Selling.

[Catsanddogs30]

At what point can you pull out of a sale without incurring a penalty?
How much would the penalty be?
This is for both buyer and seller.
Thank you.

There's no penalty at all up until you exchange contracts (not including sunk costs on things like solicitors and surveys).

After you exchange, you're liable for the deposit amount plus some other fees I think.

the minute before you exchange

Where do you live?

In England: upto the point of exchange. Although the purchaser probably has a small solicitor bill for work done so far - including search fees.

As said, any time up to exchange. If it's after exchange, they'll be a clause in the contract. I think it covers deposit and accrued interest, and I'd put in a claim for loss of any monies for things I'd arranged for after completion and was still liable for, ie removers, new furniture, kitchen appliances I'd paid deposits for etc.

There’s no penalty as such apart from the legal expense you may have incurred assuming you have employed a solicitor

Live in England.Is the deposit generally 10 per cent of the agreed house price? Thanks.

Don't be that person...

In England? Any point up to exchange. Shitty thing to do, but assuming you have your reasons. If you’re planning on pulling out the sooner the better to reduce the other party’s time and cost impact.

The person at the bottom of the chain - normally a First time buyer - has to find a deposit. But it doesn't necessarily have to be 10%, it can be 5% if the other people in the chain agree which they normally do.