Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Buying house directly from vendor - who holds deposit

Options
  • 21-12-2015 5:15pm
    #1
    jelly&icecream
    Registered Users Posts: 477 ✭✭


    Just a quick question, someone might be able to help me out with.

    I'm hoping to buy a house in the new year directly from the vendor (i.e. there is no estate agent involved).

    I'm going to engage a solicitor obvious to deal with the conveyencing but I'm just wondering who will hold the initial booking deposit I intend to pay in January? The vendors solicitor? Normally this would go to the estate agent as I understand it but obviously can't in this case.

    The solicitor will give me a firm answer but as they're shutting down for Christmas I thought someone here might be able to give a bit more information based on their own experience.


Comments

  • Options
    #2
    Gumbo
    Moderators, Society & Culture Moderators Posts: 39,416 Mod ✭✭✭✭Gumbo


    Solicitor?


  • Options
    #3
    jelly&icecream
    Registered Users Posts: 477 ✭✭jelly&icecream


    Yea, that seems to be the most likely way. I did manage to get through to the solicitor just after I posted and that is what she said as well.

    Just another one of those little anomalies that occur with buying without an estate agents involvement.


  • Options
    #4
    Clive
    Registered Users Posts: 1,799 ✭✭✭Clive


    jelly&icecream wrote: »
    Yea, that seems to be the most likely way. I did manage to get through to the solicitor after I just after I posted and that is what she said as well.

    Just another one of those little anomalies that occur with buying without an estate agents involvement.

    Is there any need for a booking deposit? Estate Agents use them a show of good faith and commitment but in this case having a solicitor engaged and actively dealing with the other side is proof enough that you're serious.


  • Options
    #5
    karenalot
    Closed Accounts Posts: 196 ✭✭karenalot


    I bought a house directly from the vendor this year and the deposit went to the vendors solicitor.


  • Options
    #6
    campingcarist
    Registered Users Posts: 337 ✭✭campingcarist


    Clive wrote: »
    Is there any need for a booking deposit? Estate Agents use them a show of good faith and commitment but in this case having a solicitor engaged and actively dealing with the other side is proof enough that you're serious.
    Sold my property 3 months ago and didn't bother taking a deposit as it is returnable if the buyer decides to withdraw. It didn't seem worth the hassle.


  • Advertisement
  • Options
    #7
    antoinolachtnai
    Registered Users Posts: 9,793 ✭✭✭antoinolachtnai


    The reason estate agents like booking deposits is not just because they show'goid faith'. It is because it gives the agent a guarantee that they are going to get paid.


  • Options
    #8
    jelly&icecream
    Registered Users Posts: 477 ✭✭jelly&icecream


    Clive wrote: »
    Is there any need for a booking deposit? Estate Agents use them a show of good faith and commitment but in this case having a solicitor engaged and actively dealing with the other side is proof enough that you're serious.

    I think the vendor had a couple interested in buying the house before we looked at it and it fell through due to some issue with the banks or something. I think he wants some indication that we're absolutely serious.

    I don't have an issue paying it tbh once its all done through the right channels. But obviously don't want to get myself ripped off!


  • Options
    #9
    the_syco
    Registered Users Posts: 37,301 ✭✭✭✭the_syco


    jelly&icecream wrote: »
    I don't have an issue paying it tbh once its all done through the right channels. But obviously don't want to get myself ripped off!
    Ensure you get a receipt stating it's a deposit.


  • Options
    #10
    Maximus_1
    Registered Users Posts: 194 ✭✭Maximus_1


    Also bought this way but far as I can remember didn't need a despoit. Vendor knew we were genuine and weren't tyre kicking. Also knew I would come up with the money. It was all done within 4 weeks from first seeing house to done deal though so there was no messing about.


Advertisement