• Holding Monies As Seller

    By Guest on 04th Apr 2015

    Hello, we're DIY conveyancing on a private property sale. What is the best way to proceed re the holding of a deposit? In a personal account? A 3rd party escrow service like Transpact? No deposit and just exchange and complete on the same day, with payment sent to a current account? Is this ok? Have you any other suggestions? Many thanks

  • 1 Answers

    By Guest on 05/04/2015


    The two most common options are that you exchange and complete on the same day (the buyer's solicitor would want to be in possession of the signed transfer deed BEFORE releasing funds to you) or else the buyer's solicitor could hold the deposit to your order. This is common even when the seller is represented by a solicitor if for example there is not enough time between exchange and completion for a deposit cheque to clear. There would need to be a slight variation in your case so that the buyer's solicitor was not obliged to release the deposit to you until either actual completion or in the event of a default by the buyer, expiry of a notice to complete. The buyer's solicitor will most likely not be prepared to pay the deposit anywhere except to another law firm before completion because of the lack of protection for his client in the event the deposit is misappropriated.

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