The property was probably sold under market value to a mate of the agent or conveyancer.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Yes, Thats my reasoning
This is all very odd and sounds like there is a lot missing to this story.
I would be of the same view – that might have been sold to a mate of the agent or conveyancer.
Poses a good question though about proof of the deposit.
As the vendor you MUST be entitled to see proof?Yes its difficult to get much more detail than what I have explained above.Anyone know what proof you are entitled too as the vendor?
I guess it wouldn't normally be a problem as i'm guessing rarely would the vendor want to recind their acceptance of an offer.
However as I explain above , it does happenGenerally speaking, (in NSW anyway) deposits are held in trust with the estate agents. if there is a deposit they should be able to produce trust account receipts as proof. There should be no reason this cannot be shown.
Also, I remember after a deposit was paid to us the Admin girls would prepare/post a letter to the vendor advising the amount in trust. Similar documentation was also provided to each parties conveyancer/solicitor
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