Are you selling your home in Victoria and need access to your deposit money early?
If so, you can use a Section 27 Statement to release the deposit money before settlement date.
A Section 27 Statement is a document that the vendor provides to the purchaser, stating any encumbrances on the property or that the property is free from any debts or mortgages.
The purchaser then has 28 days to either object to the release of the deposit, or to acknowledge that they are satisfied with the information provided.
If the purchaser does not object to the release of the deposit within 28 days, then the vendor is free to access the money.
If the purchaser objects to the release of the deposit, then the vendor will not be able to access the money until the objection is resolved.
If you have any questions about your property purchase or sale, please don’t hesitate to contact our friendly team at Bond Property Lawyers.
We are here to help.