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QLD Deposit for Sale of Property - Going to Solicitor's Trust Fund?

Discussion in 'Property Law Forum' started by Oneman, 13 June 2018 at 1:45 PM.

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  1. Oneman

    Oneman Well-Known Member

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    Hi everyone,

    I'm in the process of selling my house and will eventually receive a deposit from the purchaser. My question is, can I hold the deposit personally or does it have to go to a solicitor's trust fund?

    Thank you,
     
  2. Rob Legat - SBPL

    LawTap Verified Lawyer

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    There's no absolute requirement that the deposit be held in a trust account, but you're unlikely to find a rational purchaser (or their solicitor) who is going to be happy with it. However, if the deposit holder nominated under the contract is a real estate agent or a solicitor, they must hold the deposit in their trust account.

    Without the deposit being held in trust, there's less certainty that the funds will be available should the contract not proceed.
     
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  3. Oneman

    Oneman Well-Known Member

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