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. •

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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 r 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

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 — 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. 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

OKDIN \K\ \< ( Ol M 8 .25% t i|ii.ii in 12.69% nr. withdrawable on demand

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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