legal rights regarding deposits with auctioneers?

[alib]

HI
During December I went sale agreed on a property. I then gave the aucitoneer a deposit cheque of 10,000 euro which in turn he cashed within days of receiving it. I was just wondering seeing as how i haven't received any contracts etc do I have any legal rights to the property in question should anything go wrong? Thanks

 

[kane3000]

Hi Alib

I am in same boat - AFAIK there is nothing legally binding about a booking deposit - if either you or the vendor pulls out at this stage you get a full refund - actual 10% deposit which you pay upon signing the contracts is legally binding - i.e. if you pull out you lose the deposit.

 

[royrogers]

Auctioneers in Ireland keep the deposit as a good will gesture just to show that you are interested in purchasing the property, however the vendor can and will screw you down the line for more money as the scenario is there is another buyer that is interested in the property and you will have to increase the purchase price to be able to buy, I should say you will probably get your deposit back from the auctioneers after he/she has drawn out the process as long as possible.

You have no guarantee that the sale will go though and the only time you can feel secure is when contacts have been exchanged with respect solicitors. Lovely process buying in Ireland!