What is a Section ? However, the process is not as simple as it may at first appear. Here is what a vendor should do in order to have the best chance of getting hold of the deposit before settlement. Section – Forms – Closing Independently Administered Estates Following is a checklist of forms and documents required for the closing of independently-administered estates pursuant to §§ 473. Specific requirements are listed under the appropriate headings.

Judicial Closing – Section 473. It authorises the vendor of residential real estate to have their deposit released before settlement. When purchasing real estate, a purchaser must pay a deposit (usually of the sale price) to secure the sale.
Once pai the deposit is usually held in trust by the real estate agent, a lawyer, or a conveyancer. If the purchaser goes back on the deal after signing the contract, the vendor may be entitled to keep the entire deposit. At the time of settlement, the purchaser pays out the balance of the sale in return for the property title, and the deposit is also released to the vendor (minus any real estate commissions). In Victoria, a Secti. See full list on conveyancing.
For a purchaser to agree that it is safe for the vendor to have early access to a deposit, they need to have sufficient evidence that the other party has disclosed details of any mortgage or caveat affecting the property. (more…)