We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Closed loop chain - how does deposit work?
Comments
-
I think this is the most sensible approach, thank you. To be fair, the co-dependent nature of our chain helps. If they pull out of buying our house, they lose us as a buyer as we're no longer able to proceed.user1977 said:
Why not just be liable for the costs? Not sure what a percentage of the property value would have to do with it.TheJP said:You can agree anything but i would have something in the contract that if they failed to complete they would be liable for a certain % of the property value plus costs incurred with the process.
Given how rarely breaches of contract actually occur and how much of a headache contractual deposits seem to cause, I do wonder what the value is in having them. Merely being liable for the costs ought to be a big enough stick to encourage people to perform, without also insisting they stump up a wodge of cash just in case.0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.5K Banking & Borrowing
- 254.1K Reduce Debt & Boost Income
- 455K Spending & Discounts
- 246.6K Work, Benefits & Business
- 602.9K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards