IVA and my buyer says it is up to him ...

[Nick Edwards]

I have a buyer for my house who want's to pay cash and when I told him he will have to pay his own charges and IVA he said he would hand over the cash to me but he wouldn't pay the IVA and as I recieved my money I don't need to worry.

I will be contacting my Solicitor on Monday but would like an Idea over the weekend.

My buyer says he would go to the Notary (with me) and then hand over the cash their,but who IS responsible for paying the IVA.

I won't do anything without my solicitor but this person thinks it's common practice.

Nick

I have revised this after reading the original post more carefully :

IVA is the buyer's responsibility. I assume your advertised price was without IVA.
I have heard that the buyer may retain a certain percentage of the purchase price against taxes that might be due by the seller.
This is because the seller could take his money out of the country and the authorities couldn't chase him for the tax. Eventually, the solicitors sort out the actual tax due and should send you any money left over. This is better than having all your money tied up.

Just from memory, seller's taxes may be :

Capital gains (seller)
Any other outstanding taxes - Suma, wealth tax (seller).
Possibly utility bills if the seller dosn't clear them.