The Costly Mistake of Late Deposit Payments in Property Contracts

I had a great chat with Sidnee, Associate at Ballantyne Law, about a recent case where a buyer lost $98,500 plus legal costs—just for being three days late on a deposit payment.

Sidnee explained why strict contract deadlines matter and how failing to meet them can lead to termination and deposit forfeiture. One key takeaway is that a real estate agent does not have the authority to vary contract terms on behalf of the seller, and relying on their assurances can be a costly mistake.

For anyone involved in property transactions, this case is a reminder to check bank transfer limits, negotiate practical deposit terms, and seek legal advice before signing a contract.

Sidnee manages Ballantyne Law’s property team and also works in the firm’s commercial and estate planning divisions. She is on the board of the Southport Chamber of Commerce and has been a guest lecturer at Griffith University’s School of Business and Economics on estate planning. Originally from New Zealand, she has called the Gold Coast home since 2011 and enjoys spending time along Currumbin Beach and exploring Palm Beach and Burleigh.