10% Deposit for property
Re: 10% Deposit for property
From my experience..
The deposit from the buyer should go to their solicitor/ gestor , always by bank transfer , never by cash and never paid directly to the estate agent.
The sellers solicitor/gestor should then arrange to transfer the deposit to the seller , usually quickly, however if there are any pending matters the legal representatives could hold the payment until all matters are resolved...
Clear as mud....
Regards,
Gordon
The deposit from the buyer should go to their solicitor/ gestor , always by bank transfer , never by cash and never paid directly to the estate agent.
The sellers solicitor/gestor should then arrange to transfer the deposit to the seller , usually quickly, however if there are any pending matters the legal representatives could hold the payment until all matters are resolved...
Clear as mud....
Regards,
Gordon
- Devils Advocate
- Andalucia Guru
- Posts: 5597
- Joined: Tue Mar 06, 2007 2:38 pm
- Location: Sierra Tejeda and England
Re: 10% Deposit for property
Marios, have the "buyers" paid a 3% reservation fee to the estate agents as of yet?
Property owner in Andalucia since 2002. How time flies.
-
- Andalucia Guru
- Posts: 11081
- Joined: Tue Jun 15, 2004 11:11 pm
- Location: Guadalhorce Valley
Re: 10% Deposit for property
The reservation fee is paid to the agent and is refundable if subsequent searches reveal a problem with the paperwork.
If you are signing the full contract then the searches etc will have been done and the 10% goes directly to you NOT via the agent or anyone's lawyer. As others have said, you get to keep this regardless of the outcome so why pay it to a third party?
The only person who can legally receive the funds is the seller or someone acting on his behalf with a power of attorney. Doing it any other way is not correct.
If you are signing the full contract then the searches etc will have been done and the 10% goes directly to you NOT via the agent or anyone's lawyer. As others have said, you get to keep this regardless of the outcome so why pay it to a third party?
The only person who can legally receive the funds is the seller or someone acting on his behalf with a power of attorney. Doing it any other way is not correct.
Re: 10% Deposit for property
I wouldn’t be happy for an Estate agent to hold a 10% deposit. Procedure is generally as stated by FAL and DA.
Re: 10% Deposit for property
6,000 has been paid to take property off market whilst they are away for 2 weeks on holiday and in the meantime surveyor report will be done, providing everything ok then the 10% deposit will be paid.Thanks guys so It should come straight to us.
- Devils Advocate
- Andalucia Guru
- Posts: 5597
- Joined: Tue Mar 06, 2007 2:38 pm
- Location: Sierra Tejeda and England
Re: 10% Deposit for property
Yes it should, and congratulations again. Hope it all pans out well for you.
Property owner in Andalucia since 2002. How time flies.
-
- Andalucia.com Amigo
- Posts: 52
- Joined: Wed Dec 11, 2019 10:08 am
- Location: UK
Re: 10% Deposit for property
The deposit on our last sale was held by the estate agent until completion of sale which took about 3 months
Re: 10% Deposit for property
Thanks DA, I think it should come us so I can mitigate some currency concerns as I think £ will appreciate against euro but what do I know, dropped from 1.19 to 1.174 currently.
- Devils Advocate
- Andalucia Guru
- Posts: 5597
- Joined: Tue Mar 06, 2007 2:38 pm
- Location: Sierra Tejeda and England
Re: 10% Deposit for property
The 10% was held until completion? By an estate agent? Not heard of that one before. They certainly never had your best interests at heart, good job the agents never went bump, heart in mouth time for us with a lawyer holding it for week. Any reason given to you why the deposit was not payable to you before completion?Mobylette63 wrote:The deposit on our last sale was held by the estate agent until completion of sale which took about 3 months
Property owner in Andalucia since 2002. How time flies.
Re: 10% Deposit for property
Many thanks to replies on here, Inc beach who has given me some good advice in the past.
-
- Andalucia Guru
- Posts: 11081
- Joined: Tue Jun 15, 2004 11:11 pm
- Location: Guadalhorce Valley
Re: 10% Deposit for property
I am glad that you are going to insist that the 10% deposit should be paid directly to you. As I said in my previous post, the deposit is yours regardless of the eventual outcome so why should it be paid to a third person?
Re: 10% Deposit for property
Well didn't need to insist, the agent said its paid to us.
-
- Andalucia.com Amigo
- Posts: 52
- Joined: Wed Dec 11, 2019 10:08 am
- Location: UK
Re: 10% Deposit for property
The reason was , we agreed to refund if the mortgage was unattainable by the buyer minus 3k for our trouble...all went through okDevils Advocate wrote:The 10% was held until completion? By an estate agent? Not heard of that one before. They certainly never had your best interests at heart, good job the agents never went bump, heart in mouth time for us with a lawyer holding it for week. Any reason given to you why the deposit was not payable to you before completion?Mobylette63 wrote:The deposit on our last sale was held by the estate agent until completion of sale which took about 3 months
- spanish_lad
- Andalucia Guru
- Posts: 6218
- Joined: Fri Apr 15, 2005 10:13 pm
- Location: Alhaurin el Grande since 99, cartama campo since 2022
Re: 10% Deposit for property
we were recently looking at a house being marketed exclusively by Red Piso (c/cadiz, malaga centro) and we were being "co-erced"? or "persuaded" to leave a deposit of 6000€ (to their account) on a house of €145,00 to "take it off the market" - and it was dependant on us getting a mortgage - they promised to return it if we couldnt.
We changed our minds. this was 6 months ago, and its still on the market.
We changed our minds. this was 6 months ago, and its still on the market.
Alhaurin el Grande since 99, working at the airport since 2011.
Who is online
Users browsing this forum: No registered users and 30 guests