The deposit is payable on Exchange of Contracts.
Sometimes you may be asked to pay a holding deposit. The payment of a holding deposit does not bind either the buyer or the seller until Exchange of Contracts.
The Contract for Sale specifies the amount of the Deposit. Normally the deposit is 10% of the Purchase price.
In some circumstances the seller may agree to a lesser deposit or may agree to accept a Deposit Bond.
Once Exchange of Contracts has occurred (subject in some cases to the Cooling Off Period your deposit is at risk should you fail to complete the purchase
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