I recent settled on a sale of a property and to my surprise I was told that there was no interest earning on the deposit that was put in a trust fund. The agent informed me that it was up to the solicitor to organise that in the sales contract. Has anyone gone through a similar experience or have any advice?
Trust accounts don't pay interest. However it is possible to have the deposit invested in an interest bearing account – needs to be negotiated via settlement – and is generally not worth the hassle unless a large amount and extended settlement.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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