Your deposit can be paid either to the estate agency or the conveyancers appointed to handle the transfer. They both have trust accounts where your money will be held pending the registration of transfer. Parties must stipulate in the offer to purchase where the deposit must be paid and as well as the date the deposit is due. We prefer that the deposit be paid into the trust account of the transferring attorney. Remember to sign an authority to invest enabling the attorney to invest the money on your behalf until needed. Guarantees may also be issued against these investments.
