Docklands, Victoria based LEAD Conveyancing Melbourne is reaching out to their local community to share important facts everyone should know about deposits when purchasing property in Victoria. LEAD Conveyancing have established themselves as experts in property conveyancing across Victoria, and the firm is committed to ensuring that clients are always able to make informed decisions in their real estate transactions.
Trinh Thai from LEAD Conveyancing Melbourne says, “While it may seem like a simple concept, we have found that people who are purchasing property for the first time are not always familiar with the basics of the process. We wanted to do our part to provide some guidance to first time property buyers.”
As LEAD Conveyancing Melbourne explains, a deposit is the down payment that a potential property buyer makes when they first sign a contract. The purpose of the deposit is to show that the buyer genuinely wishes to purchase the property, and it serves as seller’s security. Given that the seller can claim the deposit if the purchase does not go through as agreed upon, LEAD Conveyancing emphasises that anyone signing a contract should be certain about wanting to proceed with the purchase.
The exact amount of the deposit is usually up for negotiation between the buyer and the seller. As it is the seller’s security, it is in the seller’s best interest to ask for a larger amount. On the other hand, the buyer may not want to put down too much upfront for fear of losing the money if the purchase does not go through. In most cases, deposits tend to be around 5% to 10% of the full purchase price.
The deposit will be held by the seller’s real estate agent until settlement, after which it will be released to the seller. There are times when the deposit may be held by the seller’s conveyancers, usually because the seller’s real estate agent does not hold a trust account (or that the seller needs the deposit to be released at the same time as settlement). If neither the seller’s conveyancers nor real estate agent has a trust account, then the seller may ask that the buyer’s conveyancer hold the deposit in their trust account.
In any case, LEAD Conveyancing assures that trust accounts such as these are heavily regulated by all the legislations governing it for all three professions involved: real estate agents, conveyancers and conveyancing lawyers, which means that buyers can be certain that their money is held safely. Thai says, “As a conveyancing firm, we have had a lot of experience with helping new property owners navigate the complexities of a first time home purchase. If you need any help with yours, feel free to get in touch with us, and we would be glad to help.”
The strength of the conveyancing services provided by LEAD Conveyancing Melbourne have earned them great praise from their clients. A Google review from one user says, “LEAD Conveyancing helped us through the process of purchasing our first home. Nicholas Tsau was assigned to us and was incredibly helpful all the way up to our settlement date. He was always very friendly and very easy to reach when we needed him, and he was always quick to reply to all of our emails. I am very grateful for his help and cannot thank him enough. Highly recommend their services.”
In another review, a client writes, “LEAD Conveyancing was great to work with. Thoroughly professional; they provided excellent advice and options as we went through the sales process. When we encountered delays that had contractual implications, Sherry (our contact) was able to advise us of the different approaches and potential outcomes which could arise from various scenarios. The result was that all issues were addressed, and the sale was completed, albeit a week late (which was not an issue for us). I was so impressed that we have appointed LEAD Conveyancing to assist us in selling another property.”
Those who want to learn more about the full range of services provided by LEAD Conveyancing Melbourne should visit the company’s website. The website also includes a form through which interested parties may request a quote. Trinh Thai encourages interested parties to get in touch with a representative of the company via email or phone. LEAD Conveyancing Melbourne also maintains a social media presence on Facebook.
For more information about LEAD Conveyancing Melbourne, contact the company here:
LEAD Conveyancing Melbourne
Collins Square Tower Five, 727 Collins St, Docklands VIC 3008