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Buying a collteral house

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  • 23-07-2017 7:43pm
    #1
    Leopardprint
    Registered Users Posts: 65 ✭✭


    We are looking to buy a house. We heard that we should ask if the house we are buying is used as collateral against another property. Not sure how this would affect us. If anyone could explain it would be great. Also , who do we ask to find if it is?


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    #2
    dudara
    Registered Users Posts: 33,518 ✭✭✭✭dudara


    Moved to Accommodation & Property

    dudara


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    #3
    L1011
    Registered Users Posts: 68,848 ✭✭✭✭L1011


    If the charge isn't removed you aren't going to be able to buy it - the PRAI won't be able to process the transaction. You need to find out what the vendor is going to do as they may be using the funds from the sale to clear the debt


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    #4
    Leopardprint
    Registered Users Posts: 65 ✭✭Leopardprint


    L1011 wrote: »
    If the charge isn't removed you aren't going to be able to buy it - the PRAI won't be able to process the transaction. You need to find out what the vendor is going to do as they may be using the funds from the sale to clear the debt

    Thanks for the reply. If they weren't able to process the transaction would the estate agent know this before agreeing to sell the house?


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    #5
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Probably not but your own solicitor would discover and advise about this type of thing.


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    #6
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    Leopardprint wrote: »
    Thanks for the reply. If they weren't able to process the transaction would the estate agent know this before agreeing to sell the house?

    This is definitely not something you should be asking the estate agent. You will likely find the agent will be less willing to deal with you. Your solicitor will deal with the other solicitor regarding any charges on the house and how they are to be handled.


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    #7
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    Keep looking once you go sale agreed on any property. This is one of the more exotic issues but a whole host of issues can arise with a property the agent will not tell you about or even know about themselves.


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