Deposit/Payments at settlement.

skadoosh · Nov 13, 2018 7:59 pm

Hi all,

My parents will be selling me a block of empty land. We already have a contract of sale. I have a deposit which I will pay at settlement to them, and will have a bank assist in financing the rest.

My question is, when it comes to settlement day, what type of document will be required by a conveyancer to show that I paid the deposit? Are there a variety of documents which will be acceptable, is there a standard document? Is it generally just a bank transfer or bank cheque made out to them and me providing a deposit receipt?

Thanks all.

M.Anderson · Feb 14, 2019 5:47 pm

Yes, you are right. To confirm the transaction is enough to a bank check. It will be checked, so carefully fill in all bank details. Don't forget to check the routing number on the bank check, to be sure where money will go, otherwise, the transfer may be canceled. It is very easy to do this even online at rtn.one.