Is my deposit refundable?

[Westy29]

Hi

If my bid on a property is accepted and I put down a deposit. Is this deposit refundable if I pull out of the sale before the contracts are signed???? even if I pull out without a reason

 

[Vanilla]

yes

 

[mercman]

Very simple answer is YES. Nothing is legally binding until contracts are exchanged. The way things are at present with developers going bust, i would pay the deposit to your solicitor, to pass it on to the other side's solicitor to hold onto.

 

[MrMan]

The law is on your side you don't need to bypass developers or EA's. If you pull out its everyone elses loss not yours.

 

[Lobby]

Not too sure why you'd want the developers solicitor to hold onto it. You aren't their client.

Normally the booking deposit is paid to the EA who holds it until the sale closes (or sometimes until contracts are signed).