Asked by Anonymous
I have a question about earnest deposit. A 3% earnest deposit was paid on a used apartment to the agent representing the vendor. Our lawyer reviwed the earnest deposit document and it was a standard document, 7% to be paid on signing SPA, 90% on completion etc Our lawyer has requested documentation for the purchase to proceed and draft the SPA. It transpires the strata title for the property has been issued and it is not in the Vendors' names. In this situation what happens? Effectively the deposit has been paid and is being held by the agent on a property that is not legally in the vendor's name!
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