I have done a search on deposits on the forum here as I am sure it has surfaced here before, but I am sure someone can answer my question..
How much deposit do you legally have to put down, or do you have to put one down at all? The reason I ask is...
My recent purchase (a do-up) was $267k. The real estate agents are a husband and wife team. I said to the Husband (who I know well) my deposit would be $10,000 on unconditional as the settlement was going to be two weeks later anyway. Once it was unconditional I met the wife who wanted the deposit, she said to me "You are lucky Joe (not real name) signed you up, I always get 10%" I said you are lucky also as my deposits are normally $1,000! She said "I wouldn't have let you sign the S&P until you agreed to 10%.." I left it at that as it was all said and done but I want to know where I legally stand or what I could come back to her with. I meant to ask my solicitor but forgot when I signed the loan documents.
Cheers
Glenn
How much deposit do you legally have to put down, or do you have to put one down at all? The reason I ask is...
My recent purchase (a do-up) was $267k. The real estate agents are a husband and wife team. I said to the Husband (who I know well) my deposit would be $10,000 on unconditional as the settlement was going to be two weeks later anyway. Once it was unconditional I met the wife who wanted the deposit, she said to me "You are lucky Joe (not real name) signed you up, I always get 10%" I said you are lucky also as my deposits are normally $1,000! She said "I wouldn't have let you sign the S&P until you agreed to 10%.." I left it at that as it was all said and done but I want to know where I legally stand or what I could come back to her with. I meant to ask my solicitor but forgot when I signed the loan documents.
Cheers
Glenn
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