When to pay deposit on home

allylou84

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4
I'll keep this as short as possible. We went sale agreed on a house for €260,000. It is currently at an early stage, booking deposit only paid two days ago. We are funding it with a €180,000 mortgage, €40,000 of our own savings and a family gift of €40,000. (We have extra money to cover the solicitors fees etc).

My question is at which point is the money transferred over ie. our €80,000 deposit less booking fee? Is this at the contract signing stage or towards the end when the mortgage cheque is drawn down?

Thanks
 
Typically 5k-10k refundable booking deposit.

Then 10%, or 26k, less the booking deposit is due when contracts are exchanged/signed. This is not refundable.

Then 90% at closing, partly financed by a mortgage in your case.
 
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