Deposit on Exchange of Contracts

The purpose of exchanging Contracts is to commit all parties to the property transaction. The Contract also serves to provide a "completion date" for the sale of your property. The "completion date" is the date upon which the purchase monies will be paid to complete the property transaction and the date upon which you will move home (if applicable).

Upon exchanging Contracts, a deposit is payable by the purchaser. The Contract will specify that 10% of the purchase price is payable on exchange of Contracts. You will appreciate that certain purchasers do not have a full 10% deposit available upon exchange of Contracts. The lack of a full 10% deposit may be due to the fact that your Purchaser may be obtaining a 95% or 100% mortgage in order to purchase your property. Alternatively, your Purchaser may have equity in the property which they are selling which is not available at the date of exchange of Contracts. By instructing us on the sale of your property you are confirming that we may accept less than a 10% deposit from your Purchaser. Our Contract of Sale will stipulate that a full 10% deposit will become payable by your Purchaser in the event that they fail to complete the transaction. No guarantee or warranty is given by ourselves that you will be able to recover the full 10% deposit from your Purchaser in the event that the full deposit is not provided on the date of exchange of Contracts.

Please note that by exchanging Contracts, you will be contractually bound to sell your property on the completion date. In the event that you breach the Contract for Sale you are likely to incur serious financial penalties and further additional legal costs.

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