Is there any reason (legal or otherwise) that if a purchaser gives approval for vendor to access deposit money BEFORE settlement, that it cant be done?? My solicitor is telling me he doesnt think it’s “allowed”. [confused2]
Whilst it may vary from State to State it is certainly legal in Qld and in fact common practice especially on lengthy Development style contracts which usually have many conditions.
Most Vendors would certainly want the deposit to be released.
Richard Taylor
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I am not sure about other states but if the purchaser agrees then it can be done in NSW
Anita Marshall
Advanced Finance Solutions
http://www.advancedfinance.com.au
[email protected]In QLD so long as it is written in to the contract it is allowed.
Commonly known as an “early release of deposit”
This is especially common when there is a long settlement and a large deposit.
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http://www.ledg.net
=========In Vic it’s allowed -s27 application. Your accountant doesn’t sound too savvy with the property side of things – might want to get a new one just to get this project over the line.
(“,) $$$ HoLdEnCoMmOdOrE $$$ (“,)
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