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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10780
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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If I sell land and a deposit is paid on an unqualified contract

Customer Question

If I sell land and a deposit is paid on an unqualified contract for sale with final payment in 3 months, can the solicitor pay the deposit paid over to me
Submitted: 3 years ago.
Category: Law
Expert:  Aston Lawyer replied 3 years ago.

Hello and thanks for using Just Answer.

My name is ***** ***** am happy to assist you with your enquiry.

It is normal that a Deposit paid by a Buyer is held as "stakeholder" which means your Solicitor is under a duty to retain it on your behalf until completion takes place.

Only if your Solicitor is holding the Deposit as "Agent" can he release it to you before completion.

As I have said, it would be usual for the Deposit to be paid as "stakeholder" and unless your Solicitor has changed the standard conditions of Sale in your Contract to reflect the fact that the Deposit was payable as "Agent" then I'm afraid he will not be entitled to it until completion.

You therefore need to check the position with your Solicitor, but it is unlikely that it is being held as "Agent".

I hope this assists and sets out the legal position for you.

Kind Regards