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estate agent deposit question

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  • 28-08-2020 8:38pm
    #1
    patrickc
    Registered Users Posts: 7,895 ✭✭✭


    Hi all

    FTB here and through a broker we're getting a mortgage, we viewed a house today and the estate agent wants a €5k deposit if we're interested. Can anyone tell me do we get this back if our deposit is now covered under the Help to Buy, or how does that €5k work is it just something we fork out, I can't figure out how this works, any information appreciated thanks


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    #2
    Dav010
    Registered Users Posts: 14,523 ✭✭✭✭Dav010


    Your deposit is fully refundable up to the point where you sign the contract to buy the property. It then goes towards the purchase price, you pay the balance of the purchase price when the sale closes. Be aware, if you pull out after you sign the contract, you generally lose your deposit.


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    #3
    patrickc
    Registered Users Posts: 7,895 ✭✭✭patrickc


    Dav010 wrote: »
    Your deposit is fully refundable up to the point where you sign the contract to buy the property. It then goes towards the purchase price, you pay the balance of the purchase price when the sale closes. Be aware, if you pull out after you sign the contract, you generally lose your deposit.

    thanks for the info


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    #4
    CarMc
    Registered Users Posts: 74 ✭✭CarMc


    patrickc wrote: »
    Hi all

    FTB here and through a broker we're getting a mortgage, we viewed a house today and the estate agent wants a €5k deposit if we're interested. Can anyone tell me do we get this back if our deposit is now covered under the Help to Buy, or how does that €5k work is it just something we fork out, I can't figure out how this works, any information appreciated thanks

    Shouldn't have to pay this if only interested in the house, this is usually paid after your bid is accepted and you go sale agreed.
    Fully refundable up until contracts are signed. It just stops people from going sale agreed on multiple properties I think.

    Edited to add: Just re-read and see you are buying a new build if getting HTB - so no bidding, assume you pay this to hold that particular house.


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    #5
    bobbyy gee
    Banned (with Prison Access) Posts: 1,306 ✭✭✭bobbyy gee


    You only pay deposit when you make an offer. Have you looked at property price register to see what houses sold for in last month . Expect house prices to drop in coming months


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    #6
    Cast Iron
    Registered Users Posts: 217 ✭✭Cast Iron


    It's possible for your solicitor to insist that a clause goes into purchase contract that your full deposit is refundable in the event you can't get a mortgage. There may also be helpful law society rules around this which your solicitor can advise on.


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