Deposit

Section 27 Deposit Release – Our Policy on Early Deposit Release

Russell Cocks, a leading property lawyer in Victoria and author of numerous articles relating to property law, wrote a comprehensive article on the early release of deposits under Section 27 of the Sale of Land Act 1962 titled “Deposit Release – Why Take the Risk?“. Mr Cocks’ conclusions and warnings, together with those of other leading industry commentators, have informed our policy of automatically objecting to the early release of deposit, and our advice to purchaser...

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Section 27 Deposit Release – How to Obtain a Bank Confirmation Letter

Obtaining a letter to support a Section 27 Deposit Release Statement can be difficult. Most bank employees are professional and helpful, but unfortunately some bank employees regard mortgage discharges as cumbersome and less lucrative than new home loans. To ensure that you are not dismissed by bank staff when you seek information for your Section 27 Deposit Release Statement, or for a letter confirming the information you have entered into your Section 27 Deposit Release Statement,...

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Section 27 Deposit Release – How to Understand the Section 27 Process

In Victoria it is possible for the vendor of residential real estate to have the deposit released before settlement. The procedure for early deposit release, known simply as “the Section 27” takes its name from Section 27 of the Sale of Land Act 1962. However, the process is not as straight-forward as it might seem. The purpose of the deposit The purpose of a deposit is to bind a proposed purchaser to a contract and so secure...

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