Victorian Consolidated Legislation

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

25. Deposit moneys to be paid into special purpose account or held by legal
practitioner, conveyancer or estate agent







(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-

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





   (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.



(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).

(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.





(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.