12. Bank details

Providing bank details to the conveyancer is essential for a smooth property sale process for several reasons. Whether you are the owner, attorney, deputy, executor, trustee, or company representative, here is why you need to provide these details: 

• Deposit handling: When a buyer's offer is accepted, they typically pay a deposit to secure the sale. This deposit is usually held by the conveyancer in a designated client account until the sale is completed. Providing your bank details ensures the conveyancer can securely receive and manage these funds. 
• Proceeds of sale: After the sale is finalised, the net proceeds from the sale, minus any outstanding fees or mortgages, need to be transferred to the seller. Supplying your bank details allows the conveyancer to efficiently transfer the sale proceeds to your designated account. 
• Mortgage redemption: If the property has an outstanding mortgage, the conveyancer will need your bank details to arrange for its redemption. This involves paying off the remaining mortgage balance from the sale proceeds and ensuring the property's title is cleared of any encumbrances. 
• Refunds or payments: Throughout the conveyancing process, there may be various expenses or refunds, such as search fees, adjustments for prepaid expenses like property taxes, or service charges. Providing your bank details enables the conveyancer to handle these transactions efficiently, ensuring that any refunds or payments are processed accurately.