Should we be worried that our conveyancer has our money even though we can’t yet proceed?
Q I am writing to request your advice regarding the time difference between payment of our deposit and the exchange of contracts. We paid our conveyancer our deposit of 10% of the purchase price a week ago. But at the time, they said the sellers and their conveyancers were not yet ready to exchange contracts. Should we be worried? How long does one typically wait between payment of the deposit and exchange of contracts? Is it reasonable to ask our conveyancer to return our deposit and we pay them only when they are ready to exchange contracts?
IR
A I don’t think you should be worried about paying your deposit to your conveyancer as the money will simply be sitting safely in the conveyancer’s client account. It won’t get paid to the seller’s conveyancer until contracts have been exchanged. If that doesn’t happen – because your seller pulls out of the sale or you pull out of the purchase – you’ll get your money back with interest, if applicable. That’s not the case if you were to pull out after contracts have been exchanged because your seller would be entitled to keep your deposit.
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