Exchanging Private Contracts
Upon confirmation from your lawyer that all is as it should be, you should sign a private contract with the vendor. The contract will set out the legal description of the property, the price, the payment terms and the obligations of both parties.
Signing usually takes place two weeks after payment of the initial deposit. Do ensure that your mortgage lender has agreed in principal to your mortgage, as you must now pay a deposit of 10% of the agreed property price. If you are buying off-plan this sum could be 30% - 40%.
Should you be unable to proceed with the sale for any reason your money is non refundable. If, however, the vendor fails to complete the sale you should expect to receive double this deposit or in the case of off-plan properties your deposit plus 6% interest.
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