In Victoria, it is possible for the Vendor of residential real estate to have the deposit released before settlement. The procedure for early deposit release, known simply as “Section 27” takes its name from Section 27 of the Sale of Land Act 1962.
The Deposit Release status can be updated to Section 27 once the authority is received
Update the status to Account Sale.
Verify details and Process
EFT payments have been created
The status can be updated to Completed once settlement takes place
