Booking Deposit – what does it mean?

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.

For more information contact us on 045 432382 or info@bnsolicitors.ie

Leave a Comment

Your email address will not be published.

Scroll to Top