May 2, 2024

Navigating Early Deposit Release: Understanding Section 27 of the Sale of Land Act 1962 (Vic)

Contemplating accessing your deposit funds ahead of schedule? Before proceeding, let’s delve into the intricacies of early deposit release under Section 27 of the Sale of Land Act 1962 (Vic). Contrary to common belief, it’s not a straightforward process.

To begin, it’s crucial to clarify that early deposit release under Section 27 is not a guaranteed process. This legal provision offers an avenue for early access to deposit funds, yet it comes with several caveats and complexities.

Should you choose to enlist our assistance at Hill Legal to navigate this terrain, rest assured, we undertake a meticulous series of steps on your behalf:

  • Preparation of your deposit release statement for your completion
  • Service of your deposit release statement on the purchaser’s representative
  • Communication with your mortgagee to secure the bank’s ‘section 27 letter (if applicable)’
  • Review and submission of the bank’s letter to the purchaser’s representative (if applicable)
  • Coordination with your agent to facilitate the release of the balance of deposit to you
  • Transparent communication with you throughout the process

Assembling these pieces of the puzzle demands collaboration, particularly with your financial institution. However, it’s essential to note that despite our best efforts, we cannot guarantee the timely provision of the ‘section 27 letter’. In some instances, your active involvement may be required to prompt your bank into action.

Furthermore, Successful deposit release hinges upon meeting all stipulated conditions, including the absence of objections from the purchaser and adherence to contractual and legislative obligations. Should the purchaser raise a valid objection or if the particulars are in breach of contractual and legislative requirements, the release will be deferred until after settlement.

In essence, while early deposit release under Section 27 presents an opportunity, it’s a nuanced process requiring careful navigation. Should you be inclined to explore this option, we stand ready to guide you through every step of the journey.

Ready to unlock your deposit? Reach out to Hill Legal today and embark on your early release journey with confidence. Your financial goals await!

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