Have you ever paid or received a house deposit in cash?

Had a discussion on Twitter today about a higher growth rate for $100 notes in circulation, I suggested it might be an increase of foreign buyers using a cash deposit to buy property. A real estate agent called this out as nonsense, said a vendor would take another offer before taking a deposit in cash (too risky). I have read media reports of Chinese investors buying with suitcases full of cash (or perhaps used for the deposit), are such reports just nonsense?

Have you ever accepted (or paid!) a substantial property deposit (i.e. $10k+) with cash?

If you are a real estate professional (solicitor / conveyancer/ agent), have you ever or would you refuse to accept cash and take an offer from another party with a lower offer if there was no compromising with the buyer who wanted to pay using this method?

 

My business doesn't accept cash at all. Personal stuff rarely use cash for anything. I thought it was going extinct?

Always been online banking transfer for the properties I've bought.

 

A prospective client offered to pay my fees with silver bars (took them out from his bag) and I politely declined.

 

if anybody pay my fees with gold bars, I would accept

 

Would you assess their legitimacy? And weigh them?

 

AFAIK any cash transaction over $10k is reportable. Agency has a duty to bank the money by cob next business day.

 

For that reason and others, I declined.

 

Yup, this comes under the anti laundering legislation. Even electronic transactions over $10k are looked at as well though.

 

@D.T. my public service fees are free. I don't think anybody would pay in gold bars . we can't accept/ not allowed more than $10 gift at work

 

Yes it's a TTR, but not like that's going to disadvantage a foreign buyer if they happen to have the cash...

 

Always cheque or bank transfer.

When I bought my first proper car as a young 'un I used 'cash' as a bargaining tool and I understood cash in the literal sense and not on the context of the car not being financed. So I rocked up to the car dealer with an envelope with $14k in it and handed it over. The car salesman just stared at my not quite knowing what to do with the wad of cash...

 

About three years ago friend sold at on-site auction, $1.6m. Buyer had a bag and paid $160K in cash for the deposit. Took agent nearly half an hour to count, check and receipt.
Marg

 

Many years ago a friend of mine paid the whole purchase price for a block of land in cash.

It was $30.

First one to say that's BS is wrong..........

 

I've been at auctions where cash was paid as deposits (not our clients though ) and I heard about the nervousness caused by one poor agent who had to dash and safe-stash until banks opened on Monday.... not a recommended form of payment in this day and age

When I sold one of my cars the buyer insisted on paying cash- originally he wanted to meet at a cafe but I insisted on a bank

We've also had many a client pay us in wads of cash but we always ask before we accept... you just never know these days who's around the corner watching...

 

Yes I have settled a property before by paying $150,000 in cash.
I needed it settled that day and bank transfers would have caused a delay.

I put absolutely no emotional attachment to money it does not scare me

 

The thought of being mugged of my hard earned money (or someone elses) scares me!

 

I paid $90k cash for a condo (smuggled cash in from another country) and also paid $40k cash as a bullet payment on another condo. None of these properties were in Australia though. I couldn't do bank transfer at the time and couldn't find a remitter. I was also having difficulty opening bank accounts in these two countries due to anti money laundering laws but have since managed to do it after bribing some bank officials.

 

Most people have the same view point as you Kinnon.
I figure that if someone wants to mug me and was desperate enough they would do it whether I was carrying $150,000 or $10.

 

You had that much change lying around? Or checked under the sofa?