Once you have agreed to buy a property an Auctioneer will normally ask for a booking deposit to be paid before a “Sale Agreed” / Sold” sign is put up. The payment made to the Auctioneer – normally no more than 2% of the purchase price – is deemed a booking deposit and the Solicitors for the owner(s) of the property will then be asked to issue contracts.
However, it is important to be aware that payment of a booking deposit does not create a binding contract to sell or buy. No binding agreement will exist until the contracts have been signed by both the Seller(s) and the Purchaser(s) , the contracts have been exchanged as between Solicitors and the balance of the 10% deposit paid in full.
A booking deposit is refundable if you decide not to proceed. Always ask for a receipt on payment.
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