Tuesday December 1, 2020

Booking deposit system fails all involved

Buyers and sellers in the Irish residential market are vulnerable in our dual deposit system, writes Carol Tallon.

24th March, 2013
Carol Tallon: 'Buyers all too often jump into sale-agreeing a property and paying the booking deposit on the basis that they can change their mind if something better comes along'.

Overseas buyers in the Irish residential market are generally confused about our dual deposit system. It appears to be very different, and perhaps illogical, when compared with the buying processes in other developed markets.

When a potential buyer makes a successful offer on a property, the first stage of formalising that agreement between the buyer and seller is for the buyer to pay the seller's estate agent a booking deposit.

This deposit is generally in...

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