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! Give us a call on 1300 289 697 to arrange a quote with our preferred conveyancing service.