SALE OF LAND ACT 1962 - SECT 25 Deposit moneys to be paid into special purpose account or held by legal practitioner, conveyancer or estate agent

SALE OF LAND ACT 1962 - SECT 25

S. 25(1) substituted by No. 9471 s. 4(a).

    (1)     Any deposit moneys received by a vendor in the course of a transaction for the sale of land other than deposit moneys released pursuant to section 27 shall be paid within seven days after their receipt by the vendor—

S. 25(1)(a) amended by Nos 35/1996 s. 453(Sch. 1 item 73.6(a)(i)), 75/2006 s. 192(Sch.  2 item 5.7).

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

S. 25(1)(b) amended by Nos 35/1996 s. 453(Sch. 1 item 73.6(a)

(ii)), 11/2001 s. 3(Sch. item 67.3(a)).

        (b)     into a special purpose account in an authorised deposit-taking institution in Victoria to be nominated by the vendor in the joint names of the purchaser and the vendor.

S. 25(2) amended by No. 9471 s. 4(b).

    (2)     An account established under this section may be drawn upon only with the signature of both vendor and purchaser or the personal representative of the vendor or purchaser

(as the case may be).

S. 25(3) amended by Nos 35/1996 s. 453(Sch. 1 item 73.6(b)), 11/2001 s. 3(Sch. item 67.3(b)).

    (3)     Nothing in this section shall impose any additional liability upon the authorised deposit‑taking institution in respect of any money deposited pursuant to this section.

S. 25(4) amended by No. 9554 s. 2(2)(Sch. 2 item 290).

    (4)     Where a vendor or purchaser fails to comply with any of the provisions of this section he shall be guilty of an offence against this Act and liable to a penalty of not more than 10 penalty units.

New s. 26 inserted by No. 9423 s. 2(2), amended by No. 9471 s. 5(a).