Booking Depost

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phoenix_n

Guest
Could someone explain how a buyer may reclaim a booking deposit.

My situation:

I currently have highest bidder (after the usual price war) on 2 properties which are due to close very soon.

To avoid any pitfalls (seller pulling out, survey not sound) i was going to put the booking deposit on both properties. (have the available cash due to my early sale of my house)

Is this advisable. It probably is not fair but then whichever seller is willing to sign (and all is well with house) first gets the deal.

What is involved in getting back my booking deposit and under what
circumstances can i lose it.

Thanks for any info.
 
AFAIA you can back out of the deal up to the signing of the contract normally signed 21 days after booking deposit put down but normally longer.

Also be aware of the following
 
theres no problem doing that, you can pull out of the sale at any time up to just before you sign the contracts. Sellers pull out so buyers can too. And in todays market dont feel bad about doing it...
 
You could always try your hand at gazundering at the last moment on the house you're planning on backing out on.
 
asdfg said:
AFAIA you can back out of the deal up to the signing of the contract normally signed 21 days after booking deposit put down but normally longer.

Also be aware of the following
Click to expand...

Yeah i saw that thread. Thats why i am going with 2 properties. I just cant afford the time or money to start looking again if it falls thru.

Thanks guys for all your info.
 
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