[FONT=Arial, Helvetica, sans-serif]PAYING A BOOKING DEPOSIT
Paying a booking deposit on a house is a very important step. Whilst some people prefer to pay a booking deposit through their solicitor it is not essential once the receipt for payment is clearly marked "subject to contract' Delays with the payment of a booking deposit can result in an increase of the price - either by the builder in the case of a new house or another bidder in the case of a second hand house.
[/FONT] [FONT=Arial, Helvetica, sans-serif]If the deposit is paid to the Auctioneer as Stakeholder he is bound to hold this money and cannot part with it until instructed by your solicitor when the time is right or refunded to you in the event of the sale being cancelled for one reason or other.[/FONT]
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[FONT=Arial, Helvetica, sans-serif]If the deposit is paid subject to Contract, title loan and survey then until such time as a contract has been signed the transaction is not binding on either party. If a survey reveals to you that a certain amount of money has to be spent on the property immediately and you do not have this money then your lending institute will not sanction your loan approval.[/FONT]
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[FONT=Arial, Helvetica, sans-serif]If your solicitor is not satisfied with the title of the property he may well advise you against the purchase. All these conditions stipulated in your receipt will protect your money paid over the Agent and ensure a safe return of same to you should the sale not proceed . Again this shows the need to call early to your solicitor.[/FONT]