GLOSSARY
DEPOSIT
A deposit is a sum of money (usually 10% of the purchase price) paid by the buyer to the seller's solicitor upon the exchange of contracts.
This financial commitment acts as security to guarantee that the buyer will proceed to completion.
If the buyer pulls out of the transaction after exchange they risk losing their entire deposit to the seller and facing legal action for breach of contract.
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Our legal professionals provide our services through the solicitor's firm, Parity Legal Limited, which is authorised and regulated by the Solicitors Regulation Authority (SRA) under ID Number 658977. Esvi Limited is not regulated by the SRA.
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