Latin Legal Terms

Depositum

Depositum – this Latin noun literally means a deposit. In the Conveyance procedures, a deposit may be placed to the vendor (seller) in cases where a buyer is interested to purchase particular real estate from them. The deposit has two roles: On one side, it ensures the vendor that the buyer is really and seriously interested to purchase this property and resp. to pay the sale price. I.e. the given deposit shows the intention of the buyer to purchase the property. On the other side, it guarantees the buyer that the seller will stop the property from advertisement for the agreed term period between these two parties, during which the parties may arrange the aspects of the property transfer. Somewhere it is a practice to handle deposit towards a real estate agent, but this should not be right, because the seller is the actual person to receive the deposit. In most cases the real estate broker is only an intermediary who only advertises the property without having any ownership (title) rights on it and should not be entitled to keep deposit, usually just trying to secure their commission fee. This is why it is advisable to consult with independent property lawyer before you invest your money in buying real estate.
In the context of the Civil Law, this legal term means a non-beneficiary bailment in favor of the bailor without a reward.
In the context of Law and theology, “depositum” has been considered as te the faith and doctrine committed to the Christian church.

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