‘Booking’ Deposit on a house.

from_atozinc

Hi.

Looking at a development later and they are looking for a 5000 Euro ‘booking’ deposit.

Anyone know offhand if this is refundable if you change your mind?

Salary Negotiator

Yes. Completely refundable up until contracts are signed.

whiskeyman

Ask / read the small print to be sure, but I'd expect so.

Hannibal_Smith

Yes, booking deposit is fully refundable without deduction from it, up until Contracts are signed and exchanged.

doh1988

Of course!

Dolbhad

It’s is refundable but ideally you would want to pay it to an auctioneer who has to hold it in client account rather than builder directly. Not that it’s a problem in current climate of builder going bust! But we paid a deposit directly to builder and then didn’t go ahead. Just took around three weeks for the money to be refunded back from builder and required a follow up reminder. I’d assumed it would be quicker with auctioneer

lb1992

Can anyone tell me how quick you usually have to pay a booking deposit if your offer is accepted?

CarMc

lb1992 wrote: »

Can anyone tell me how quick you usually have to pay a booking deposit if your offer is accepted?

It's usually paid within a few days of going sale agreed. The quicker the better.

PhoenixParker

On a new build? Usually ASAP, basically that day or the next working day + however long the cash takes to clear to their account. Well that's how it was, maybe with covid there's less urgency.

punisher5112

Booking deposit is what you put down to hold....

What's been happening in new build is people queue and pick a house no. Off the plans and go from there.... Basically they will want to see mortgage in principle and they will want the deposit that day to hold.