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The deposit must be paid to the Deposit Holder as required by the Contract terms which can sometimes be immediately.

What does "time is of the essence" mean in a contract?

Time is of the essence of the Contract. This is a legal term that means you must perform your obligations strictly by the due date. For example, subject to any right of extension you may be entitled to exercise, you must be able to settle by 5pm on the settlement date; otherwise the Seller may issue the Buyer a Notice of Default requiring the Buyer to complete settlement within 14 days. If the Buyer fails to complete settlement within this period, the Seller may either terminate or seek to enforce the Contract. In both cases, the Seller may claim compensation from the Buyer, including charging you default interest on the unpaid balance due at settlement and passing on additional legal costs incurred by them to the Buyer due to their delay in completing settlement.

What are contract conditions?

Steps that must be taken in relation to conditions to which the Contract is subject (such as a finance condition or a building and pest inspection report condition) and the exercise of rights of termination that may arise.

A property purchase transaction in Victoria generally involves some time critical issues that must be considered when the Contract is entered into or shortly after that time.