A deposit to take property off of the market

CloudCuckooLand

You seem fixated on defending park homes.

My bold highlighting of your post is the bit I am focusing on.

Forget park homes, its nothing to do with that.

ANY major asset purchase needs proper legal oversight.

Are you a qualified solicitor ?

Can your parents sue you, if you overlook some detail of the contract?

Their solicitor could also advise them on the pros and cons of the deposit idea.

If you continue to avoid solicitors, because "you know all there is to know", a bad idea just got worse.

sunnyd47

CloudCuckooLand wrote: »

You seem fixated on defending park homes.

My bold highlighting of your post is the bit I am focusing on.

Forget park homes, its nothing to do with that.

ANY major asset purchase needs proper legal oversight.

Are you a qualified solicitor ?

Can your parents sue you, if you overlook some detail of the contract?

Their solicitor could also advise them on the pros and cons of the deposit idea.

If you continue to avoid solicitors, because "you know all there is to know", a bad idea just got worse.

LOL, you misunderstand, I am NOT defending park home owners at all.

I have spoken to many other park home owners who have purchased without solicitors and they have all been pleased with their purchases and the system. Why, should I doubt their honesty for your inexperienced words of warning, which, I thought, I had taken into account by stating three times now "I will do as I said, check all of the details on their behalf".

I am not a solictor and I have never taken their advice when purchasing a car or similar priced article which the park home is. It is NOT a £100,000 property requiring a mortgage, now, getting a mortgage of any type currently, even with a solicitor would be complete madness in the current climate ;-)

CloudCuckooLand

The park home is a similar price to a car?

That's called a caravan.

sunnyd47

CloudCuckooLand wrote: »

The park home is a similar price to a car?

That's called a caravan.

The response we could all have expected :T

Yes, the same price as a decent car, detached, band A community charge, no mortgage and in a rural setting. Funny how the vast majority of people seem far to ready to dole out their cash every month on the trappings of being a standard construction "homeowner", for some though it appears their is obviously more to life :rotfl:

G_M

guys, guys! It's not worth it! back off!

Cloudcuckooland (and myself) simply wished to warn the OP there are pitfalls. We both have OP's best interests at heart!

Sunnyd47, you are clearly happy that you have those risks/pitfalls covered. Great.

I wish your parents well with their purchase.

As for the original question: any deposit needs to have clear T&Cs attached. What happens to it in the event of any future possible scenario, and (as you said) over what time-frame.

As an example, if you put 3 months on it, and your parents property does not sell in 3 months, do they forfeit the deposit? etc etc

And who holds it?

sunnyd47

G_M wrote: »

guys, guys! It's not worth it! back off!

Cloudcuckooland (and myself) simply wished to warn the OP there are pitfalls. We both have OP's best interests at heart!

Sunnyd47, you are clearly happy that you have those risks/pitfalls covered. Great.

I wish your parents well with their purchase.

As for the original question: any deposit needs to have clear T&Cs attached. What happens to it in the event of any future possible scenario, and (as you said) over what time-frame.

As an example, if you put 3 months on it, and your parents property does not sell in 3 months, do they forfeit the deposit? etc etc

And who holds it?

LOL, what is a forum without a bit of harmless banter

I will say it again, taking all advice into account, "I will do as I said, check all of the details on their behalf".