Estate Agent still has booking deposit

S

suzyann

Registered User
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149
Hello
I was at the solicitor last week and signed contracts - we are due to close tomorrow - The solicitor indicated that he had not received the booking deposit from the estate agent - it is for 5K - Is it normal for the estate agent to hold onto the booking deposit up to closing - Luckily we have enough funds to cover us but what if we had needed this 5 K in order to close .
 
When the auctioneer requests contracts from the vendors solicitor they should inform them that they have received a booking deposit of x amount. On signing, your should then pay 10% less the booking deposit that you have already paid.
 
We are the vendors - the estate agent has not given the booking deposit to the solicitor - We may have needed this money for the purchase of our new house . Is it normal for the estate agent to hold a booking deposit given that we are closing tomorrow and all contracts have been signed.
 
Estate agents normally take their commission out of the booking deposit and refund the difference (if any!) out of the deposit so I yhink its common this money doesnt go near the solicitor.
 
It is normal practise for the EA to send you or your solicitor a cheque for the deposit less their fee after closing.
 
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