Often people intend to purchase a home either using a 5% cash deposit, or using what is known as a deposit bond. A deposit bond is essentially an insurance policy that the purchaser buys that says to the vendor that a third party will pay the full 10% deposit. These two options, 5% deposits or deposit bonds, are becoming more popular as average house prices increase.
Unfortunately because they are becoming more popular people don't think to tell their lawyer or the real estate agent that they intend to use either a 5% deposit or a deposit bond until late in the cooling off period. This can cause problems because the standard Contract for Sale provides for a 10% cash deposit.
If you are purchasing and you are planning to use one of these it is important to let us know so that we can request a change to the Contract.
If you are purchasing a property you should make an appointment to speak with Bruce Coode, he has been dealing with property matters for forty years and is very experienced. Your first consultation is free and he can explain the process to you. You can request an appointment through the link on the home page, or you can call 02 47 315 999 and our receptionist will make an appointment for you.
If you would like some more information about real estate matters then please click on the button below for more articles.