Are you wondering who to pay the deposit to. That’s an important question!
Typically, when you’re buying a property, you’ll be required to pay a deposit as part of the transaction. This deposit is usually paid into an attorney’s trust account, which is managed by a conveyancer who is responsible for handling the property transfer process.
The deposit serves as a form of security for the seller, and it’s usually held in trust until the sale is finalised. Once the transaction is complete, the deposit is used to offset the purchase price of the property.
It’s important to ensure that you’re paying the deposit to the correct account, as fraudulent activity can occur in the property market. Make sure to verify the bank details with your conveyancer and never make a payment to an account that you haven’t verified.
If you’re unsure about any aspect of the deposit payment process, don’t hesitate to ask your conveyancer for clarification. They’re there to help ensure that the transaction proceeds smoothly and that your interests are protected.
