16 Dec Conveyancing – The Deposit
Auckland Conveyancing – The property deposit and related questions that you may want your conveyancer to explain to you.
When reviewing the Sale and Purchase agreement with potential property purchasers, the term “deposit” often creates some confusion. What does deposit really mean?
Take a look at a previous blog post on our Auckland law firm blog where we examined this question in a little more detail
Do you know what happens when your deposit is paid to the real estate agent?
In the fine print of the Sales and Purchase Agreement the deposit is held by the real estate salesperson | agent for a statutory 10 working days, once this period of time has lapsed the real estate agent is paid their commission from the deposit and the balance (deposit less commission) is then forward to the vendor’s lawyer or conveyancing solicitor as it forms part of the property purchase funds.
As the property purchaser you should provide the authority to release these funds. As part of this process your conveyancing lawyer should obtain an undertaking from the vendor’s conveyancer or lawyer that the vendors have sufficient funds to repay the existing discharge of mortgage together with rates.
If you have any further questions regarding conveyancing and property law or your property deposit, please do not hesitate to contact one of our lawyers at Auckland law firm, Quay Law NZ to discuss you Auckland conveyancing transaction.
Phone: (09) 523 2408
Auckland Conveyancing law firm address: Level 1, 427 Remuera Road, Remuera, Auckland.