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 Risk of lawyers running away with money?, Cash transaction

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TSalchmiya
post Jul 2 2016, 10:52 AM, updated 10y ago

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Say in a subsale property transaction involving cash buy, for the balance purchase price of 90%, the cheque is issued to purchaser's laywer, seller's lawyer or seller?

If the 90% is issued to either lawyer, will there be a risk the lawyer close the firm, declare bankruptcy and run away with the money?

What if the 90% is issued to seller's name? Is that safer or is there any other risk?

 

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