Browse Forums Real Estate 1 Mar 21, 2010 7:39 am For the exclusively small subset of people who do this I'd like to know how you approach the issue of taking a deposit from a buyer whom is unknown to you.(ie not a friend, relative, etc)
A buyer will necessarily require the deposit to go into a trust account. Without an agent or a solicitor being employed by a seller, is there some other entity that can lease you a trust account for a one off use like a house sale? Public Trustee maybe? Re: who does their own property selling and conveyancing? 2Mar 21, 2010 9:05 am I have sold 2 properties by private sale and I didnt take a deposit from the buyer. Possibly a bit different to the scenarios you have in mind though, as I did not put my properties up for sale on the market - one was an investment unit that I then sold to my son - as his PPOR, he got FHOG and loan thru ANZ. The other was my previous PPOR which I sold to a friend of the family , he borrowed thru HomeStart - a SA govt assistance scheme - in both cases we just went with buyer to a conveyancer and he organised everything (after the buyers had finance approved). Not sure if that is relevant to your question Re: who does their own property selling and conveyancing? 3Mar 21, 2010 9:19 am For rental bonds, it used to be possible to set up a bank account on which both landlord and tenant are required to sign to release funds.... perhaps there's a similar deal for deposits on sale of property? Re: who does their own property selling and conveyancing? 4Mar 21, 2010 9:36 am kek For rental bonds, it used to be possible to set up a bank account on which both landlord and tenant are required to sign to release funds. The question was for a trust account. That isnt a trust account. Such an account doesnt meet the auditing/governance requirements of a trust account. Re: who does their own property selling and conveyancing? 5Mar 21, 2010 2:06 pm aware kek For rental bonds, it used to be possible to set up a bank account on which both landlord and tenant are required to sign to release funds. The question was for a trust account. That isnt a trust account. Such an account doesnt meet the auditing/governance requirements of a trust account. Well, it was good enough for rental bonds, which also normally require holding in a trust account. Or did, when I was in banking. I opened a number of those accounts where a landlord wasn't using an agent to manage their rental property. If you want or need to make it more complicated, then anyone can set up a legal trust anyway. It just requires a trust deed. Then you open a bank account that meets all the requirements of the deed - which the bank will need to sight a copy of. If you are in Victoria you have a statutory right to your own building inspector regardless of builder's consent. No negotiations are required. However the builder will… 1 2866 Hi Mofflepop, I would recommend finding a building designer to prepare plans, they should design to your specified budget. The benefit is you can tender the project out… 9 20190 You might be able to apply to divert the sewer at your expense. In NSW you would contact a Water services co-ordinator and they would give you advice as to whether or not… 1 16105 |