| | Once both parties have agreed on the purchase price and conditions, and signed the Sale and Purchase Agreement, you will need to pay a deposit to secure the sale. | | Paying a deposit at offer and negotiation
The deposit is normally 5-10% of the purchase price, with the balance to be paid on settlement day. A bank cheque is the normal means of payment for the deposit, though some real estate agents will accept personal cheques – ask what is acceptable. The deposit, paid when the offer goes unconditional, is held in a trust account by the real estate agent. You may get it back if the conditions are not met for any reason and the deal does not go through. If you don’t have the funds available for your deposit, we may be able to assist you by providing an overdraft facility. Contact us for more information. Next page | Buying privately >> The content on our site is for information only. You should obtain professional advice relevant to your circumstances. Our lending criteria, terms, conditions and fees apply to all loans. For borrowing over 80% of a property’s value, a Low Equity Premium on a graduated scale will apply. Contact us for more details. | | | |