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Deposit not being released

Discussion in 'Legal Issues' started by Vk8975, 15th May, 2016.

  1. Vk8975

    Vk8975 Well-Known Member

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    Wondering if someone might be aware of what to do in this situation.

    I recently (about 3 weeks ago) backed out of a purchase within the 7 day B&P condition in Qld. My conveyance lawyer sent the necessary notice across to the sellers solicitor and RE agent. Now I've been asking the selling agent to release the deposit but have been advised that the sellers solicitor has not sent a fax advising them of termination yet, and as such cannot release the $1000 deposit I paid. The agent said they have been hassling the solicitor but they have been slacking. How long are they allowed to hold onto this deposit in this situation? Should I get my conveyancing solicitor to follow it up?

    Any thoughts would be appreciated.

    Cheers
     
  2. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Why not get your solicitor to demand the vendor solicitor to release the deposit? Agent probably has hands tied.
     
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  3. Vk8975

    Vk8975 Well-Known Member

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    Terry that looks like the only option I have left. I decided to give them some time to sort it out but it's ridiculous that its taken the other solicitor over 2 weeks to send a simple fax to the agent.
     
  4. Agent99

    Agent99 Well-Known Member

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    I did my own letter of demand some years ago for same thing. $10k deposit was not being released, agent had all sorts of excuses and it appeared he was using trust money for other things as his phone girl let slip that they couldnt pay as there was no money left in trust account !!
     
  5. Vk8975

    Vk8975 Well-Known Member

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    Interesting. Up till now I havent really doubted the agent, but given they are holding the money it is very frustrating.
     
  6. D.T.

    D.T. Adelaide Property Manager Business Member

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    Alarm bells! :mad:o_O
     
  7. Agent99

    Agent99 Well-Known Member

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    Sometimes a "nicely worded" phone will do the trick :D
     
  8. RPI

    RPI Property Lawyer, Town Planner Business Member

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    PM me details if you don't have any luck getting your guy to do it. Happy to get my guys to send a dirty letter without charge.
     
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  9. Vk8975

    Vk8975 Well-Known Member

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    Hey Darryl

    You guys are my 'guy' :D

    Luckily the agent has finally released the deposit today. Otherwise was going to ask Andrew to follow it up for me :).

    Cheers

    VK
     
  10. RPI

    RPI Property Lawyer, Town Planner Business Member

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    Glad it as sorted finally. Always feel free to ask straight away.

    Good luck with the next one.
     
    Vk8975 likes this.