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Interest for Deposit on Property

Purchased property and the other side had €46,000.00 deposit for six months. Can I get interest back from them.

Probably not, and the reason for this is that the other side probably have it held by the Auctioneer or Solicitor as “stakeholder “.

Holding money as stakeholder is the equivalent of what the Americans call “escrow”, in other words that it is kept safely in a bonded account by either the Solicitor or Auctioneer and cannot be released unless the deal falls through or actually completes.  Holding a deposit as a stakeholder involves quite an amount of expense including having a special demand trust account, having the account audited and going to the expense of making sure that the paper trail is correct to ensure the safety of the funds.

What little interest would be earned on that money goes towards those expenses and unless there is a specific agreement as to who would get the interest then it is the stakeholder who is entitled to benefit.

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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