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Upon confirmation, you will be required to pay the deposit negotiated in the Contract. This will usually be payable to the Real Estate Agents Trust Account.
In the event that there are issues with the property which have arisen from your special conditions, you must discuss these with your solicitor with urgency, prior to the deadline. The clauses are there for your protection, and give you the opportunity to either re-negotiate a new contract or “walk away” from the purchase.
Once the purchase is unconditional, the Vendor is legally entitled to the deposit money and also to any income or interest earned. |
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