Hi Everyone,
just noticed on the last page of the contract of sale their is a document that states the purchaser must release the deposit to the vendor during settlement at the vendors request as long as their is no mortgage on the property. Underneath this their is a statement that states their is no mortgage on the property.
The property Is a deceased estate. What is the benefits to the vendor of early access to the deposit? I have signed off a couple times on other properties to allow the vendor access to the deposit and everything has worked out well.
Is this common practice and anything to watch out for? By the time the agent takes his commission there isn't much left of the deposit.
just noticed on the last page of the contract of sale their is a document that states the purchaser must release the deposit to the vendor during settlement at the vendors request as long as their is no mortgage on the property. Underneath this their is a statement that states their is no mortgage on the property.
The property Is a deceased estate. What is the benefits to the vendor of early access to the deposit? I have signed off a couple times on other properties to allow the vendor access to the deposit and everything has worked out well.
Is this common practice and anything to watch out for? By the time the agent takes his commission there isn't much left of the deposit.