This relates to “NEW BUILD” scenario only and unscrupulous Builder.
I put down a booking deposit for a new house. For reasons beyond my control the contract was returned a bit late. Nothing too unusual my Solicitor informed me and deals typically proceed to closure.
However, my Solicitor was informed on receipt of the contract, that they had instructed the builder to put the property back on the open market and would not sign the contract.
Significantly, at this stage he had NOT returned by initial booking deposit and the auctioneers informed me that they had NO instruction to put the property back on the open market.
Despite calls and pleads to the auctioneer and vendor’s Solicitor; I was informed that the builder would not proceed. A deed done, in the faith of the booking deposit, was off.
Eventually I got my booking deposit back. The property remained off the market for several weeks but is now available and included as part of the final phrase for release, for a price of €50K more than we agreed.
Ironically, the auctioneers are connected with a former Minister for the Environment, who when as Minister, was asked to bring in anti-gazumping legislation, responded by saying that it was not necessary and that the building industry would “self- regulate” under some IHBA code.
I know the booking deposit is not binding. But what the builder has done is in my opinion a disgrace. The auctioneers and solicitors will gain as % of fees are based on selling price. The only loser is the honest customer. Anyone else got a similar experience?
I put down a booking deposit for a new house. For reasons beyond my control the contract was returned a bit late. Nothing too unusual my Solicitor informed me and deals typically proceed to closure.
However, my Solicitor was informed on receipt of the contract, that they had instructed the builder to put the property back on the open market and would not sign the contract.
Significantly, at this stage he had NOT returned by initial booking deposit and the auctioneers informed me that they had NO instruction to put the property back on the open market.
Despite calls and pleads to the auctioneer and vendor’s Solicitor; I was informed that the builder would not proceed. A deed done, in the faith of the booking deposit, was off.
Eventually I got my booking deposit back. The property remained off the market for several weeks but is now available and included as part of the final phrase for release, for a price of €50K more than we agreed.
Ironically, the auctioneers are connected with a former Minister for the Environment, who when as Minister, was asked to bring in anti-gazumping legislation, responded by saying that it was not necessary and that the building industry would “self- regulate” under some IHBA code.
I know the booking deposit is not binding. But what the builder has done is in my opinion a disgrace. The auctioneers and solicitors will gain as % of fees are based on selling price. The only loser is the honest customer. Anyone else got a similar experience?