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bond deposit??
bs0u0128
Posts: 429 Forumite
on the house im offering on the vendor has said they will withdraw it from the market if i put a non refundable bond deposit on with my solicitor, what is this, and is it off of the price, ie if i put it down as £1000, when i pay the rest that £1000 comes off my offer, or is it on top of what im paying for the house?
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bumpydumpy0
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We were nearly in a bidding race with people who started offering non-refundable deposits. In theory, you put down an amount as a deposit now (that comes off your deposit payable on exchange), and are saying that if you pull out for any reason you forego the deposit. In practice, you will be making this deposit subject to survey and satisfactory title and any other agreement you reach with the seller (eg them agreeing a reasonable completion date). MAy be worth putting this through your solicitor.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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ok so if i pay say £1000 deposit for this, on a £100k house, that should mean when the time comes i only pay £990000
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Correct. Stipulate though that this bond is subject to satisfactory survey. Are they paying you a bond also of a £1000 in the event of them changing their minds??????0
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