s. 25 25 Deposit moneys to be paid into special purpose S. 25 account or held by legal practitioner, conveyancer (Heading) inserted by or estate agent No. 75/2006 s. 192(Sch. 2 item 5.6). New s. 25 inserted by No. 9423 s. 2(2). (1) Any deposit moneys received by a vendor in the S. 25(1) substituted by course of a transaction for the sale of land other No. 9471 than deposit moneys released pursuant to s. 4(a). section 27 shall be paid within seven days after their receipt by the vendor— S. 25(1)(a) (a) to a conveyancer, an estate agent or legal amended by practitioner acting for the vendor; or Nos 35/1996 s. 453(Sch. 1 item 73.6(a)(i)), 75/2006 s. 192(Sch. 2 item 5.7). (b) into a special purpose account in an S. 25(1)(b) amended by authorised deposit-taking institution in to be Nos 35/1996 s. 453(Sch. 1 nominated by the vendor in the joint names item 73.6(a) of the purchaser and the vendor. (ii)), 11/2001 s. 3(Sch. item 67.3(a)). (2) An account established under this section may be S. 25(2) amended by drawn upon only with the signature of both No. 9471 vendor and purchaser or the personal s. 4(b). representative of the vendor or purchaser (as the case may be). (3) Nothing in this section shall impose any additional S. 25(3) amended by liability upon the authorised deposit-taking Nos 35/1996 institution in respect of any money deposited s. 453(Sch. 1 item 73.6(b)), pursuant to this section. 11/2001 s. 3(Sch. item 67.3(b)).
S. 25 (Heading) inserted by No. 75/2006 s. 192(Sch. 2 item 5.6). New s. 25 inserted by No. 9423 s. 2(2). 25 Deposit moneys to be paid into special purpose account or held by legal practitioner, conveyancer or estate agent s. 25 S. 25(1) substituted by No. 9471 s. 4(a). (1) Any deposit moneys received by a vendor in the course of a transaction for the sale of land other than deposit moneys released pursuant to section 27 shall be paid within seven days after their receipt by the vendor— S. 25(1)(a) amended by Nos 35/1996 s. 453(Sch. 1 item 73.6(a)(i)), 75/2006 s. 192(Sch. 2 item 5.7). (a) to a conveyancer, an estate agent or legal practitioner acting for the vendor; or S. 25(1)(b) amended by Nos 35/1996 s. 453(Sch. 1 item 73.6(a) (ii)), 11/2001 s. 3(Sch. item 67.3(a)). (b) into a special purpose account in an authorised deposit-taking institution in to be nominated by the vendor in the joint names of the purchaser and the vendor. S. 25(2) amended by No. 9471 s. 4(b). (2) An account established under this section may be drawn upon only with the signature of both vendor and purchaser or the personal representative of the vendor or purchaser (as the case may be). S. 25(3) amended by Nos 35/1996 s. 453(Sch. 1 item 73.6(b)), 11/2001 s. 3(Sch. item 67.3(b)). (3) Nothing in this section shall impose any additional liability upon the authorised deposit-taking institution in respect of any money deposited pursuant to this section.
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