It is mentioned under section 27 of the Sale of Land Act 1962, that “the purchaser may authorise in writing to release the deposit money to the vendor, where the purchaser has accepted title.” The Estate Agent may retain their commission from the deposit money and the balance is then deposited to the vendor.
We can arrange for the early release of deposit money on your behalf by sending a section 27 to the purchaser’s representative for the purchaser to sign allowing the release of the deposit. The purchaser has 28 days from the date of sending the Section 27 to accept or decline the early release of deposit money.
