Maryna holds the BA, LLB, LLM degrees and is a Director at the Cape Town offices of STBB. She is an admitted Attorney, Notary Public and Conveyancer with many years of experience in the field of property law and conveyancing. She is also the firm's Marketing Director and attends to external publications for the firm as well as conducts ongoing training for estate agent and bankers training and is a regular seminar presenter for attorneys and property practitioners.

Thought of the Week | Deposits in Sale Agreements of Immovable Property

To bring about a valid and binding agreement, it is not a legal requirement that a purchaser pays a deposit. However, where a purchaser puts down an amount as a deposit, it generally signals financial ability and a commitment to purchasing the property.

The agreement should clearly stipulate whether the deposit is to be paid to the appointed conveyancers or the estate agent. The agreement must also clearly stipulate that the deposit must be held in a separate interest-bearing account and that, pending registration of transfer, interest on the amount accrues for the benefit of the purchaser. Failure to do this will oblige the conveyancers or estate agent to pay the interest to their respective fidelity funds.

For assistance in all aspects of your agreement to buy or sell immovable property, contact STBB before you put pen to paper.