The vendor's solicitor has refused to accept my deposit bond. I have been advised that I need to hand over a bank cheque in excess of $12,000 if I am to keep this property.
Can they do this?
Thanks in advance
BrookeHi there
not sure what state you are in but you need to look at your contractI don't believe that a deposit needs to be in the form of a bank cheque – only the settlement cheques need to be bank cheques.I don't understand why they are insisting on a bank cheque unless there is a special condition to that effect – if they continue to be a problem – can your conveyancer talk them around or perhaps the real estate agent.Failing those approaches, you may need to make a complaint with the Law Society in your state – as a deposit bond is similar to a bank guarantee – perhaps the solicitor hasn't had much to do with them before?thanks raddles,
i'm in victoria.
actually i don't think my solicitor knows anything! he claims that he has a wealth of experience but so far, i haven't seen any evidence to support this.
i will ring the law society in victoria and also try to find a decent solicitor in melbourne.maybe someone on this list may know of someone.
G'day brookelea
Are you buying an off the plan property? Has the property gone up in value since you signed the contract? It could be that the vendor is trying to make it difficult for you so that you pull out and they can sell it at higher price to someone else?Hi there
I used to work with a chap called John Sier of Mason Sier and Turnbull in Mount Waverley – if he is still practicing – I am sure he will look after youthanksThe Vendor has every right to accept or not accept the Contract terms and conditions and one of those conditions would be the acceptance of a Deposit Bond.
Talk to the selling agent and see whether there is a way around it otherwise you may find that your contract is not acceptable.
Richard Taylor | Australia's leading private lender
thanks guys.
it would seem that i am at risk of losing a divine little property in the inner east of melbourne.raddles, i rang the solicitor's firm, and was advised that john sier no longer practises law.
thanks
Hi Brookelea
thanks for the information on John Sier – it seems all my peers are retiring – your other option is to contact the Law Society and get particulars of solicitors who are accredited in the property law area (who are closer to you) who may be able to help youthanks againhttp://www.liv.asn.au/public/finda/ this site may help
Hi again
thanks Wayne – I noticed that John Turnbull of Mason Sier and Turnbull is still practising at Mount WaverleyBrooklelea – he was a good chap too – also a property investor – and property developer – when I worked there many years agonot sure if that is close to you thoughthanks wayne.
and yes raddles, mt waverly isn't far at all.
i'm currently living in surrey hills so its only around a 15 min drive.thanks again:)
You must be logged in to reply to this topic. If you don't have an account, you can register here.
