House Sales and Deposits

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lenjames
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House Sales and Deposits

Postby lenjames » Wed Sep 27, 2006 4:17 pm

When a price is agreed between the prospective purchaser and the vendor of a resale house what is the system of payment of deposit/s leading up to the final payment of the total price please. What percentage/s, under what conditions are they refundable or not and, does the vendor or his/her lawyer hold the deposit/s in they're account, obviously accruing interest?

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dawncl
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Postby dawncl » Wed Sep 27, 2006 4:30 pm

We paid 1000 to take the house off the market and get the deeds for my solicitor to check.

then within 30 days 10%

Final payment was made by us at the notery
[where the envelopes change hands]

Alll moneys amounted to the orriganal asking price.

On top of this you add between 8 to 10% for the various fees and taxes.

melandsharon

Postby melandsharon » Wed Sep 27, 2006 4:33 pm

We gave a ten percent deposit, if the vendor with drew he had to give us twice the amount back or it could have been three times, the balance was paid when we took possession at the notaries, we handed over money cheques and they gave us the keys all very civilized,

pete_l
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Postby pete_l » Wed Sep 27, 2006 10:13 pm

melandsharon wrote:if the vendor with drew he had to give us twice the amount back or it could have been three times
When I was looking, the estate agents (well, some of them) made a big
thing about this "giving twice the amount back". My understanding is that
if for example you pay a 10k deposit and the vendor pulls out, they pay
you 20k. However, since they have pocketed the 10k you gave them in
the first place, they're really only paying a penalty of one times
the deposit.

Is this how other people have read it?

Pete[/b]

Beachcomber
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Postby Beachcomber » Wed Sep 27, 2006 10:42 pm

Yes, in just the same way that you will only lose one times the deposit if you pull out.

This is standard procedure but it should also be made quite clear in the contract.

Alan-LaCala
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Postby Alan-LaCala » Thu Sep 28, 2006 9:13 am

Is this how other people have read it?
Yes that is it exactly. The penalty for failure to complete is the same for the seller and buyer.

Alan
Remember that everything that Fred Astaire did, Ginger Rogers did too; except she did it backwards and wearing high heels!


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