Who hols deposit - QLD?

[eggnog]

I am selling a property in QLD. The buyer is about to pay a deposit. Who gets to hold this deposit? Can I hold it and place it in my offset account?

 

[norwoodman]

I am selling a property in QLD. The buyer is about to pay a deposit. Who gets to hold this deposit? Can I hold it and place it in my offset account?

The real estate agent holds the deposit in a trust account until settlement (unless you are selling it yourself without an agent) or otherwise agreed.

 

[eggnog]

So no possibility of using the bond to offset my current loans

 

[Rixter]

So no possibility of using the bond to offset my current loans

Pay as little as you possibly can, with balance of funds paid at settlement.

I've paid from $0 to $500 in the past.

 

[eggnog]

Im on the other end Rixter and buyer has agreed on a pretty large deposit

 

[Rixter]

Im on the other end Rixter and buyer has agreed on a pretty large deposit

Silly buyer

How long's settlement?

 

[pinkboy]

Should have wrote in the contract that the deposit to be released to the vendor upon deposit payment, otherwise it will go into Real Estate or Solicitor Trust.


pinkboy

 

[eggnog]

3 months settlement. No finance clause. Cash purchase

 

[Rixter]

3 months settlement. No finance clause. Cash purchase

It would have to be some massive deposit to make it worth while sitting in offset for that short time.

 

[Peterw]

The contract becomes a "terms" one if more than 10% paid. Other option is to allow the deposit holder to place in an interest bearing deposit account, with the interest to go to the parties as is agreed.