VIC Property Law - How Long Can Deposit be Held?

[Michael Halpin]

Hi, can someone tell me how long a deposit can be held after the sale of a house under Property Law?

 

[Rod]

I assume you mean you've bought/sold a house and paid a deposit but settlement has not yet been finalised.

28 days, BUT there are few things that can stop this from happening. Best talk to your conveyancer/solicitor about the various BUTs.

 

[Michael Halpin]

I assume you mean you've bought/sold a house and paid a deposit but settlement has not yet been finalised.

28 days, BUT there are few things that can stop this from happening. Best talk to your conveyancer/solicitor about the various BUTs.

Ok, thank you

It's all good now. The new owners' lawyer was trying to stop it. But he can't,so he is releasing the deposit in a couple of days.