Payment 11 Clause Samples

Payment 11. 1 The purchaser must pay the deposit: (a) to the vendor's licensed estate agent; or (b) if there is no estate agent, to the vendor's legal practitioner or conveyancer; or (c) if the vendor directs, into a special purpose account in an authorised deposit-taking institution in Victoria specified by 11.2 the vendor in the joint names of the purchaser and the vendor. If the land sold is a lot on an unregistered plan of subdivision, the deposit: (a) must not exceed 10% of the price; and (b) must be paid to the vendor's estate agent or legal practitioner or conveyancer and held by the estate agent, legal practitioner or conveyancer on trust for the purchaser until the registration of the plan of subdivision; 11.3 The purchaser must pay all money other than the deposit: (a) to the vendor, or the vendor's legal practitioner or conveyancer; or (b) in accordance with a written direction of the vendor or the vendor’s legal practitioner or conveyancer.