Home deposit protection
Deputy Howlin asks whether forthcoming land and conveyancing legislation will close a loophole that leaves homebuyers at risk of losing deposits if loans fall through. The Minister says the Bill is at an advanced stage and should be published in the spring.
It is a novel way of subsequently answering questions. Today The Irish Times reports that buyers of new homes could be at risk of losing their deposits. This is because contracts being used by developers no longer have old fashioned protective clauses. For example, a subject-to-loan-closure clause used to be standard in contracts. Now somebody who has made a deposit but for some reason cannot raise the loan will lose the deposit. Will the courts and land conveyancing (amendment) Bill deal with that loophole? When will see that Bill?
Comment on this
Work on it is at an advanced stage. I do not expect its publication this side of Christmas but certainly during the course of the spring.