Initial deposit cheques

[zayne]

Hi all,

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.

 

[oneuppmanship]

Hi all,

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.

All monies, by law, need to be immediately (ASAP)placed into the agents trust account.

 

[zayne]

Thanks for the info.