FAQs

Frequently Asked Questions
     
Q. Is the booking deposit which I pay to an auctioneer refundable?
A. Yes, booking deposits are fully refundable until such time as a binding contract for sale comes into existence. If you change your mind about buying a property before signing contracts for sale you are automatically entitled to a refund of your booking deposit.
         
Q. When does a contract for sale become binding?
A.​ ​A contract for sale becomes binding when it has been executed by both parties, exchanged and some form of deposit paid.
         
Q. When buying a second hand house, do I still need to carry out a survey even though my Bank's valuer has already looked at the property?
A. Yes, we highly recommend that you carry out a survey by a structural engineer or surveyor. When you buy a second-hand house the principle of "Buyer Beware" applies. This means that you are buying the property warts and all. A valuer for the Bank will carry out a very superficial inspection of the property merely to ascertain the market value of the property. They are not in any way certifying the property to be structurally sound. It is therefore very important to arrange for a comprehensive survey of the property so that you are fully aware of the state of repair of the property.
         
Q. How long will the conveyancing transaction take?
A.Unfortunately this is one question that cannot be answered with any degree of accuracy, as each transaction is unique. This depends upon how organised both the Vendors and Purchasers are and how quickly each want to complete. The most common reason for a transaction not completing on time is a delay in the issue of a loan cheque.
         
Q. What if I decide to change my mind and not buy a property after I have signed contracts?
A. Never a good idea! You are essentially throwing yourself on the mercy of the Vendor. If the Vendor is not prepared to let you walk away from the transaction, at the very least you run the risk of losing your deposit, but also may be forced by the courts to go ahead and buy the property by way of an order for specific performance.

Furthermore, if the vendor on the re-sale of a property gets a lower price than contract price to you, you may be liable to pay the difference between both contracts. The deposit which was forfeited acts as a credit.

If you have any reservations about purchasing a property, don't sign the contract.