Introduce a deposit system at offer acceptance stage for buying and selling houses

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Introduce a deposit system at offer acceptance stage for buying and selling houses

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Introduce a deposit system at offer acceptance stage for buying and selling houses in order to eliminate 'gazumping' and 'gazundering'. The current system effectively legalises blackmail and extortion. In no other situation would an offer to purchase/offer to sell be not legally binding. Many people have lost and continue to lose money for no benefit in the case of the other party pulling out before exchanging contracts.

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