Conveyancing Practice Rulings, Sections 24-26 (Part VIII) |
SUMMARY
Solicitor may not place monies in interest bearing account unless written consent of parties is obtained, or when agreement between parties spell out such terms of stakeholding. |
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24. Solicitor not liable to pay interest on monies held as Stakeholder
A solicitor who acts as a stakeholder is not liable to pay interest on any sum held in his capacity as stakeholder. A Solicitor, as stakeholder, is not obliged to place the balance of the purchase price in an interest-bearing account unless provided for in the Agreement or specifically instructed by the parties to do so. 25. Fee for acting as stakeholder A solicitor is entitled to charge for acting as stakeholder and for producing a final account relating to its stakeholding. 26. Terms of Stakeholding to be strictly adhered to A Solicitor acting as stakeholder for two or more parties must strictly adhere to the terms of stakeholding at all times. No money or document held by a solicitor as stakeholder shall be released utilised applied or otherwise dealt with by such solicitor except in accordance with the terms of stakeholding or with the express consent of all relevant parties.
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