10% Deposit on House Purchase - payable to who?

gerrybbadd

This is a silly question, and may have Been answered here already.

When paying the 10% deposit over when buying a house, who should the cheque be made payable to? I'd imagine it's the vendor's solicitor, but am open to correction

The_Morrigan

When I bought the cheque was made payable to the development company and handed over to the estate agent when we went sale agreed.

o1s1n

We bought second hand, so was the vendor's solicitor.

Baby01032012

Booking deposit payable to estate agent. Balance

Baby01032012

Booking deposit payable to estate agent. Balance of 10% less booking deposit payable to vendors solicitor.

pwurple

Booking deposit is usually 1 to 2%. This is payable to estate agent if there is one.
(It is their fee)

The rest of the deposit goes to vendors solicitor.

D3PO

Baby01032012 wrote: »

Booking deposit payable to estate agent. Balance of 10% less booking deposit payable to vendors solicitor.

This

gerrybbadd

Many thanks to all the replies guys.

caew

The estate agent will say you make it payable to them.

However, you can give it your solicitor to hold in trust who will then pass it onto the vendors solicitor or you give it direct to the vendors solicitor.

I prefer to pass it to the solicitor as if an estate agent goes under you have lost your money. If a solicitor goes under they are covered by the law society and you will get your money back.

When I paid my deposit recently the estate agent was not one bit happy but there was nothing they could do. Yes, they usually take their fee from the deposit but it is up to the vendor to ensure they are paid, not the buyer. Therefore the buyer does not have to pay them the deposit to cover their fees.