Buying Commercial Property · glossary
Someone who holds money for neither side until the contract says who is entitled to it. The seller's solicitors held Fellgate's deposit as stakeholder and released it to Holmfield on completion. Held as Holmfield's agent instead, the money would have been Holmfield's to use at once. Contract 3.2 · Chapter 7 · see Deposit
Explained in Chapter 7, The Sale Contract, of Buying Commercial Property.
The harder question was who holds the deposit until completion. Holmfield's solicitors asked to hold it as Holmfield's agent, so that their client could call for it at once. Imran Siddiqui insisted that they hold it as stakeholder, for neither side until the contract decides who is entitled to it.Read Chapter 7, The Sale Contract →
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