The house price is 950k so contract deposit is 95k, minus booking deposit which was 9k.They cover deposits up to 10% of the contract price up to €50k (subject to reduction in the event of total claims to one developer exceeding €1,000,000)
Are you really proposing to hand over €90k as a booking deposit up front? Any chance you are confusing the term 'deposit' with the non-mortgage element of the final price?
Good to know, thanks. My solicitor seems to think that builder’s Homebond cert is enough but I’m not happy given the sums involved so will enquire about putting in such a clause. Any pushback from the developers on putting it in?IANAL...
When we purchased a new build from plans, our solicitor insisted and had the clause added to our contract that the funds were held in escrow by the vendors solicitors.
i.e. proof of funds was provided and if anything went wrong on the builders side we would not have lost out.
None, it seemed like a normal request from our solicitor and was not even questioned by the vendors solicitors. From our perspective it appeared to be standard enough practice.Any pushback from the developers on putting it in?