Unreal…the single greatest financial commitment you can make in your life and she doesn’t bother to even read the contract!!!
The question is though how many more people out there are in exactly the same position? How many didn’t read contracts properly (or at all) because they didn’t forsee any problems in the future? That property would never fall in value…
And while the solicitor is partially to blame, did that stop this woman from reading the contract herself?
I agree - she might have. However if the only terms you can get are as awful as that then a rational response to that situation would have been to walk away.
Yes I know that people become irrational when they think they have found their “dream house”. Another poster in another thread said he hoped to never buy a “dream house”. When you’re buying a “dream house” they’ll know it and they’ll make you pay for it and they may make you regret your dream. If you’re simply buying a good house then you can make a better deal.
So I’m going to echo that other poster. I don’t want to buy a “dream house”. I want to buy a good house.
And if that lady did her thinking with her heart instead of her head - well - I suppose they’re going to make her pay for it. And thats unfortunate. But at the least her soliciter could have said “look - this is a bad deal and here is why - you can either take it or leave it”. Then perhaps she might have reconsidered that bad choice. Probably not mind you. But at least she would have known what she was letting herself in for.
I think we all know what should have happened, but then again hearing that she couldn’t even be bothered to read the contract on a ~€400k apartment probably tells us all we ever need to know about this individual.
I know I’m more cautious than most, but I would have thought that a person of even average cop-on would stop & think before splashing out that kind of money, but hey if that happened we wouldn’t have had a bubble would we ?
What was that research/survey a few weeks ago that said that a majority of recent house buyers didn’t even know what kind of mortgage they had or what Interest rate they were paying ?
As others have said Education, Education, & Education.
I would consider 18 months after signing a contract more than a reasonable amount (I think I’ve heard this figure elsewhere). I’m not a solicitor but I believe that law is meant to reflect the expectations of the average Joe Soap. I reckon the developer would have no chance if this went to court and if the lady really wished she could probably successfully pursue the developer for the deposit.
In fact the law society stepped in a few years back and brought an application to the high court to see if certain builder friendly clauses would stand up. The high court found a lot of them (i think it was 9/15) would not.
Also, the standard contract for sale and building agreement was made by the law society and some builders association (the CIF) i think, so those contracts were completely unfair.
But yet, when a solicitor sits his client down during the boom and says “listen this is not a good term at all” the client just shruggs and thinks of the money they will make when they sell in 5 years time.
I actually think we’re going to see lots of long drawn out litigation over these things, as there were so many things wrong with the sale of land over the last few years that was simply glossed over.
My point is not that her solicitor definately said it, or that she is a liar, but more likely than not her solicitor tried to explain it to her and she wouldn’t listen.
It’s just the same as the way all banks, as a mandatory requirement, advise clients that the repayments on a mortgage can go up as well as down, but yet there are thousands of people who say “Why didn’t the bank tell us our rate could go up”. During the good time, people simply dismissed any negative comments from their heads.
To paraphrase Frank Carson: “It’s the way they tell 'em”.
“OK we’re nearly done, soon have you in your dream home, just read this here, nothing to worry about just a bit of legal stuff we’re required to show you to keep the regulator happy.”
. . .
“Done already? Great now just to confirm your income is 50,000, no better make that 70,000?”