All Topics / Help Needed! / deposit transfer

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  • Profile photo of crashycrashy
    Participant
    @crashy
    Join Date: 2003
    Post Count: 736
    November 23, 2006 - 9:59 pm

    Is it OK to buy a new house & have the deposit transferred from the sold house to the new one? Im told my broker wont like it but will do it.

    http://www.posigear.8k.com
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    Profile photo of TerrywTerryw
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    @terryw
    Join Date: 2001
    Post Count: 16,213
    November 24, 2006 - 1:25 am

    Do you mean transfer the loan?

    Some loans are termed ‘portable’ which means the security can be switched. It will depend on which sort of loan you have.

    But maybe I misunderstand, as you say your broker won’t like it??/

    Terryw
    Discover Home Loans
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    Profile photo of crashycrashy
    Participant
    @crashy
    Join Date: 2003
    Post Count: 736
    November 24, 2006 - 1:50 am

    no not transfer of security

    just plain old deposit aka downpayment

    ie

    I sell house A with broker A. buyer A gives $10k deposit which broker A holds in trust.

    I buy house B with agent B. can I transfer deposit A to deposit B?

    http://www.posigear.8k.com
    Positive Geared Share Investing

    Profile photo of CallanderCallander
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    @callander
    Join Date: 2005
    Post Count: 33
    November 24, 2006 - 2:12 am

    May vary from state to state. In vic you could section 27 (early release of deposit) on house A (property you sold) and have that (less Real estate agent commission & advertising if applicable)paid to agent B (house you have purchased). this is something that is done quite often.

    Your solicitor or conveyancer will deal with this and will be able to advise.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    November 24, 2006 - 6:08 am

    In Qld you are unlikely to find any agent allow that as the deposit is usually an amount to cover the agents commission.

    Sure Ownit can sort it out though.

    Cheers

    Richard Taylor
    Residential & Commercial Finance Broker.
    Licensed Financial Planner. Ph: 07 3720 1888
    [email protected]
    Looking for life cover – We Guarantee to beat any quote you have in writing.

    Richard Taylor | Australia's leading private lender

    Profile photo of TerrywTerryw
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    @terryw
    Join Date: 2001
    Post Count: 16,213
    November 24, 2006 - 2:56 pm

    Crashy, you had me confused. You are using broker to refer to the real estate agent/

    Terryw
    Discover Home Loans
    Parramatta
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    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

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