The deposit received from the buyer of your property must always be held in a legal trust account, even for DIY property sales.
Having the conveyancer or solicitor hold onto the deposit until settlement is reached ensures that all laws are complied with, and makes the process convenient and safe for everyone. Once the settlement is successfully completed, the deposit is then transferred directly to your bank account.
It is very important that this is complied with, as it is illegal for a seller to hold a deposit in any personal or business account.
Don't have a solicitor or conveyancer yet? Not a problem, we can help you!
MyPlace Conveyancing operate a legal trust account to ensure that all our clients are looked after.
By purchasing conveyancing through MyPlace, this means that we would hold your deposit in our trust account until settlement is reached. The account details will be provided to you once you have secured a buyer, so that they can arrange to pay the deposit into our Trust Account when the contracts have been signed. Following your successful settlement, we then arrange to transfer the deposit directly to your bank account.