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10% Deposit for Exchange - refund?
redfortune
Posts: 1 Newbie
Hi, we were in the process of selling our house and near to exchange of contacts. Our buyer made the 10% deposit of the sale price to her Solicitor on Monday in order to be ready for us to exchange contracts today.
Today the buyer has decided not to pull out of the sale for various reasons, but does anyone know if the buyer is entitled to receive this deposit back from her solicitor?? we are trying to work out if she is trying to hold us over a barrel or not.
Thanks
Today the buyer has decided not to pull out of the sale for various reasons, but does anyone know if the buyer is entitled to receive this deposit back from her solicitor?? we are trying to work out if she is trying to hold us over a barrel or not.
Thanks
0
Comments
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In short no- unless there is a contract in place then you cant recover it sorry
speak to your solicitor 0 -
what your buyer does with her money before an exchange of contracts his her business, nothing to do with you.
until you exchange the buyer can withdraw. that is the point of an exchange.My posts are just my opinions and are not offered as legal advice - though I consider them darn fine opinions none the less.:cool2:
My bad spelling...well I rush type these opinions on my own time, so sorry, but they are free.:o0
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