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Ronan
Ronan, Solicitor
Category: Republic of Ireland Law
Satisfied Customers: 2224
Experience:  B. Corp Law, Ll.B. Dip Comm Prop. In general practice for more then 6 years
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I am buying a farm and house in Ireland. The seller owes money

Customer Question

I am buying a farm and house in Ireland. The seller owes money to a bank for the farm and for another property. The total cost the property is €700k. The seller has agreed with his bank to a price of 600k and they want 100k on the side. What are the risks of doing this?
Submitted: 11 months ago.
Category: Republic of Ireland Law
Expert:  Ronan replied 11 months ago.
What is being proposed side transaction that would be both a fraud on the bank and on the Revenue. Where they bank is being advised that the sale price is €600,000 when if fact it is €700,000. So the risk is essentially that if either party fails to hold up their side of the transaction, there is no legal recourse open to the other party