Ultra-Low Deposits

Posted on April 30, 2007 by | 0 Comments

Tim O'Dwyer M.B., LL.Bby Tim O’Dwyer M.A., LL.B Queensland Solicitor & Consumer Advocate watchdog@argonautlegal.com.au

Every so often Target Stores have a 12.5%-off sale with “no deposit lay-bys”. As most keen shoppers know, sales are common but lay-bys without a deposit are unusual. Ultra-low deposits are like no-deposit lay-bys To purchase on lay-by you usually need to pay 10% of the price. If you have just $20.00 available, no more than $200.00 worth of goods will be “laid by” for you until you pay the balance.

Real estate sales in Queensland are supposed to work on a similar principle. But if you list your home for sale don’t be surprised if, sooner or later, you might be asked to put your property on lay-by. That is, under a contract where the buyer may have paid an initial deposit of – wait for it – yes, $20.00.

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Note: For further information about real estate or conveyancing issues visit Lawyers Conveyancing

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