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@andyp
When the contract your lawyer has drawn up with the vendor of the house is ready and all the necessary funds are in place, the contracts are exchanged between your lawyer and the vendor's lawyer and a deposit, normally 10% of the purchase price, is lodged with the vendor's solicitor and date is agreed to complete the purchase (normally two weeks after exchanging). You are now legally bound to complete the purchase and if you fail to do so, then you forfeit the deposit.