "mortgagee in possession") refuses to give on the basis that it acquired the property by repossession rather than purchase.

It's a another example of how it is going to be difficult to get the property market back operating again unless the Irish Banking Federation ensure that the property lenders are co-ordinated in their security matters. The original lender should have received comfort on the title from the solicitor which acted for it and the purchaser int he original transaction - just as your solicitor is now working not just for you but for your lending bank as well in your purchase.

Your solicitor should be in a position to give you some idea as to whether there is any risk here- e.g. is the property registered? If it is, it will be easier to establish whether good title could have been acquired and whether there are any other interest holders. IS the property empty?

ShadowHearth

My solicitor is prety damn good, but she did not had much experience with repossetions.

We know so far that previuos owners surrended the property to bank and have no more rights to it.

House is empty for 2+ years. I know for sure, because we found letters on when esb was disconnected.

Like I mentioned my solicitor is jumping on they'd balls so they would completely remove that condition from contract as it has dodgy written all over it. As she says " they aither selling it, or not".

She even told me to hold on with engineer report until that condition is sorted.