What Are Pre-Contract Deposits?
What are pre-contract deposits and why has the practice has been criticised when it comes to buying a property?
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What are pre-contract deposits and why has the practice has been criticised when it comes to buying a property?
In most circumstances, you will not have to pay a deposit until the day or day before you exchange contracts.
In the case of a pre-contract deposit, you are paying for the estate agent and seller to take the property you are interested in off the market.
In Scotland, it is illegal for an agent to accept a pre-contract deposit.
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