Why do private sellers need a Trust Account? Simply because there must be somewhere for your buyer to place a deposit when they buy your property. Buyers are just fine with buying privately from you but will certainly have a problem giving you the deposit directly. There needs to be a third party to accommodate that.
Not all solicitors or conveyancers have a Trust account. If your conveyancer or solicitor of choice does, then you can have the buyer place the deposit with that company, but if not then we can setup a very inexpensive DIY Trust Account for you.
Not only will your buyer be able to put the deposit in the account until settlement but other parties will be able to login to see the transactions. So the seller, the buyer, the sellers conveyancer, the buyers conveyancer and even the sellers bank, can all be given login privileges. All parties can verify any transactions but of course none will be able to access your money.
This do it yourself trust account is insured, legally compliant and audited. It is also very low cost to set up and use.
Just let us know you want more info and we will give you an email or phone call with more information.