Request for seller to pay deposit

[kirstyvw]

I'm currently selling my property and an offer has been made for the full asking price but with the request that I pay the buyers 3% deposit. Someone has advised me that I should only proceed if advised by my solicitor as some don't see it as ethical. I'm waiting for their advice but just wondered if anyone could explain the issues with this?
thanks for any help

[kgt]

Hi Kirsty,
Only go ahead with this after discussions with your solicitor. There are lots of legal loopholes that can come back and bite you if you do not have the legal agreement made watertight.
There is no reason why it can not be done, however, it is costing you money to agree to it.

[kirstyvw]

thanks very much kgt

[WendyS]

Can somebody please explain why the seller of a house should fund the 3% deposit which the buyer is presumbably paying to secure the property. Is this usual, or is it because it's a first time buyer who doesn't have the money until the mortgage comes through. I'd be rather wary of getting into any arrangement like this.

[kirstyvw]

Hi Wendy
They have told me it's because it's a first time buyer who doesn't have the deposit. My solicitor had advised that I shouldn't feel any responsibility towards accepting this offer as it's the buyers responsibility to find the deposit.

[Golden Shred]

You are in effect being asked to give a 3% discount. If you want the sale to go ahead and are prepared to drop 3% then OK. If not, hang on for another buyer.

[WoWo]

Seems a bit of an odd thing to be doing and I can't work out exactly what you mean by deposit?

Do you mean a deposit on the house, in which case that would only be done for your benefit away way so there would be no point doing it, if it was for a deposit on a mortgage personally I wouldn't touch it with a barge pole.

I'd imagine selling to somebody who couldn't raise �3k will be a total nightmare and highly likely to fall through.

[Yorky Lass]

If they can't raise the deposit how on earth are they going to afford a mortgage. I presume they will be applying for a 100% mortgage which I would have thought are very expensive and difficult to obtain.

I'd not commit myself to them and leave your house on the market.

[kirstyvw]

Thanks to everyone for the advice. I'll not be pursuing this offer!
thanks again