When you enter in to a Contract of Sale to purchase a property, you will be required to pay a deposit, which is usually 10% of the purchase price. The deposit is to be paid to the selling agent or the vendor’s legal representative and held in their trust account until its release. The deposit it either paid on the day of sale, or an otherwise mutually agreed upon date. For a property purchased at auction, the deposit is required to be paid on the day of auction.
In some cases, the deposit can be released to the Vendor prior to settlement, pending the Vendor meeting certain criteria. This criteria can include providing details of the mortgage held over the property as well as allowing the purchaser 28 days in which to consent to the release. Otherwise, the deposit will remain with the agent in their trust account until settlement has taken place.
Here at Wollerman Shacklock Lawyers, we can help get you get your deposit released when selling your property as well as safeguarding your deposit when purchasing.
For more information, please contact our office on 9707 1155.