Anonymised property matter
Holding deposit did not secure property
- Transaction
- Purchase
- Jurisdiction
- NSW
- Focus
- Real estate agent holding deposits
Situation
The client’s situation
A buyer paid a small holding deposit to an agent and believed the property was secured. The vendor had not exchanged contracts and continued considering another offer.
How Aquarius Lawyers helped
The legal response
We explained the difference between an agent holding money and a binding exchanged contract, checked the receipt and communications, and moved the legal review forward without representing that the deposit itself created ownership rights.
Documented outcome
The documented outcome
The client understood the actual status of the negotiation and could decide whether to improve the offer, expedite exchange or walk away.
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