24Deposit moneys held by legal practitioner, conveyancer or estate agent to be held as stakeholder

24 Deposit moneys held by legal practitioner, conveyancer or estate agent to be held as stakeholder

S. 24(1) amended by Nos 35/1996 s. 453(Sch. 1 item 73.5(a)), 75/2006 s. 192(Sch. 2 item 5.4).

(1) Any deposit moneys received by a legal practitioner, conveyancer or estate agent in the course of a transaction for the sale of land shall be held by that legal practitioner, conveyancer or estate agent as a stakeholder until—

(a) in the case of a cash transaction, the purchaser becomes entitled to a transfer or conveyance of the land; or

(b) in the case of a terms contract, the purchaser becomes entitled to possession or to the receipt of rents and profits—

at which time the deposit moneys may be paid to the vendor in his own right or as the vendor directs.

S. 24(1A) inserted by No. 9471 s. 3, amended by Nos 35/1996 s. 453(Sch. 1 item 73.5(a)), 75/2006 s. 192(Sch. 2 item 5.5), repealed by No. 1/2010 s. 75.

S. 24(2) repealed by No. 35/1996 s. 453(Sch. 1 item 73.5(b)), new s. 24(2) inserted by No. 1/2010 s. 75.

(2) This section does not prevent the transfer of deposit moneys from—

(a) a legal practitioner, estate agent or conveyancer to another legal practitioner, estate agent or conveyancer if that other legal practitioner, estate agent or conveyancer is acting for the vendor in relation to the sale; or

(b) a vendor to a legal practitioner, estate agent or conveyancer acting for that vendor.

S. 24(3) inserted by No. 1/2010 s. 75.

(3) Any deposit moneys transferred under subsection (2) must continue to be held by the person to whom they were transferred as a stakeholder under this Division.

S. 25 (Heading) inserted by No. 75/2006 s. 192(Sch. 2 item 5.6).

New s. 25 inserted by No. 9423 s. 2(2).