Pre-contract deposit

Both parties agree to pay a deposit, usually 1.5% of the agreed purchase price, to a stakeholder and agree that contracts will be exchanged within a specified and acceptable period. If one side pulls out, the other takes both deposits. Although not a water-tight agreement, it does reduce the risk of being gazumped.

Want to enjoy a smooth and efficient legal transaction? Instruct your conveyancing solicitor with In-Deed by calling us on 0800 038 6886. We make the legal side simple.

You can learn more about gazumping here.

Free quote - No commitment