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Commitment Deposits for Pharmacy Purchase

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  • Commitment Deposits for Pharmacy Purchase

    Hi All,

    Just needed your experiences on dealing with pharmacy purchases in regards to commitment deposits. The deposit to be paid upfront when Heads of Terms are signed in acceptance of an offer.

    They are usually asked for but are not mandatory,shows commitment and we get exclusivity you need return, is the brokers explanation!

    Although refundable, the language used/clauses are very biased towards the vendor.

    The various brokers are charging 2% of the asking price, some £20,000 min/1%asking price.

    Wanted to know :

    1. Is this across the board with all brokers?

    2. Has anybody refused to pay, but shown commitment through valuation,start of conveyance process and had the purchase go forward?

    Has had my solicitor advice me to refuse to pay as unnecessary.

    Thoughts please,

    Thanking in advance



  • #2
    No and yes are the short answers.

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    • #3
      My understanding was to get an exclusivity agreement a payment is made to the seller, which in the event that the sale falls through will cover their reasonable costs.

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      • #4
        If the sale does not take place the fee is not refundable. The fee is negotiable before exclusivity is agreed.

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