Vol. 574 No. 2
311 Mr. S. Ryan asked the Minister for the Environment Heritage and Local Government if his attention has been drawn to the correspondence submitted by persons (details supplied) to his Department regarding the gazumping in price by ?15,000 on an apartment in Donabate, County Dublin; if he has satisfied himself with the treatment of the person as outlined in correspondence; and the steps he has taken to investigate and resolve the problem on behalf of the person. [26665/03]
My Department has not received any correspondence from the persons named. The general issue of gazumping was examined by the Law Reform Commission in October 1999. Its report examined the practice of taking booking deposits on the sale of new residential properties. It found that gazumping occurred in only a handful of cases, less than 5% and almost always on the sale of new houses. The commission concluded that the current legal position, which does not confer any interest in property upon the payment of a booking deposit, generally benefits the purchaser more than the vendor. The purchaser is allowed the flexibility to conduct the necessary preliminary investigations before committing to an irrevocable agreement.
