10% Deposit for property

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BENIDORM
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Re: 10% Deposit for property

Postby BENIDORM » Mon Feb 03, 2020 12:27 pm

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.... :think:
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Gordon

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Devils Advocate
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Re: 10% Deposit for property

Postby Devils Advocate » Mon Feb 03, 2020 12:42 pm

Marios, have the "buyers" paid a 3% reservation fee to the estate agents as of yet?
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Beachcomber
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Re: 10% Deposit for property

Postby Beachcomber » Mon Feb 03, 2020 1:11 pm

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.

katy
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Re: 10% Deposit for property

Postby katy » Mon Feb 03, 2020 1:18 pm

I wouldn’t be happy for an Estate agent to hold a 10% deposit. Procedure is generally as stated by FAL and DA.

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marios
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Re: 10% Deposit for property

Postby marios » Mon Feb 03, 2020 5:29 pm

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.

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Devils Advocate
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Re: 10% Deposit for property

Postby Devils Advocate » Mon Feb 03, 2020 5:42 pm

Yes it should, and congratulations again. Hope it all pans out well for you.
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Mobylette63
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Re: 10% Deposit for property

Postby Mobylette63 » Mon Feb 03, 2020 6:09 pm

The deposit on our last sale was held by the estate agent until completion of sale which took about 3 months

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marios
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Re: 10% Deposit for property

Postby marios » Mon Feb 03, 2020 6:21 pm

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.

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Re: 10% Deposit for property

Postby Devils Advocate » Mon Feb 03, 2020 6:31 pm

Mobylette63 wrote:The deposit on our last sale was held by the estate agent until completion of sale which took about 3 months
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?
Property owner in Andalucia since 2002. How time flies.

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marios
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Re: 10% Deposit for property

Postby marios » Mon Feb 03, 2020 6:37 pm

Many thanks to replies on here, Inc beach who has given me some good advice in the past.

Beachcomber
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Re: 10% Deposit for property

Postby Beachcomber » Mon Feb 03, 2020 8:49 pm

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?

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marios
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Re: 10% Deposit for property

Postby marios » Mon Feb 03, 2020 10:33 pm

Well didn't need to insist, the agent said its paid to us.

Mobylette63
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Re: 10% Deposit for property

Postby Mobylette63 » Mon Feb 03, 2020 11:17 pm

Devils Advocate wrote:
Mobylette63 wrote:The deposit on our last sale was held by the estate agent until completion of sale which took about 3 months
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?
The reason was , we agreed to refund if the mortgage was unattainable by the buyer minus 3k for our trouble...all went through ok

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spanish_lad
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Re: 10% Deposit for property

Postby spanish_lad » Wed Feb 19, 2020 10:19 pm

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.
Alhaurin el Grande since ´99, working at the airport since 2011.


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