How do you ensure enough time for paying a deposit?

Author
Kruger Attorneys & Conveyancers Inc
Kruger Attorneys & Conveyancers Inc is a specialised conveyancing practice, providing incomparable property law services through practical wisdom and trusted advice.

When taking an offer where the buyer intends paying a cash deposit, it is imperative that the buyer is given enough time to make payment of the deposit.

It is often found that buyers have the funds available, but do not take into consideration the time it takes to release the funds from investments and ultimately attend to the transfer into the Conveyancer's trust account.

It is my suggestion to properly consult with a buyer to ascertain where the funds are held and allow them enough time to make payment. Typically a buyer will need between 3-7 days to effect the payment and in the event of a 30 day notice account it is necessary to cater for such notice.

It may be useful in a full cash sale to make the payment of the deposit (or full purchase price) a suspensive condition. In many instances this will allow the continued marketing of the property and also renders the agreement lapsed in the event that payment isn't forthcoming.

By Louis Kruger from Kruger Attorneys & Conveyancers Inc