Paying a holding deposit is a crucial moment in the property buying process, and unfortunately, it’s an area where fraud can occur. To protect yourself:

  • Be certain about your decision to purchase before paying any deposit.
  • Ensure you’re dealing with a reputable real estate agency.
  • Verify that the vendor has the legal right to sell the property.
  • Thoroughly understand the terms of the holding deposit contract.

There have been cases where buyers have lost their deposits due to unclear contract terms, leading to court claims. In some instances, unscrupulous agencies have disappeared with deposits. Always have a legal professional review the deposit contract before signing.