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

[Oneman]

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,

 

[Rob Legat - SBPL]

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.

 

[Oneman]

Thanks Rob.