The selling process can be really weird if you’ve never done it before. You’ve just paid an expression of interest deposit – but what does this actually mean?
What happens if you or the vendor change your mind? Elisma Iesu, one of our Sales Agents explains.
An expression of interest deposit is a 0.25% of the offered price to purchase a property. Once the contracts have been signed by both the vendor and the buyer and exchange happens, this then forms part of the 10% deposit that is due in full before the end of the cooling-off period. Up until the point of the exchange the 0.25% is refundable to the buyer.
Basically, you can change your mind with no penalty right up until the contracts have been signed by both the purchaser & the vendor. The moment the ink is dry, your 0.25% is forfeit. The term expression of interest deposit is just that – paying the 0.25% lets the vendor know you’re serious, and your solicitor to look at the contract if you want it.
Remember, you have the agent there for a reason – any questions they should be able to answer for you!
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