Closed petition Mandate a deposit from buyers on an accepted property offer

Closed on 30 September 2021

Upon an offer on a property being accepted, the buyer must pay a deposit, held by the seller’s solicitor to ensure a better rate of commitment from the buyer. There can be pre-defined circumstances where a refund of that deposit is appropriate.

Thousands of house sales fall through each year, causing sellers a great deal of stress and anguish in the process. In a buoyant market; buyers are not fully doing their due diligence before making an offer on a property and there is little to no recourse if they simply change their minds. This is the biggest purchase most people will make in their lifetimes and should be treated as such. A legally mandated deposit will aid buyers treating their decisions with a much greater deal of commitment.