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If I put an offer on a house do I have to pay a deposit?

Asked on Mar 8 2010, General in Robertsbridge | Report content

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  • A deposit is paid at the point that contracts are exchanged, typically 10% of the purchase price, for those involved in a chain where the deposit is coming from equity in the property usually the deposit lodged at the bottom of the chain is transferred. Should a buyer require a 95% mortgage then the solicitors will normally accept a smaller deposit.

    Answered on Mar 8 2010, Report content
  • As per your first reply you have to pay a deposit on exchange usually 10% but sometimes this can be negotiated to a smaller amount and if you have sold your house it is common to pass the deposit your buyer has lodged up the chain with you topping it up to the agreed amount on your purchase. New Homes developers often ask for a deposit to hold the plot at the point the sale is agreed and very rarely it can be requested on second hand propety but it is very unusual and would require contract terms surrounding the depoisit before it could or should be lodged.

    Answered on Mar 8 2010, Report content
  • It is against the law for estate agents to hold deposit monies for any salea agreed so the answer is no.

    Answered on Mar 9 2010, Report content
  • If you are buying a second hand property you will normally have to pay a deposit at exchange, as stated normally 10% but can be less. If you are purchasing a new build then again 10% is the norm but this payment goes to the developer and is normally non refundable, however if the property is build complete you can ask for a simultaneous exchange/completion meaning this is all done on the same day. Normally 28 days after reservation.

    Answered on Mar 18 2010, Report content

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