Hello,
I am new to Victoria. Real estate agents are telling me its standard to put a 10% deposit down on a offer. I have not done this in WA, only putting 1-2k beforehand. I have just put an offer down on a place and put 2k deposit. The real estate agent is having a winge about this….
My question is, is there a company, similar to deposit power .com that does deposits for trusts? I am 99% sure deposit power will not do a guarantee or bond that substitutes for a cash deposit between signing contracts and settlements for trusts, only for people who purchase property in their own name
Anyone able to help me out here???
Cheers
Andrew
You don't need to put down a 10% deposit, and you don't need a deposit bond unless you have no cash to use.
This is just what the agents want you to put down.
They do this so they can then access the deposit and get their commission before settlement.
Many agents Sale Contracts are drawn up with a 10% deposit as standard written on them; so what? It is not a law. I just cross it out with my pen and write in $1,000.
Offer them a grand as a deposit. Of course they'll hate it, and some Vendors may say no, but you're the man with the cheque book and you play your way.
If you are that desperate to buy an I.P that you'll bow to the agent's wishes then you are buying with emotion and not your head.
There is another deal of the century every hour or so.If you must use a deposit bond, and are planning to buy under a trust, I think you can secure the property with your own name "and or nominee" on the contract, then use the deposit bond for the deposit , and fill in the final purchaser's name (your trust) later on near settlement. This would need to be clarified of course.
hi L.A. Aussie
I agree with your points. Thanks for your feedback. I have only been in VIC for 7 weeks and wanted to know what the market dictates, and more importantly, what investors like you are doing
Cheers,
I agree with L.A.Aussie.
You can put down any amount you want to for a deposit. So don't let the agent control the situation.
JULES1
Email MeOne more thing avranjes,
putting a cheque with your low deposit offer is a good thing, and offering to settle in a short period; say, 30-45 days is also attractive if you can.
You need your finances in order to do that of course.I've done a deposit bond when using a trust. Cannot remember who I used now. Anyway, it is not really necessary to tell them about the trust anyway. just get the bond in the trustee''s name
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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