Conveyancing: Deposit

FredPuli43 | 11:23 Tue 02nd Jul 2013 | Civil

21 Answers

Contracts exchanged. I am the seller. Deposit of 10 per cent now in my solicitor's client account. I ask my solicitor to pay it to me now, not retain it. She replies that she cannot release it to me until completion in three weeks "because it is a contractual condition that the deposit must be held by the seller's solicitor in their client account until completion "

What contractual condition is that? Is it in standard conditions of sale? Certainly I am not aware of signing for any such term. It benefits the solicitor, not the client. If I had acted without a solicitor, the deposit would be paid to me directly

Planning For An Extension

Wills

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john6969

Best Answer

This is very straightforward, I'm a Solicitor. The Standard Conditions of Sale, which are incorporated into the Contract, state that the Sellers Solicitors hold the Deposit as 'stakeholder' pending completion. If the Seller has a related purchase, this can be varied to 'Agent for the Seller' so that the money can be used as a deposit for the purchase only....

14:18 Tue 02nd Jul 2013

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brandyrose

The interest is as good to you as it is to them Fred...they are vampires.

Some solicitors can be amusing.. I had one once - his name was Frank ..his favourite phrase was "to be frank" ...I used to say to him - you are Frank!

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