Legal instrument for locking up sale?

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Just trying to find out if such a thing exists.

For example, I go view a house I like. I give the seller some % of the purchase price as a deposit to lock up the house and we both sign a contract which stipulates that

a) he can't sell the house to anyone else other than me, (ramifications if he does?)
2) I'm obliged to buy the house within some specified time-frame or I lose the deposit I gave.

I can escape from the contract depending on various factors such as

1) inability to secure financing
2) satisfactory engineers report

etc etc.

I know this type of thing happens a lot in America, is it possible in Ireland?

Apologies if this should be in the Legal forum, it says conveyancing matters go in here.

Thanks.
 
Have your solicitor draft a contract that says all of that and have the seller sign it.
 
The more normal thing is for the vendor to present a contract to the purchaser, but I guess "in the current climate" it might not be outlandish for a purchaser to present a contract.
 
In the case that things went wrong, I do not think the courts would look favourably at this kind of scenario. The transaction is not a safe deal unless contracts are executed and exchanged by both parties. Therefore, why don't you simply have conditional contracts drawn up, (conditional based on the points raised).
 
In the case that things went wrong, I do not think the courts would look favourably at this kind of scenario. The transaction is not a safe deal unless contracts are executed and exchanged by both parties. Therefore, why don't you simply have conditional contracts drawn up, (conditional based on the points raised).

Sorry I don't really understand you here. In case things went wrong in what way? You mean both parties have to write up contracts and we sign each others?
 
I mean conditions and stipulations like you been able to secure finance and also subject to an engineer's report. Basically a standard contract with conditions in place.
 
I don't think that you could have a pre-contract, contract as you would have to do so much work checking it out, that it would take time.

The best you could do under Irish law would be to shorten the time. Tell the vendor that the offer is conditional on signed contracts being returned within 7 days of the offer. In that 7 days
1) The vendor's solicitor has to draw up the contractsy
2) your solicitor has to vet them
3) you have to sign them and return them.

This could happen if you were the only client of both solicitors but it's very unlikely.
 
With the current climate in relation to securing loan offers most solicitors would be wary of advising vendors to sign contracts subject to loan. Yes it can happen with a time limit, but most of the time vendors are better off to keep the property on the market until a purchaser is in a position to sign an unconditional contract.
 
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