Silly Paranoid Question.

Hi,
I have never sold a property before.

When I sell a property during settlement,Let say there is a balance amount that needs to be paid to me after subtracting the bank loan...
How will I get paid for that amount?
I will assume be bank cheque or bank deposit.

In the case of bank cheque if the purchaser is through a bank loan of the buyer I don't really have to worry about it.

But if its from a buyer that is buying using his own cash.
I assume he will prepared his bank cheque through his/her own bank.

What happens if the bank cheque is fake?
We wouldn't know it until we bank in the cheque.

In short my questions is will there be any recourse from my end after the title has been signed over to the new owner but the new owner fail to pay the funds to the buyer due to any reasons.

Thanks





Thanks
 
You would only accept a bank cheque. If it turned out to be fake you could prevent th registration of the transfer of title.
 
Very paranoid.

Bank Cheque

Your conveyancer would know what the bank cheque look like and if it was fake it would be legal grounds to sue and would they be charged with fraud.

With 1,000s of properties being transferred each week it would be extremely rare this would happen.
 
Very paranoid.

Bank Cheque

Your conveyancer would know what the bank cheque look like and if it was fake it would be legal grounds to sue and would they be charged with fraud.

With 1,000s of properties being transferred each week it would be extremely rare this would happen.


Bank Cheque looks very simple these days compare to in the past.
And I read few years back people forge bank cheques and that's why bank cheque now takes a few days to clear compare to many years ago bank cheque get cleared in one day or almost immediately.

But you made a good point that they will be charged with fraud. Since we know who and where the owner is.

Thanks
 
How long does it take for the registration of transfer of title after the settlement is done?

Thanks

It takes weeks or months usually, especially if there is an incoming mortgagee. If not then the person could gain title before the cheque cleared - but you woul then have recourse to the property.
 
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