Signing a contract can expose buyers to liability for more than the deposit put down, so it is vital to ensure it is carefully worded
Signing a contract to purchase a home can put more than just the deposit you pay at risk. Photograph: iStockThe couple initially lost their €75,000 deposit when they pulled out, but they were then pursued by the vendors for the shortfall between the offer they had agreed to pay for the €2.1 million house, and the amount that was eventually paid for it.
The estate agent will then likely put a “Sale agreed” sticker across its sign outside the house you’re buying, and you’ll start talking to your lender to turn your loan approval into a loan drawdown, and you’ll secure the services of a conveyancing solicitor.What’s important to note here, however, is that going sale agreed is more of an indication of an intention to buy. It is not legally binding on either party. The vendor can pull out , or the buyer can withdraw their offer .
“When you ‘sale agree’ a property, there is, at best, a 75 per cent chance of that going ahead,” he says. Grehan thinks there should be consequences when you put an offer in, and pull out before contracts are signed, such as losing €1,000 or so of your booking deposit.It is at the next stage – when contracts have been signed – that the Foxrock purchasers found themselves in difficulty.
Yes, you read that right – full consideration equals the purchase price agreed for the property. As Geaney notes, “If you do not deliver on that contract agreement, you are liable for the full amount of the purchase price.” There are some exceptions where you might be able to withdraw from a contract without incurring any penalties
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