authority to receive purchase money

A real estate agent should have express authority to receive purchase money from the purchaser on behalf of the vendor   Peterson v Moloney (1951) 84 CLR 91. However, an auctioneer selling goods, or a stock and station agent selling stock has authority to pass title of personal property upon the payment of the purchase price in cash.

Generally, the agent does not have authority to receive a cheque as deposit. However, a typical standard contract expressly authorises the acceptance of a cheque otherwise the agent can receive only cash or a bank cheque. Remember, a bank cheque is not the same as cash.