A deposit should not be required in this circumstance. A deposit is only required when specifically requested by the vendor and this would usually only be the case of a builder/developer selling a new build property. In this case the deposit would usually be a nominal amount. This would be a legal deposit.
An equity deposit is basically the difference in the price of the property being purchased and the amount being borrowed (the equity) and is rarely required to be paid prior to completion.
Michelle King, McLernon Moynagh Solicitors
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