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What happens to the deposit on exchange
SR1
Posts: 147 Forumite
We all agreed on Monday to go for next Monday for completion, was hoping to exchange ASAP but having spoken to my buyer who's a cash buyer , they have been told to transfer the money for Friday , does the deposit actually get passed up the chain or is it all just a virtual thing that only materialises if someone pulls out ?
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Comments
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All money is virtual in today's world.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
It doesn't go anywhere as such, maybe, but it has to exist in theory, or in a solicitor's client account, so that final/full funds can end up where they need to be on the right date - and if the funds don't move about then that's because you're obligated to pay at that point, so it's all covered in the legal contract.
All you need to think about is what your solicitor is expecting you to pay and when ... and what happens, mechanically, isn't something you'd probably ever get a concrete answer to.
The timescales, whole chain, dates of exchange/completion can alter the physical location of the money at any given hour.0
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