Just wondering if someone can confirm if it is a law that all initial deposit cheques given to agents when placing an offer for a property have to be banked regardless of whether the offer is accepted or not?
Thanks in advance.god_of_moneyParticipant@god_of_moneyJoin Date: 2008Post Count: 970
Yes.. in their trust account I believeScott No MatesParticipant@scott-no-matesJoin Date: 2005Post Count: 3,856
Agents are required by law to bank any money recieved by the close of the next business day. They must also provide you with a numbered receipt stating what the money is for, the date, the amount paid and by whom. This does give rise to an issue if you want to get the money back/withdraw the offer/offer is not accepted as the agent can only draw a cheque on cleared funds.LinarMember@linarJoin Date: 2004Post Count: 567
Just wondering why you are enclosing a deposit cheque with an offer. Deposits aren't payable until there is a binding contract and, depending on the state, cooling off has expired.
Not sure about other states but generally in Victoria you put down a small deposit of a few hundred dollars or so when putting in an offer. If accepted, then the remainder of the deposit is due whether it be 5% or 10% of the sale price as agreed with the vendor usually a week or 2 after contract signing.