07 Jul Different types of deposits
For buyers, it can be confusing between the deposit they have saved to contribute to their loan and the deposit they are putting down on the contract. Whilst is shows great commitment to a seller for the buyer to pay a large deposit, this can lead to issues for the seller at settlement with such a large amount of money being held in the Stakeholder’s trust account.
It is important to ensure that the buyer understands the difference between the funds being contributed to their bank loan and the funds being handed to the Stakeholder as a deposit on the contract.
The seller will need to consider whether having a large deposit will affect their mortgage payout at settlement and lead to any shortfall issues as once the deposit is paid to the Stakeholder it cannot be released without all parties consent.
We want to assure everyone that here at OWNit Conveyancing we are ‘business as usual’ and that we will always here to assist you.
Please contact our office should you require any assistance. See also: OWNit Conveyancing frequently asked questions.
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To learn more about when the owner of a property has passed away, contact OWNit Conveyancing on 1300 553 750.