Legal Question in Real Estate Law in Australia

Deposit on home

i have just sold my home to my cousin and he has given me a $10,000 deposit, that we had aggred on..my covancer told me he could give me the money if we were happy to do so,,we were...i have given him a rec. stating this..i have had this money for 2 weeks now and put it in a 30day acc...his solisiter rang me today 14/11/01 saying i have to give the money to him till the settlment date...30/11/01...is this true...i dont want to due to the fact that my cousen is having alot of problems getting is dead dads money out of them...and i can see i will have the same problem...

thank you


Asked on 11/14/01, 12:39 am

1 Answer from Attorneys
Michael Lipshutz Cohen Woolf & Weinberg

Re: Deposit on home

You do not say in which State the transaction has occurred. If it is in Victoria then the deposit must be paid in accordance with the Sale of Land Act which provides:

1) Any deposit moneys received by a vendor in the course of a transaction for the sale of land other than depositmoneys released pursuant to section 27 shall be paid within seven days after their receipt by the vendor�

(a) to an estate agent or legal practitioner acting for the vendor; or

(b) into a special purpose account in an authorised deposit-taking institution in Victoria to be nominated by the vendor in the joint names of the purchaser and the vendor.

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Answered on 11/14/01, 12:56 am


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