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What is an Unconditional sale when a Buyers Fee is required?

Buyers fee sale unconditional
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What is an Unconditional sale when a Buyers Fee is required?

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A. This is a term given to a property that upon acceptance of an offer, the buyer shall pay a 5% deposit being part payment of the purchase price and a 5% +VAT (subject to a minimum of £5000 +VAT) buyers’ fee and contracts are exchanged. The buyer is then legally bound to buy and the vendor is legally bound to sell the property. The conditions of sale require a full legal completion within 28 days following exchange of contracts.

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