How secure are solicitors trust accounts ?

[hwd007]

How secure are solicitors trust accounts ?

If I pay money into a vendors solicitors trust account that forms part of an additional deposit on a property purchase, is that money secure if I fail to pay the money on time, as specified in the contract of sale ? i.e. Can the solicitor distrubute the deposit to the buyer if there is a breach of contract on my part ?

 

[AlmostBob]

The solicitor's trust account is secure as law can make it, the funds are well protected in the account. but that is not what you appear to be asking
The solicitor holding the funds will disperse to the letter of the contract, a solicitor's duty of care, is pretty good. However this vendor's solicitor's duty of care is to his client first, and that is the vendor
If the contract includes the funds being dispersed to the vendor on default by the purchaser, that will happen.
If that dispersal is not included in the contract, or in law, State/territory acts may apply as well as the contract, that will not happen.
If you havent signed it yet, don't till you are completely sure what each clause means. If you have signed, it is more important to get the clauses causing you problems explained.
I am not a lawyer, each that I have dealt with (My lawyers not the other party's) have been at pains to explain everything I dont understand in the contract, and there's a lot.