Need quick advice please,to whom do we make the deposit cheque out to?

Discussion in 'The Buying & Selling Process' started by P j T, 12th Nov, 2017.

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  1. P j T

    P j T Well-Known Member

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    Hi Everyone,
    we may have an offer accepted today (sunday 12th) and are willing to sign a 66w to go unconditional. To whom do we make the deposit cheque to? Agent or the Vendors solicitor? Also we would like to request funds are not to be mae available until exchange of contracts.

    Look forward to your advice everyone.

    Cheers Peter
     
    P j T, 12th Nov, 2017
    #1
  2. wylie

    wylie Moderator Staff Member

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    Wouldn't it go to the agent's trust account? Can you ask the agent?
     
    wylie, 12th Nov, 2017
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  3. P j T

    P j T Well-Known Member

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    Sunny Belfield NSW
    Hi Wylie,
    thanks, with our cuurent house we sold the deposit was paid to our solicitor and held in trust. But do we make it out to the vendors or to the agents intheir name??
     
    P j T, 12th Nov, 2017
    #3
  4. wylie

    wylie Moderator Staff Member

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    Can you call the agent ask ask the exact name the cheque needs to be made out to? Or take a cheque and do it as you put the contract on? Or make a funds transfer?
     
    wylie, 12th Nov, 2017
    #4
  5. BarneyRubble

    BarneyRubble Well-Known Member

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    Agree with Wylie here.

    Speak to the agent, and when you do hand over the cheque, get a receipt clearly stating what it is for.
     
    BarneyRubble, 12th Nov, 2017
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  6. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    I don't think it matters with a trust account. The agent can still deposit it if made out to vendor.
     
    Terry_w, 12th Nov, 2017
    #6
  7. DaveM

    DaveM Well-Known Member

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    Generally its "Such and such Agency Trust Account"
     
    DaveM, 12th Nov, 2017
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