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Reservation agreements on their way?
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The Department of Housing, Communities and Local Government has announced it will trial the reservation agreement concept in two areas next year with buyers obliged to pay around £500 to £1000 min none refundable deposits.
This comes alongside the news that buyers and sellers simply changing their mind is by far and away the #1 reason house sales fall through.
Anything that strengthens the commitment of buyers and sellers as well as focusing peoples minds on the commitment that they are making can only be a good thing.
Watch this space for updates on how the trials progress.
