Early Release of Deposit

Comments

# Peter Mericka said on April 29, 2007 4:43 PM:

Is it the same as this in other Australian States?

# Tim Tierney said on August 8, 2007 7:07 PM:

Early release of the deposit is not typical in Tasmania where there is no statutorty right to release of a deposit.

Purchasers are cautious in case unexpectedly the sale does not proceed and the purchaser may have difficulty recovering the deposit.  

Purchasers may need to to secure their position against such an event . Purchasers may need to enquire of the extent of the vendors equity in the property .  

Cooperating with the Vendor  may have advantages. It may establish a better working relation with the Vendor  which may be of assistance. A little give and take goes a long way to make transactions proceed smoothly. A purchaser may need a reciprocal concession from the vendor.

# Leapy said on November 8, 2007 9:13 AM:

Question: Under what conditions can you object to early release of deposit  even if there are no mortgages or caveats on a title?

Also, once the deposit is released is there any assurance that the vendors can not put a caveat on the property at a later stage?

# Peter Mericka said on November 8, 2007 11:12 AM:

The contract may be subject to special conditions which allow the purchaser to cancel, e.g. finance condition, building inspection condition etc.

The vendors will probably not want to lodge a caveat over their own property.