Ok to put deposit /book new build and pull out if we find another home before completion?

C

Cloudd

Registered User
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Scenario : My partner and I have been in the market for our first home for 12-15 months now. As of last year we had our hearts set on new builds in South Dublin but development halted and now not likely to be built for another 12 months.

We were resigned to looking at the second hand market and have begun seriously considering one or two on the market now.

I got a call two days ago by the agent of the new build saying they are expected to go for sale in two weeks. So the option for us to book an appointment for potential deposit is there as we were amongst the early registrants.

My question: If we took the appointment /placed a booking deposit now, but end up winning a bid for a second hand house in the coming weeks /months, are we ok to pull out and retract our booking deposit cleanly?
 
Check with your solicitor and not what their selling agent tells you!

There are two types of deposit.

One is just a holding deposit.

But the other is where you sign contracts. You would not sign such a contract without a solicitor.

Brendan
 
I looked at a few new builds in the Dublin area in 2020 and if memory serves correct that once the booking/holding deposit was paid they would be looking for you to sign contracts shortly after and thus not be able to get the deposit back.
 
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