VIC Auction - accept deposit via SMSF cheque?

Discussion in 'The Buying & Selling Process' started by smokyjoe, 24th May, 2017.

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  1. smokyjoe

    smokyjoe Well-Known Member

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    I'm auctioning this weekend, and the agent has had a query from a potential bidder about whether they can pay the auction via a cheque from a Self Managed Super Fund. Not knowing anything about this, the only advice I could find was from the buyers perspective on the old SS forums: Can my SMSF write a cheque for me (as long as I pay it back)?

    Should I care? I assume that it's essentially the same as a personal cheque. I thought personal cheques would also be un-acceptable until I started googling and found it was still common.

    Would you accept a personal cheque for a deposit on auction day?


    Would you accept a SMSF cheque for a deposit on auction day?
     
    smokyjoe, 24th May, 2017
    #1
  2. Marg4000

    Marg4000 Well-Known Member

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    Why not call the solicitor handling the conveyancing?
    Marg
     
    Marg4000, 24th May, 2017
    #2
  3. Propertunity

    Propertunity Well-Known Member

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    Personal cheque, bank cheque, counter cheque, SMSF cheque, cash, EFT - all accepted. You should not care which.
     
    Propertunity, 24th May, 2017
    #3
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  4. melbournian

    melbournian Well-Known Member

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    Get the agent to see the latest SMSF statement or ask him check it online in front of the agent - before giving the OK. who cares where the money is from as long as it is cleared. he could have pawn his parents car or jewellery and gave that as part of the deposit. Unconditional eitherway.
     
    melbournian, 25th May, 2017
    #4
  5. KateAshmor

    KateAshmor Victorian Conveyancing Lawyer Business Member

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    I advise my clients never to accept personal cheques.
     
    KateAshmor, 25th May, 2017
    #5
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  6. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    I have seen people present a SMSF cheque and then substitute this on the monday for a bank cheque. A depsoit paid on a credit card 10 mins after auction is no less risk that a monday cheque.
     
    Paul@PAS, 26th May, 2017
    #6
  7. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Paying a deposit for asmsf by credit card etc is a technical contribution or a loan and a problem. All smsfs need to consider how to settele any contract they make. A agent who refuses a depoist cant be too serious about acceting their client contract deposit ?
     
    Paul@PAS, 26th May, 2017
    #7