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Opting out of contract

Hi my name is Dave. I put a deposit on an apartment but I cannot raise the mortgage now. Can I opt out now?

If the deposit receipt is marked “Subject to Contract and Subject to Loan Approval” then you are entitled to the deposit back, no matter whom you paid it to.  If the deposit was paid to the Auctioneers and is marked “Subject to Contract and Loan Approval and to be held as Stakeholders” then you are entitled to the deposit back from the Auctioneers.  

If you have signed contracts, you should check to see if there is a "loan approval clause" making the contract conditional on getting loan approval.

If any of these situations is the case, you can opt out immediately and demand your money back. 

If not, you should talk to whatever Solicitor you intended to use for the purchase of the apartment and take his or her advice.

The issues raised in the answer to this NewsTalk listener's question are dealt with in a general way as can only be the case on live radio. Before relying on the advice given in this answer, whether you heard the broadcast or are for the first time reading the issues here please do not rely on the broad advice given. For a detailed professional opinion please consult a qualified legal advisor and for further details read our disclaimer on the Home Page.

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