In some instances, the seller may request for a release of the deposit which has been paid by the buyer and is held in the agent’s trust account prior to settlement.
In technical terms, this early release of the deposit is called a Section 27, as it is implemented under Section 27 of the Sale of Land Act.
In order for this to occur both the buyer and seller must sign the early release of deposit authority.
Some examples of why a seller may request an early release of deposit include:
- Use of the funds to pay a deposit on a new home for themselves, or
- In the case of a long settlement.
We strongly recommend seeking a full understanding of the process and potential risks from your solicitor or conveyancer prior to giving permission for an early release of the deposit.
A big thanks to Emma for guiding us through the settlement period leading up to move in day!Brian & CherylBought Eaglehawk
To the whole team at Tony Harrington Estate Agents, especially Justine and Emma, you guy's rock!Luke & StaceySold Strathfieldsaye
This is an agency that really cares for their clients.StuartSold Golden Square
I'd recommend Tony Harrington Estate Agents to anyone who wants to sell or buy. They're great people.Samantha & PhilBought & Sold
Thanks to everyone for a fantastic buying experience. You all made it so easy for us.Chloe & TimBought Flora Hill
Wow! What a beautiful gift we received on settlement day. Thanks Justine.The Williams ClanBought Sailors Gully
To the best admin team in Australia. Thanks for making this so easy for us.Dave & TrudySold Kangaroo Flat
The attention we were given from everybody at the agency made us really feel special.Colin & BelindaSold Huntly