Forums / Treasure Chest (Past Forums) / The Treasure Chest / Agent keeping deposit on Sale

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  • Profile photo of TruskaTruska
    Member
    @truska
    Join Date: 2003
    Post Count: 20

    Hi

    I’m about to sell my PPOR.

    I plan on paying out the mortages on my IPs, living in one of them and living off the rental income of the others(about $1200 pw net)

    I’m having a long settlement (5 months) as this IP is currently tenneted and I plan on doing some improvements to the property (eg new fence for my dogs, major landscaping) before I move in.

    Can I get the Real estate agent to give me the buyers deposit on my house (I know that they’ll insist on keeping some back to cover their commission and costs) before settlement to pay for these improvements?

    Thanks

    T

    Profile photo of ADAD
    Participant
    @ad
    Join Date: 2002
    Post Count: 636

    Unless the buyer signs over these funds I am pretty certain by law they must be kept in trust until setlement. If the agent lent them to you they would be in all sorts of trouble.

    Enjoy
    AD [:0)]
    (Andrew)

    It is good to have an end to journey toward, but it is the journey that matters in the end.

    Profile photo of RodCRodC
    Member
    @rodc
    Join Date: 2002
    Post Count: 335

    This may vary from State to State, but you can probably get your solicitor to request that the deposit funds be released. This will be done through the buyers solicitor and the buyer is not obliged to agree.

    Rod.

    Profile photo of wayneLwayneL
    Member
    @waynel
    Join Date: 2003
    Post Count: 585

    I believe you can lodge a section 27 statement (in victoria) to possibly get the funds. And as AD said the buyer must approve.

    Your conveyancer will be able to help.

    Wayne

    http://netvantage.netfirms.com

    Profile photo of TruskaTruska
    Member
    @truska
    Join Date: 2003
    Post Count: 20

    Hi again

    I’m in QLD if that that helps

    I’m going to offer the buyer (a builder whose keen) permission to get development approval to put units on the back of the block before settlement. This will save him six or so months and he won’t have to tie up a lot of his capital. I might try and use this as leverage to get hold of a big chunk of the deposit from him.

    T[:)]

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