Buying Commercial Property · glossary
The part of the price the buyer pays at exchange, as security that it will complete. Fellgate's was £400,000, a tenth of the price, and had to arrive by 4 pm on the day of exchange. The seller's solicitors held it as stakeholder until completion. Particulars: Deposit · Chapter 7 · see Stakeholder
Explained in Chapter 7, The Sale Contract, of Buying Commercial Property.
The deposit is the part of the price that the buyer pays at exchange, as security that it will complete. It goes by same-day transfer to the client account of Holmfield's solicitors, and must arrive by 4 pm on the day of exchange. If it is late, Holmfield may end the contract by a notice given before the money arrives (clause 3.3).Read Chapter 7, The Sale Contract →
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