I’d really appreciate if anyone could offer insight into the following…
I’m aware that in the UK for example, it is common practice when selling a property and buying a separate property, to pass the deposit (the 10% or so received on exchange of contracts) up the chain. This enables somebody selling their property to simultaneously sign contracts on their purchase.
Has anyone seen this in practice in Ireland?
Is it possible to use the deposit from your buyer, for your separate purchase? Or do you need to complete first and have the full purchase price in the bank?
Sounds a bit like rehypothecation.
Opens the original depositor to a risk of losing deposit.
Just puts more risk in the market. But sure, that’s what houses are for. Trading risk…