The Gazette 1984

GAZETTE

MARCH 1984

Practice Notes

Forms 8-2 Solicitors

In response to c omp l a i n ts f r om Bar Associations, the

Re v e n ue C omm i s s i o n e rs have indicated that District

Offices are being r em i n d ed of the need to retain a d e q u a te

supplies of F o r ms 8-2 Solicitor, for issue at the a p p r o-

priate time. If, h owe v e r, a ny p a r t i c u l ar solicitor is

experiencing difficulties in the o b t a i n i ng of supplies f r om

time to time, it s h o u ld be n o t ed that supplies are available

f r om the I n f o r ma t i on Section, Office of the Re v e n ue

C omm i s s i o n e r s, 3 3 / 3 5, Na s s au Street. Du b l in 2.

•

Deposits on Sales of

Residential Property

The practice of seeking deposits of 2 5% of the p u r c h a se

price on the c o n c l u s i on of c o n t r a c ts for the sale ol

residential p r o p e r ty declined following the r e c omm e n d a-

tion ma de by the C o n v e y a n c i ng C omm i t t ee in S e p t emb er

1981 that a deposit of 10

4 was generally mo re

a p p r o p r i a t e.

In r e s p o n se to s ome recent queries the C omm i t t ee

wo u ld like to reiterate that their r e c omm e n d a t i on was not

i n t e n d ed to be an a b s o l u te one. T h e re are clearly cases

particularly wh e re the c o n s i d e r a t i on f or the sale is a

mo d e st o ne o r wh e re an especially high price has been

agreed in which a 10% deposit may not provide the

v e n d or with a sufficient " c u s h i o n" in the event of the

p u r c h a s e r 's d e f a u l t. Ac c o r d i n g ly while the C omm i t t ee

s t a n ds o v er its earlier r e c omm e n d a t i on it repeats it was

i n t e n d ed to have general but not universal a p p l i c a t i o n.

In the case of a u c t i o ns the C omm i t t ee is awa re of a

t e n d e n c y, particularly wh e re very valuable properties are

c o n c e r n e d, for a u c t i o n e e rs to r e c omm e nd the v e n d or to

accept less t h an a 2 5 0

deposit. The C omm i t t ee

r e c omm e n ds if a solicitor acting f or a prospective

p u r c h a s er wishes to a r r a n ge for the p a yme nt of less t h an

2 5% he s h o u ld a r r a n ge this with the v e n d o r 's solicitor in

a d v a n ce of the b i d d i n g. If a request is not ma de until a f t er

the p r o p e r ty has been " k n o c k ed d o w n " the v e n d or is

clearly entitled to reject it. The C omm i t t ee wo u ld not

c o n s i d er it r e a s o n a b le to ma ke such a request d u r i ng the

a c t u al b i d d i n g.

•

Companies (Amendment) Act, 1983

CORRECTION

In the N o v e mb e r. 1983 issue of the

Gazette

at p.234.

I referred to the " g e n e r al transitional p e r i o d" u n d er

the Act a s e x p i r i n g on 13th Ma r ch 1985. This was. of

c o u r s e, incorrect a n d s h o u ld have read 13th April.

1985. the d a t e e i g h t e en

m o n t h s f r om

t he

" a p p o i n t e d" d a y. 13th Oc t o b e r. 1983.

William Farlev

OKDIN \K\ \< ( Ol M

.25%

t i|

ii.ii

12.69%

nr.

withdrawable

on demand

I r i sh M u t u a l o i l e r s y o u the

highest interest rales —

/' i more

t h a n the b i g

b u i l d i n g societies. Y o u c an

w i t h d r a w \ o u r m o n c \

w h c n c \ c r \ o u n e ed it

—

t h a t 's the seen lit \ \ o n h a ve

w i t h an I r i sh M u t u a l

O r d i n a r ) A c c o u n t .

W i l l i a T e r m A c c o u n t . \ o u

c an e a rn u p t o an

c v / r i / o r d i n a iA N O n c t t.

e q u al t o 16.92'

c r o s s.

IRISH

MUTUAL

BUILDING SOCIETY

I he "/'< nmre" Ihiihhnv 8tniel\

111 Gr a f t on Street, Dublin 2. Telephone 719866

iiml a'V disti ll i d/tiies ihroir.'lnmi the tnunir\

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