Booking deposit and subsequent deposits

[onekeano]

Just wonder when the purchase of a new property becomes binding. I know it's customary to pay say 5k when booking a new home (or at least that's the way it used to be...) but can someone advise when the next payment which I think is 10% of the total falls due.

Is this when the house is at roof level or some other cut off point - any at that stage I presume the deal is legally binding on both sides?

Any help would be appreciated.

Roy

 

[Vanilla]

It is binding when both you and the seller sign a contract. Usually a booking deposit is paid first, then when you sign the contract 10% ( less the booking deposit) is paid. After that stage payments may be payable- and these vary from property to property.