All Topics / Legal & Accounting / Query regarding no agent sale

Viewing 6 posts - 1 through 6 (of 6 total)
  • Profile photo of BluemistBluemist
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    @bluemist
    Join Date: 2005
    Post Count: 14
    November 15, 2006 - 8:37 am

    Hi,

    I’m in Victoria- and I have a question regarding if you sell your property yourself (no agent involved) can the purchasers deposit be paid directly to the vendor.
    Looking at the Sale of Land Act – it only talks about deposit moneys held by legal practitioner or estate agent to be held as stakeholder- does it HAVE TO BEEN DONE THIS WAY? ie. is it a legal requirement .

    Thanks,
    Bluemist.

    Bluemist.

    Profile photo of L.A AussieL.A Aussie
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    @l.a-aussie
    Join Date: 2006
    Post Count: 1,488
    November 16, 2006 - 5:56 pm
    Originally posted by Bluemist:

    Hi,

    I’m in Victoria- and I have a question regarding if you sell your property yourself (no agent involved) can the purchasers deposit be paid directly to the vendor.
    Looking at the Sale of Land Act – it only talks about deposit moneys held by legal practitioner or estate agent to be held as stakeholder- does it HAVE TO BEEN DONE THIS WAY? ie. is it a legal requirement .

    Thanks,
    Bluemist.

    Bluemist.

    Hi Bluemist,
    I am fairly certain that the money has to be given to an independant party – the ‘stakeholder’, such as an agent or solicitor, who must deposit the money into their designated trust account until settlement. Or, but I’m not 100% sure, the purchaser and the seller can open a joint account needing both signatures to make withdrawals. The money is deposited into this account until settlement. I don’t know of anyone who has ever done this though.
    I would never give the money directly to the Vendor under any circumstances.

    Cheers,
    Marc.
    [email protected]

    Profile photo of BluemistBluemist
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    @bluemist
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    Post Count: 14
    November 17, 2006 - 2:57 am

    THanks Marc- yes this is right I have since found out…but you can get the deposit released earlier than settlement if the purchaser agrees to do so. Now I’m trying to work out the cheapest way to do it. [blink]

    Thanks

    Bluemist.

    Bluemist.

    Profile photo of BluemistBluemist
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    @bluemist
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    November 17, 2006 - 3:07 am

    THanks Marc- yes this is right I have since found out…but you can get the deposit released earlier than settlement if the purchaser agrees to do so. Now I’m trying to work out the cheapest way to do it. [blink]

    Thanks

    Bluemist.

    Bluemist.

    Profile photo of celesteceleste
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    @celeste
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    Post Count: 169
    November 17, 2006 - 3:22 am

    Hi all

    I had a go at selling my self in Perth, I made arrangements with the settlement agent I use to hold any deposit. No extra charge as the REA send them the deposit for settlement anyway.

    If you are in the states that use solicitors, I guess you could make the same arrangement with the one that will do or has done the sale contract. I would expect maybe a small handling fee $ 8 -10

    Celeste

    Profile photo of BluemistBluemist
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    @bluemist
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    Post Count: 14
    November 17, 2006 - 4:00 am

    Hi Celeste-
    Yes the small handling fee is actually $220 as they have to be audited……oh well…..

    Bluemist.

    Bluemist.

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