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Hi its Laura from Conveyancer.com.au Ever wondered what a Section 27 deposit release is? You may have heard the term before but are not completely sure what it is. When selling a property, most Vendors believe that they are entitled to access the deposit paid by a purchaser prior to settlement. Whilst, Section 27 of the Sale of Land Act 1962, provides that a Vendor may request access to a deposit paid by a purchaser. Purchasers are given the opportunity to object to the early release of the deposit, within 28 days of the request being made, thus preventing the release of the deposit. Once a valid objection is raised by the purchasers, the deposit cannot be released to the vendor till at the time of or after settlement. Here are five reasons why a deposit may not be released to a Vendor; 1. The contract is not yet unconditional, i.e. building pest inspections and finance clauses have not expired. 2. A bank letter satisfying the requirements for release of the deposit under Section 27
