Deposits

Question 1

Deposit received by buyer’s solicitor from buyer

Answer 1

Credit client ledger client account for that buyer client

Debit cash sheet client account

Question 2

Receipt of deposit by seller’s solicitor to be held as agent

Answer 2

Credit client ledger client account for that seller client

Debit cash sheet client account

Question 3

Deposit paid out to the buyer’s solicitors to seller’s solicitors

Answer 3

Debit client ledger client account for that buyer client

Credit cash sheet client account

Question 4

Receipt monies by seller’s solicitor to be held as a STAKEHOLDER at exchange (both when received and at completion)

Answer 4

Deposit is received:

Credit stakeholder ledger
Debit cash sheet client account

Completion:

]Debit stakeholder ledger
Credit client ledger client account for that seller