a question

[addicted]

hi all i just put my 5% down on my new ppor
i had to do a special clerance on a 50k cheque that deposited into my cheque account at 11am
they said 24 to 48 hours
i wrote out my to the agent at 4pm and gave it to him
i dont know if he will put it in the bank tomorrow
but if he does ,do you think my cheque will bounce or
because it takes him 3 days to clear will i be ok
and if it bounces can the agent legally stop the contract from going ahead
? will i have lost my house ,
because he can only keep it in his trust till settlment
do you think i will have a problem ?????
i hope not ,after all our hard work to get it

 

[Kevmeister]

I don't know the legalities of the situation but I would think of it this way:

If the cheque bounces, the agent will undoubtedly call you. He doesn't want to lose the sale I suspect. Are contracts signed? You know the money's now in the bank so the funds are genuinely there, I think it would be a bad show of faith on the agent's behalf to kill everything at that point (if they can) and at least not try to present the cheque again.

 

[MarkB]

Ok...

The deal with Cheques is this.

Standard clearance time in Australia is 3 working days (Until a few years back it was 5).

While a cheque is uncleared you cannot, without your bank's approval, draw CASH against it.

That is, you cannot go to the nearest ATM and take cash outr against uncleared funds. Nor or you meant to write CASH or OPEN cheques against it.

A cash cheque is one which can simply be cashed by anyone.

An open cheque is one which is not crossed "not negotiable" and by law does not have to be deposited into a bank a/c.

Most cheques say on them "Pay XXXX or bearer" - so an open cheque can actually, quite legally, be presented and cashed by anyone.

(Though any bank teller with brains will ask questions like 'how did you come into possession of this cheque?' - and they are quite entitled to do that)

A not-negotiable cheque has to be paid into an a/c bearing the name of the Payee.

So, yeah - while a cheque is uncleared you cannot, without your bank's approval, draw CASH against it.

But you can write other NOT-NEGOTIABLE cheques against it.

So if you have deposited a $50 k cheque into your bank a/c and then written a cheque to your REA for $50k (and it is a not-negotiable cheque - ie. it gets paid into a bank a/c) - then you have no worries.

Unless your REA is demanding special clearance on his cheque - you actually didn't require special clearance on the original cheque.

Make sense?

MB

 

[Chantal]

Sorry, I may not be understanding the question but couldn't you just let the agent know that the cheque wouldn't be cleared until a bit later? The agents that I've dealt with in the past haven't been too worried provided contracts have been exchanged.

 

[chrislaw]

I paid special clearance on a cheque 2 wks ago with ANZ, put it in at 10:30am, was fully cleared 3:30pm next day. They did advise if I didn't pay special clearance it was only 3 days anyway but had bills to pay that day so all worked out.
Can't see a problem with your situation.

Chris

 

[addicted]

hi
normaly i would not have any problem ,with this sort of thing ,with any agent
but it seems that this one has been a real b------ted all the way through ,from the very begining
when the time comes i will be letting him know what a poor buisnesman he is ,and if he treats all his buyers in this manner
i will most certainly NEVER do any buisness with in the future ,if any thing i will be letting every one know what he was like
what comes around ,,,,,,,,goes around