Claiming 10% Deposit after default.

[Lulus_mum]

Has anyone any first hand experience with claiming the deposit held in trust after a purchaser defaults on contract (after notice to complete). So many threads have comments stating that you just keep the 10%. My solicitor says it can be a difficult process and of course, he would know, but I'd like some real life examples. We aren't there yet, but I'm starting to get a sinking feeling!

 

[Scott No Mates]

Yep - did it many years ago. Sold a CIP to the tenant. Extended the settlement a couple of times, then pulled the plug. Solicitor was the deposit holder (not the REA).

A year later the same tenant bought it (for more again).

 

[Ausprop]

if the parties can't agree to the carve up, then the deposit holder will need to commence interpleader proceedings to force the parties to litigate (unless of course one of the parties proceeds on their own volition)