The Gazette 1973

to all patrons and subscribers of the IBA and an appli- cation form for membership is included. Members ask whether publication of the names in this journal is open to any objection. The Council decided in the negative. Gazumping A member was instructed by a client to dispose of his interest in certain property for £6,500. On the client's instructions member submitted a contráct to the soli- citor for the purchaser which was returned shortly afterwards duly executed with a cheque for the deposit payable to member as stakeholder. When member re- quested his client to call to execute the contract, the client said he did not intend to proceed with the sale at the time and instructed him to submit a new con- tract to the solicitor for another purchaser who was prepared to offer £8,000 for the property. Member enquired as to the view of the Council on his profes- sional position. The Committee reported that this practice which has become known in England as "gazumping" is contrary to professional practice and should be disapproved strongly by the Council. The Council recommend that on the making of a contract for the sale of property, the contract should be prepared and executed in dupli- cate, one part being executed by the vendor and the other being executed by the purchaser and that the contracts should be exchanged, neither party being bound until the exchange of contracts. This would pre- vent the undesirable practice of vendors of having contracts signed by several parties who thereby become bound and ultimately turning down purchasers whose prices are less than the price named in the highest contract.

The Council regard it as unethical that a solicitor should send out several contracts to different pur- chasers leaving each under the impression that his offer will be accepted by the vendor if he signs the contract, while at the same time it is the intention of the vendor to sell to any other purchaser who offers more than the price in the first contract. Full-time solicitor to bank The Council granted permission to the full-time solicitor of one of the banks to wind up unfinished cases privately carried on by a solicitor in the employ- ment of the bank. They stated at the same time, that it is contrary to the rulings of the Council that a salaried solicitor employed by a bank should carry on a private practice. Commission scale fee on probate The Council expressed the opinion that in a case in which the commission scale fee is applicable to the administration of an estate it is chargeable on the value of inter vivos gifts which are deemed to pass on the death of a deceased donor. The costs will be payable in the ordinary way out of the residue of the estate. Practices of solicitors for lending bodies Member wrote referring to the practice of solicitors for lending bodies on charging per cent on the amount of the loan where this sum may exceed the appropriate scale fee and asked that the matter should be considered by the Council. The Council on a report from a Committee stated that the mortgagee's solicitor is not entitled to charge a scale fee which would exceed the permitted scale fee applicable to the particular case.

CORRESPONDENCE

Land Registry, Central Office, Chancery Street, Dublin. 17th November 1972. Dear Mr. Plunkett,

Department of Justice, 72-76 St. Stephen's Green, Dublin 2. 21 February 1973. Dear Sir,

I have yours of the 14th instant. As regards your queries (1) and (2) agreement has been reached in prin- ciple on both aspects. I hope to have something concrete by the new year at latest. Yours faithfully, D. McAllister (Registrar). Eric A. Plunkett, Esq., Secretary, The Incorporated Law Society of Ireland.

I am directed by the Minister for Justice to refer to your letter dated 13th February 1973 with which you enclosed a copy of a letter addressed to your Society by Messrs Malone and Martin, Solicitors, Trim, Go. Meath, regarding the possibility of the payment of Land Regis- try fees by Guaranteed Cheque or Bank Draft. The Minister proposes that, in future, fees payable to the Land Registry will be accepted in cash or by means of money order, postal order or cheque drawn to the order of the Land Registry, or Land Registry stamps. A detailed system is at present being worked out and will be brought into operation as soon as possible. Mise, le meas, Cathal Crowley. Eric A. Plunkett, Esq., Secretary, The Incorporated Law Society of Ireland.

82