Getting deposit back

M

MJC

Registered User
Messages
13
Hello,
I recently put a deposit on an appartment that was part of a new development in Dublin. Buyers had three weeks to withdraw from the purchase prior to signing contracts if they wished. For various reasons I decided not to go through with the purchase and contacted the estate agent (HOK) to request my deposit back. This is all fine. What I find annoying is that the estate agent has told me it will take up to 21 days for the return of my deposit (€10,000). This may prevent me putting a deposit on another property should I find a more suitable one in the next few weeks. I also found it surprising that the cheque I sent was lodged prior to me signing any contract.
Is is common practice for there to be such a delay over deposits? I guess I'll just have to be patient and wait for its return.
Any thoughts on this would be welcome. Thanks,
MJC
 
Re: Getting deposit back...

Dunno about the delay in returning the money. Some of it is because they can't write a cheque to refund your monies until your original cheque is cleared.
But, i think its normal to lodge the booking deposit straight away.
On signing contracts, there's an additional deposit payable by bankers draft.
If it wasn't standard practice for the agent to lodge the booking deposit cheque, you could write multiple cheques to different agents. Which would defeat the purpose.
I found myself in a cashflow problem when the day came to hand over the deposit balance on signing contracts. Emptied all the bank accounts, credit union, and got a temporary overdraft. Most deposits are only 5k, so i'd advise talking to the bank. It would be a large overdraft, but you have a clear means of repayment and a short time frame.
Good luck!
 
Re: Getting deposit back...

Thanks for your reply. Much appreciated.
 
Re: Getting deposit back...

If you are considering buying soon, you will eventually have to deal with solicitor. Get one now and ask them about getting the deposit back before the 21 days. Your money is probably in a high yield deposit account. Contact them and tell them you will be charging them interest on a daily basis until the money is lodged back into your account.
 
Re: Getting deposit back...

See if they ve cashed it. If not get your bank to put a stop on it!
 
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