Exchange Private Contracts
Once your lawyer has completed all the legal checks, and negotiated the terms of contract, a private purchase contract can be created.
A deposit of 10% is usually paid on most re-sales exchange of contracts. This deposit is not usually re-fundable for any reason.
This contract also protects the buyer should the vendor decide not to sell, as the buyer is usually entitled to compensation on top of the return of deposit.
All these contracts should also provide unambiguous detail on the buyer, the vendor, the property, the price agreed, the deadline for signing the deeds, vacant possession, debt-free title, how the transaction costs will be paid, clauses that allocate responsibilities, conditional clauses that need to be met for the contract to be valid, and how disputes will be resolved.