Bondjamesbond
Registered User
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- 1
Hi there,
Just to give you some background on our situation...we are first time buyers looking to purchase a new build property.
The agent has advised us that we would need to pay a booking deposit to reserve the property and sign contracts within 30 days along with another payment of 10% deposit of the value of the house with the remaining balance due once the house has been completed. The house won't be ready for completion until the end of the year.
Is this normal practice and is there anything we should be concerned about such as bank valuation being lower than purchase price or survey being unsatisfactory ?
Thanks for all responses.
Just to give you some background on our situation...we are first time buyers looking to purchase a new build property.
The agent has advised us that we would need to pay a booking deposit to reserve the property and sign contracts within 30 days along with another payment of 10% deposit of the value of the house with the remaining balance due once the house has been completed. The house won't be ready for completion until the end of the year.
Is this normal practice and is there anything we should be concerned about such as bank valuation being lower than purchase price or survey being unsatisfactory ?
Thanks for all responses.