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House for sale or is it?
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diving_moose wrote: »She states that the deal will be secure and that the builder cannot sell to anyone else and i will have to buy the property a binding contract. The builder has asked for a £1000 deposit which will be held by the estate agent should i pull out of the deal, what i cannot understand is that if the deal is that binding and he cannot sell to anyone else and i have to buy then why is the deposit required.
Cheers Lee
You will only have a binding contract once the contracts are exchanged. Basically, all the legal work is done now, contracts are exchanged and you sit back and wait for the completion date (6 April?), which is the date when the contract becomes effective.
Exchange of contracts gives you (both) all the contractual protection, should either of you then decide to back out. Without it, you don't have a "legally binding contract".
So if you definitely want this house, at this price, go to exchange of contracts and ask the EA to confirm that the builder will exchange now.Warning ..... I'm a peri-menopausal axe-wielding maniac
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