Jul
11
We live in South Australia and are selling our house. We have had an offer and are about to use a conveyancer to carry out the paperwork but we would like to ask for a deposit up front because we need some money for moving expenses, ect.
Would this be possible and would we get the money straight away, without it being held until the sale is finalised?
Are you thinking about selling your home yourself? then
Absolutely, and you should. The more the better with as few as possible reasons for the prospective buyer reneging on the contract where you have to refund the deposit. Non-refundable for any reason is best. This protects you in case the sale doesn’t go forward.
After all, you have some risks when you accept an offer and take the house off the market. If it takes 90 days to get to closing then you may have to make 3 mortgage payments and then have to put the property back on the market. I believe 2-3 months of expenses would be an appropriate deposit. As I said the more the better.
As to using the money – not a good idea. It should be held in escrow by a third part such as a lawyer or broker.