We have a central Trust Account that you can utilise so buyers can pay a deposit and have the funds held securely.
We use Checkvault. They manage the Finn Trust Account for us. They are supported by ANZ, Westpac, & Perpetual
This is a "do it yourself" service so you can manage it all yourself. See below your instructions.
Your Next Steps (please don't complete the form on this page until you have completed Steps 1 and 2):
2. Buyer Set-up. Phone your buyer and do the same. Then send your buyer email template 3.01b Buyer Deposit Request (Finn Trust Account)
FAQ's
Is there a fee to use the trust account?
Yes there is a 2% fee on the deposit amount for the seller (which is taken out of their withdrawal) and a 1% fee for the buyer (paid when they transfer the funds). A trust account is used to protect the deposit money. The deposit can only be released to the seller once the buyer authorises it.
What if either party pulls-out of the purchase, can the deposit money be refunded?
Yes, as long as the seller authorises the release of the funds. By law they must do this in line with the Sale Agreement for the purchase. If they can't agree, then the lawyers will handle the dispute.
On settlement day, how are the funds distributed?
At settlement, the buyer approves the release of the funds and remaining money from the deposit will be transferred to the sellers nominated bank account.
How do the buyer and seller get help with the set-up?
If they need a hand, have them contact Checkvault directly, not Zac Finn or the head office team.
1800 28 28 58 or support@checkvault.com.au