• 10% Deposit On Exchange

    By Guest on 11th Aug 2015

    is the 10% of sale price deposit paid by the buyers on exchange given to the sellers or it held by their solicitor until completion?

  • 1 Answers

    By Guest on 11/08/2015

    In most cases the deposit is held by the buyer's solicitor as stakeholder. This means it is not released to the seller until the day of completion. The only exception where the property is a newly built property covered bye NHBC in which case the deposit may be passed on as agent and released to the seller on exchange.

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