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Sale by Receiver

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  • 03-10-2017 4:25am
    #1
    gordonalt
    Registered Users Posts: 11 ✭


    hi all,
    its probably a long shot as far as i see from previous threads goes back years but i want to chance my arm and maybe someone would have some idea whats happening!!
    in may 2016 i have gone sale agreed on the house and signed my part of the contract as well as transferring the deposit etc. since then i am waiting for vendor to sign their part and close the sale. but since mid august vendors are waiting for certificates for NPPR and receipts for LPT.
    since they dont have them they cant close the sale. now this property on receivership which i am aware that this process can take long. but after 6 months it kinda gets me and started to feel that they are going to pull out sometime coz the property prices are going up. but my solicitor told me they wont coz so many people involved thats why takes long.
    is there anyone out there being in the same boat or has been there before. any heads up would be appreciated!! thanks in advance


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    #2
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Mod Note: Moved to separate thread.


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    #3
    Michael D Not Higgins
    Registered Users Posts: 7,223 ✭✭✭Michael D Not Higgins


    OP, are you sale agreed since last year or May just gone?


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    #4
    gordonalt
    Registered Users Posts: 11 ✭gordonalt


    Michael D Not Higgins wrote: »
    OP, are you sale agreed since last year or May just gone?

    May 16 this year.


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    #5
    Charlie_C
    Registered Users Posts: 9 ✭Charlie_C


    gordonalt wrote: »
    May 16 this year.

    LPT and NPPR Receipts shouldn't be a reason for the Receiver not signing the sales contracts. Normally a Receiver is mad keen to sign the contract because it means its harder for you to walk away.

    These receipts are something that your solicitor will look for at the date of closing but contracts can be signed well in advance of this.

    Normally what would happen is that you sign the contracts, Receiver counter signs them and at that stage its a binding sales contract on both parties.

    There's then a further period of time where all the closing stuff (drawing down of funds etc from your side and payment of LPT, NPPR etc from Receiver side)

    You need to get either your solicitor or sales agent to find out why Receiver is not counter signing the contracts.


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    #6
    gordonalt
    Registered Users Posts: 11 ✭gordonalt


    Charlie_C wrote: »
    LPT and NPPR Receipts shouldn't be a reason for the Receiver not signing the sales contracts. Normally a Receiver is mad keen to sign the contract because it means its harder for you to walk away.

    These receipts are something that your solicitor will look for at the date of closing but contracts can be signed well in advance of this.

    Normally what would happen is that you sign the contracts, Receiver counter signs them and at that stage its a binding sales contract on both parties.

    There's then a further period of time where all the closing stuff (drawing down of funds etc from your side and payment of LPT, NPPR etc from Receiver side)

    You need to get either your solicitor or sales agent to find out why Receiver is not counter signing the contracts.

    I spoke again with the Vendor's solicitor yesterday and emailed her this morning. They will not close the sale until they have paid the NPPR tax despite our suggestion that it could be paid after closing.

    They are arranging the funding and I have asked them to notify me immediately when the payments have been made

    This is what I got from my solicitor this morning!
    I really don't know what to do at this point. Apart from waiting and waiting..


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    #7
    DubCount
    Registered Users Posts: 1,089 ✭✭✭DubCount


    Do you know how much the liability is? Would it be possible to agree to reduce the price by that amount if you agree to pick up the tab on the outstanding amount?


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    #8
    Charlie_C
    Registered Users Posts: 9 ✭Charlie_C


    Where is the property located? You could always threaten to walk away due to the delay

    Or do you know who the Receiver is? Ring them and ask what the delay is


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    #9
    Heart Break Kid
    Registered Users Posts: 834 ✭✭✭Heart Break Kid


    NPPR certs can be a maxium of €7,000. The vendor can still sell it but you can you decide to accept the risk. Liabilty stays with the owner.

    An NPPR cert can be done in 30 mins if the conditions are met. If its a reciever sale, its almost impossible that you will find the status of the property from 2009-2013.

    You need a sworn declaration by the previous owner stating it was his principle private residence. If not, you need receipts proving NPPR was paid. If you can't get these or the property isnt exempt, NPPR is liable.

    Source: worked with NPPR unit.

    As stated it can be sold even if the property is liable. Solicitors aren't great when it comes to NPPR.


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