How do Deposit Power Guarantees work?

Deposit Power can simplify the process of buying and selling your property. In many cases, vendors accepting the use of a deposit guarantee or bond by purchasers will secure a sale quickly, particularly in situations where people are looking to buy and sell at the same time.

The process differs slightly depending on where you wish to purchase.

Private Treaty (Non-Auction)
Auction
1. Determine property to be purchased and agree price with agent/vendor.

2. Ensure sufficient purchase funds will be available for contract completion (finance approved, existing funds to be available, definite sale of current property).

3. Apply for Deposit Power Guarantee including copy of contract and other required information.

4. Deposit Power Guarantee approval issued.

5. Sign contract including deposit guarantee details and any other conditions.

6. Deposit Power Guarantee given to Stakeholder (Real Estate Agent/Solicitor) as deposit commitment.

7. Contracts exchanged (properties in Victoria only, not required for other States or Territories).

8. Settlement occurs with full purchase price being paid, including amount represented by the Deposit Power Guarantee.

9. Property is now yours to Enjoy!		1. Ensure sufficient purchase funds will be available for contract completion (finance approved, existing funds to be available, definite sale of current property).

2. Conduct any necessary checks prior to auction.

3. Ensure that auctioneer and vendor are prepared to accept a Deposit Power Guarantee at least 2 days prior to auction.

4. Apply for Deposit Power Guarantee including copy of contract and other required information.

5. Deposit Power Guarantee approval issued.

6. Successfully bid at auction. (If not, Deposit Power Guarantee is still valid for other auctions).

7. Sign contract including deposit guarantee details.

8. Deposit Power Guarantee given to Stakeholder (Real Estate Agent/Solicitor) as deposit commitment.

9. Contracts exchanged.

10. Settlement occurs with full purchase price being paid, including amount represented by the Deposit Power Guarantee.

11. Property is now yours to Enjoy!