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Property purchase

Posted: Thu Jan 27, 2022 7:57pm
34 replies2155 views14 members subscribed
Ali73

Posts: 23

5 helpful points

Location: Almoradí

Joined: 8 Jan 2022

Looking for advice. 

We have had an offer accepted on a property we love!! 

Our agents want us to pay a deposit under the reservation contract which our lawyer has advised us against until he has done his dugilgence. (I understand paying a deposit is normal practice, but our lawyer has said the deposit goes to the vendor and not to the agent) we are obviously going with our lawyers advice, we can't afford to lose deposit. We are in catch 22 as the agent is not sending the information required to our lawyer, until the deposit is made. 

Agent has good reviews and we do not want to walk away from the property. 

Anyone had a similar experience? 

Thank you in advance. 

Kelvin1960

Posted: Thu Jan 27, 2022 8:27pm

Kelvin1960

Super helpful member

Posts: 1427

1664 helpful points

Joined: 5 Mar 2017

Posted: Thu Jan 27, 2022 8:27pm

Lots of stories of people paying agents the 3000 Euros, then the transaction fails for some reason, and the 3000 is lost.

The preferred route is to pay the 3000 to your solicitor (to show good faith) and have the solicitor release it at the appropriate stage.

FWIW we worked with the agent and our solicitor to insert clauses into the contract of sale with the aims of (a) recovering our 3000 in the event that our survey results were unsatisfactory, and (b) requiring the vendors to get the deeds updated.

You have leverage on these clauses before you pay you deposit.  

Ali73

Posted: Thu Jan 27, 2022 8:39pm

Ali73

Original Poster

Posts: 23

5 helpful points

Location: Almoradí

Joined: 8 Jan 2022

Posted: Thu Jan 27, 2022 8:39pm

Kelvin1960 wrote on Thu Jan 27, 2022 8:27pm:

Lots of stories of people paying agents the 3000 Euros, then the transaction fails for some reason, and the 3000 is lost.

The preferred route is to pay the 3000 to your solicitor (to show good faith) and have the solicitor release it at the appropriate stage.

FWIW we worked with the agent and our solicitor to insert clauses into the contract of sale with the aims of (a) recovering our 3000 in the event that our survey results were unsatisfactory, and (b) requiring the vendors to get the deeds updated.

You have leverage on these clauses before you pay you deposit.  

🙏Thank you so much appreciate your feedback. 

We will suggest this, it might be the way we can move forward. We don't want to walk away from the property. 

Peter3473

Posted: Thu Jan 27, 2022 9:24pm

Peter3473

Very helpful member

Posts: 888

777 helpful points

Location: Torrevieja

Joined: 21 Oct 2019

Posted: Thu Jan 27, 2022 9:24pm

The Agent wants his fee for selling the property, the Vendor probably wants to hold the Agents fee until the sale of the property is completed. It’s their catch 22 not yours. Inform your Lawyer to get his finger out and speak directly to the Vendors Lawyer. Any monies to be paid, do it through your Lawyer.

Ali73

Posted: Thu Jan 27, 2022 9:53pm

Ali73

Original Poster

Posts: 23

5 helpful points

Location: Almoradí

Joined: 8 Jan 2022

Posted: Thu Jan 27, 2022 9:53pm

Peter3473 wrote on Thu Jan 27, 2022 9:24pm:

The Agent wants his fee for selling the property, the Vendor probably wants to hold the Agents fee until the sale of the property is completed. It’s their catch 22 not yours. Inform your Lawyer to get his finger out and speak directly to the Vendors Lawyer. Any monies to be paid, do it through ...

...your Lawyer.

Thank you. 

Our agents have said that they will not release the vendors lawyer's details until the deposit is made. 

"Once the deposit has been paid and we receive the signed reservation agreement you will receive the seller's lawyer's details and receive all documents relating to the property" . They've attached the deeds to our lawyer in an email in order for them to request the up to date nota simple.But that's all they have said they will do until they get the deposit. We really don't want to walk away from the property as its perfect for us. 
Peter3473

Posted: Thu Jan 27, 2022 10:34pm

Peter3473

Very helpful member

Posts: 888

777 helpful points

Location: Torrevieja

Joined: 21 Oct 2019

Posted: Thu Jan 27, 2022 10:34pm

Ali73 wrote on Thu Jan 27, 2022 9:53pm:

Thank you. 

Our agents have said that they will not release the vendors lawyer's details until the deposit is made. 

"Once the deposit has been paid and we receive the signed reservation agreement you will receive the seller's lawyer's details and receive all documents relating to the property" . They've attached the deeds to our lawyer in an email in order for them to request the up to date nota simple.But that's all they have said they will do until they get the deposit. We really don't want to walk away from the property as its perfect for us. 

It’s all about the deposit for the Agent who wants paying for selling the property on behalf of the Vendor, that’s their contract, once the Agent has received the fees, they will wash their hands on anything that goes wrong and blame the Vendor and then you will have the struggle of getting your deposit back going through the Vendor and not the Agent. Surely your Lawyer can put something together to put pressure on the Agent/Vendor so the property purchase can proceed, unless they have something to hide.

Kelvin1960

Posted: Thu Jan 27, 2022 11:07pm

Kelvin1960

Super helpful member

Posts: 1427

1664 helpful points

Joined: 5 Mar 2017

Posted: Thu Jan 27, 2022 11:07pm

Ali73 wrote on Thu Jan 27, 2022 9:53pm:

Thank you. 

Our agents have said that they will not release the vendors lawyer's details until the deposit is made. 

"Once the deposit has been paid and we receive the signed reservation agreement you will receive the seller's lawyer's details and receive all documents relating to the property" . They've attached the deeds to our lawyer in an email in order for them to request the up to date nota simple.But that's all they have said they will do until they get the deposit. We really don't want to walk away from the property as its perfect for us. 

That means that they want the deposit money before you have been able to make your requirements clear in the contract of sale.

We each have different risk thresholds, but that would be a no-no for me.

Ali73

Posted: Fri Jan 28, 2022 6:26am

Ali73

Original Poster

Posts: 23

5 helpful points

Location: Almoradí

Joined: 8 Jan 2022

Posted: Fri Jan 28, 2022 6:26am

Kelvin1960 wrote on Thu Jan 27, 2022 11:07pm:

That means that they want the deposit money before you have been able to make your requirements clear in the contract of sale.

We each have different risk thresholds, but that would be a no-no for me.

Thank you for your reply. 

It's also a no no for us as not prepared to take the risk!  We'll be gutted to walk away but not prepared to lose any money!! 

Ali73

Posted: Fri Jan 28, 2022 6:33am

Ali73

Original Poster

Posts: 23

5 helpful points

Location: Almoradí

Joined: 8 Jan 2022

Posted: Fri Jan 28, 2022 6:33am

Peter3473 wrote on Thu Jan 27, 2022 10:34pm:

It’s all about the deposit for the Agent who wants paying for selling the property on behalf of the Vendor, that’s their contract, once the Agent has received the fees, they will wash their hands on anything that goes wrong and blame the Vendor and then you will have the struggle of getting y...

...our deposit back going through the Vendor and not the Agent. Surely your Lawyer can put something together to put pressure on the Agent/Vendor so the property purchase can proceed, unless they have something to hide.

Thank you. That's what I think too. I will speak to the lawyer again today to see if this is possible. 

We were on such a high last Saturday having our offer accepted. We had told the agents we are not prepared to pay a deposit until our lawyer advises us to do so. Feel a bit deflated at the moment. But if its meant to be it will happen. 

Thank you for taking the time to reply. Have a good day 😁

John133

Posted: Fri Jan 28, 2022 7:47am

Posts: 13

1 helpful points

Location: Villamartin

Joined: 26 Aug 2021

Posted: Fri Jan 28, 2022 7:47am

Hi we bought in November and our agents wanted us to pay deposit directly to them.  We were advised by our solicitor that the deposit should be paid to solicitor first and then they send to agent to hold to order.  So if seller pulled out estate agents pay deposit back.  I hope this is helpful 

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