Deposits at stake
Deposits at stake
- 2002
- Estates Gazette (0228) 13 July 2002, 125(1) .
Discusses the customary purchase deposit when contracts are exchanged on a sale of land and the once common estate agent practice of seeking a small holding deposit from potential purchasers during sale negotiations, the latter sometimes resulting in agent default. Considers recent CA decision "Gribbon v Lutton" which is of considerable importance for future practice in this area, in which the defendants (L) were held to be negligent by failing to secure an enforceable bipartite agreement under which the deposit would have been forfeited had the purchaser failed to purchase the land.
SORRELL V FINCH
GRIBBON V LUTTON
STAKEHOLDER DEPOSITS
DEPOSITS
AGENT DEFAULT
INTERPLEADER PROCEEDINGS
ESTOPPEL
Discusses the customary purchase deposit when contracts are exchanged on a sale of land and the once common estate agent practice of seeking a small holding deposit from potential purchasers during sale negotiations, the latter sometimes resulting in agent default. Considers recent CA decision "Gribbon v Lutton" which is of considerable importance for future practice in this area, in which the defendants (L) were held to be negligent by failing to secure an enforceable bipartite agreement under which the deposit would have been forfeited had the purchaser failed to purchase the land.
SORRELL V FINCH
GRIBBON V LUTTON
STAKEHOLDER DEPOSITS
DEPOSITS
AGENT DEFAULT
INTERPLEADER PROCEEDINGS
ESTOPPEL