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What is a deposit and how do I pay it?

The deposit is the down payment that you make when you first sign a contract to show that you are genuine about purchasing the property. It is the seller’s security that if you do not complete the contract on time by settlement date, that they can take steps to claim your deposit. Hence, before you sign the contract, you should ascertain that you really want to proceed with the purchase.

The deposit is often held by the seller’s real estate agent until settlement, after which it will be released to the seller. There are times when the deposit may be held by the seller’s conveyancers, usually because the seller’s real estate agent does not hold a trust account, or that the seller needs the deposit to be released at the same time as settlement. If neither the seller’s conveyancers nor real estate agent has a trust account, then the seller may ask that the buyer’s conveyancer hold the deposit in their trust account.

In any case, because trust accounts are heavily regulated by all the legislations governing it for all three professions involved: real estate agents, conveyancers and conveyancing lawyers, you should be reassured that your money is safe.

You can make the payment these days by electronic funds transfer (EFT) to the bank account of the relevant stakeholder. It is as simple as asking the real estate agent for their bank account details to make the payment upfront. Remember to always ask for a trust receipt for your records, you may need this as a part of your loan application.

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Our Recent Reviews

Emma Gibson Avatar
Emma Gibson
29 May 2024
Nicholas Tsau was great to deal with - pleasant, efficient and helpful. The vendor's real estate agent told me there had been last minute challenges on settlement day, but Nicholas made the process seamless.
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sharn mcaulley Avatar
sharn mcaulley
10 May 2024
The 5 stars is for Nicholas, he was a pleasure to deal with, very knowledgeable and done a great job keeping me informed on my purchase. I did deal with someone else for the selling of my house, this was a different experience and not nearly as good.
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Mia Bowyer Avatar
Mia Bowyer
10 May 2024
You guys are amazing. I wanted to say a huge thank you, especially to Caleb. I was under a huge time pressure and Caleb worked super hard while also retaining a very high quality of work and dilligence. He didn't let any details slip and helped me to pick up a lot of things in the contract. HIGHLY RECCOMEND!!!
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