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In order to secure the sale of a property, a common condition of the Contract for the Sale of Land/ Strata Title is that the seller will receive a deposit from the buyer.This deposit is generally 10 per cent of the selling price, but this can vary case by case. When a deposit is required, the seller nominates who holds the deposit (usually the seller's agent) in trust until settlement. The seller's agent may comply with a request that the deposit be placed in a separate interest earning account if they are satisfied the deposit exceeds $20,000 or that the transaction is not to be settled within 60 days. The seller's agent cannot release a deposit without the agreement of all parties. If a deposit is required but not received by the nominated date then the seller can terminate the contract and proceed with any other offers.
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