Victorian Consolidated Legislation

Sale of Land Act 1962 - SECT 24

Deposit moneys held by legal practitioner, conveyancer or estate agent to be held as stakeholder

24. Deposit moneys held by legal practitioner, conveyancer or estate agent to
be held as stakeholder







(1) Any deposit moneys received by a legal practitioner, conveyancer or estate
agent in the course of a transaction for the sale of land shall be held by
that legal practitioner, conveyancer or estate agent as a stakeholder until-

   (a)  in the case of a cash transaction, the purchaser becomes entitled to a
        transfer or conveyance of the land; or

   (b)  in the case of a terms contract, the purchaser becomes entitled to
        possession or to the receipt of rents and profits-

at which time the deposit moneys may be paid to the vendor in his own right or
as the vendor directs.

(1A) Nothing in this section shall operate to prevent the transfer of deposit
moneys-

   (a)  from a legal practitioner acting for the vendor to another legal
        practitioner acting for the vendor in relation to the sale;



   (ab) from a conveyancer to a conveyancer acting for the vendor in relation
        to the sale;



   (b)  from an estate agent to an estate agent acting for the vendor in
        relation to the sale;

   (ba) from a conveyancer acting for the vendor to a legal practitioner
        acting for the vendor in relation to the sale;



   (c)  from an estate agent acting for the vendor to a legal practitioner
        acting for the vendor in relation to the sale; or



   (d)  from a vendor to a conveyancer, an estate agent or legal practitioner
        acting for the vendor-



and any deposit moneys so transferred shall continue to be held by the person
to whom they are transferred as stakeholder pursuant to the provisions of this
Division.

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