Release of Deposit clause

A release of deposit clause can be inserted into the sale contract for a property to enable the deposit paid to be released to the vendor after exchange of contracts to the vendor.  This is usually requested by a vendor to enable them to then place their own deposit on a property.

In the past most purchasers sought to delete this clause.  Now days though it is far more commonly accepted as long as some safeguards are put in place to reduce risk.  We recommend that you seek guidance from your solicitor or property conveyancer.

 

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