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Deposits and exchanging contracts
clairebearsouth
Posts: 4 Newbie
Hi we are currently on the market. When we get a buyer we plan to buy somewhere else that is less money than our current house and buy it outright. My question is when this does happen what happens on echange of contracts and they need a deposit from us? Will the solicitors use the deposit paid from the people buying or house? It’s late and I’m getting confused! Any advice pls? Thank you!
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Comments
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Yes the deposit generally gets passed up the chain. Usually that means a shortfall as people usually buy something more expensive so it either gets topped up by those buying or negotiated to a lower percentage. This prob won't apply to you as the 10% ish deposit your buyers will be paying for your house will be less than the 10% ish for the cheaper one you're buying. As above, if there is still a shortfall, top it up, or your solicitor should be able to negotiate a lower exchange deposit.
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