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But thats the thing Im getting confused about-I couldnt just walk away even if I wanted to could I? Isnt it a legally binding contract with no cooling off period, thus he could sue me etc to ensure the sale went through?

O.k, what about if you are using equity in an existing property to buy another? You may not have the 10% available, or if you do you may not want it used/tied up sitting with the vendor? How do people get around this one? Basically-you read stories of people using increasing equity to buy...

Thanks Rolf

How much do you need to sign over as deposit if succesful at a n auction? I cant see anywhere in the terms of contract the much quoted '10%', and anyway-at an auction the contract is binding so a deposit is a token gesture anyway? Reason is I would much rather just give say $1k rather than...