Booking deposit query

[newhome]

Hey,
Just wondering if anyone knows if the booking deposit for a 2nd hand house is refundable? We are borrowing the booking deposit off family and will then get the 10% deposit from the bank, but just wondering if the booking deposit is refunded or minused from 10% deposit?

Also, do you just send the booking depost in the post or do you have to hand it to EA and do you get any paper work after giving the booking deposit?

Any info would be great thanks

 

[doberden]

When you pay the 10% you deduct what you have already paid for the booking deposit. You can generally negotiate on the 10% and pay slightly less (e.g. 8%) but discuss this up front to avoid any surprises!

 

[bubbasmama]

We have paid the booking deposit ourseles, a family member has paid it and we have posted one. Make sure you get a receipt that says the deposit is subject to contract or subject to title, perhaps some one can advise you better as to what the receipt should state ???

 

[Petal]

I brought a bank draft down to the EA and got a receipt for it stating that it was subject to contracts being signed, satisfactory survey of the house and mortgage approval or something to that effect.
Make sure at least that it says subject to contract so you will get it back if either party withdraws from sale. And re refund, I suppose it's all down to arrangement, if your bank will pay the full 10% contract deposit then arragne for the booking deposit to be refunded immediately on receipt of the full contract deposit. There should be no problems doing that really.