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How much deposit will I need at auction and how can I pay it?

Posted by admin on March 6, 2019
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If you are the highest bidder at auction you will need to hand over a deposit of 10% of the purchase price on the day. This can be in the form of a personal or bank cheque – a bank transfer is not acceptable.

The deposit is paid to the seller’s real estate agent or solicitor who will place the money into a trust account until settlement, when the balance of the purchase price is paid. The interest earned on this deposit is shared equally between vendor and buyer.

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