The seller is entitled to insist upon payment of 10% of the purchase price on exchange of contracts. If you do not have 10% available, you should let us know. Any reduced deposit should be negotiated through us. Where a reduced deposit is paid, the seller reserves the right to insist that you make up the balance if you fail to complete the purchase, after exchange of contracts.
Whatever the deposit, if paid by cheque (made payable to Fosters), it must be received by us at least seven working days before exchange of contracts to allow us to clear it through our bank so that we can use it on the day of exchange.
Often during these transactions, time is of the essence and we would prefer to receive your deposit electronically into our client account. Not only is this a much speedier way of ensuring your funds have reached us, it is safer too. Details of how to transfer funds will be provided at the relevant time during your purchase.
If you are buying and selling at the same time, the deposit we receive on your sale may be sufficient to fund the deposit on your purchase. We will let you know if this is not the case.
If a third party is supplying your deposit, you must let us know immediately as there will be additional information that we require and any delay in providing this information will inevitably delay your purchase.
A deposit is paid as a security for the purchase. If you fail to complete your purchase for any reason other than the sellers' fault then the Seller can claim and retain the full 10% as compensation for the loss of the sale.
The Residential Property team at Fosters Solicitors have a wealth of experience and knowledge to assist you in relation to any legal property query or matter you may have. Call us on 01603 620508 or complete our online enquiry form and a member of the department will be in touch very soon.
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