Not A Member Yet? See All The Features Of The Forum By Clicking Here To Register For FREE! Or Members Login Below:

Cyprus Eastern Forum Index Cyprus Eastern Forum Index
Offering Free Help, Advice, Tips & Support for those buying or living in:
Paralimni - Protaras - Pernera - Kapparis - Agia Napa - Larnaca - Oroklini - Pervolia - Kiti - Xylofagou
Vrysoulles - Frenaros - Dherynia - Sotira - Agia Thekla - Liopetri - Ormidia & surrounding areas...

 
Main Homepage Cyprus Eastern Forum Index Register Directory Memberlist Search

  Ads By Forum Sponsors

    
Cyprus Eastern Forum Index » Advocates » Rip Off Tactics By Estate Agents and Lawyers
Post new topic  Reply to topic   View previous topic : View next topic 
Rip Off Tactics By Estate Agents and Lawyers 
Post: #1   PostPosted: Wed Jan 09, 2008 11:14 pm Reply with quote
cyprushitman
Joined: 09 Jan 2008
Posts: 2
Pictures: 0

 
Anyone heard of estate agents and lawyers retaining deposits from cancelled purchases of re-sales, you see any retained deposit should be paid to the owner of the property of the cancelled purchase......however the estate agents tell the people who have cancelled, the deposit is retained, and then tell the owner of the property its been returned to the people who cancelled..... then they split the deposit half to the estate agent and half to the lawyer....it's a bloody good scam should they get a cancellation......trust me...... IT HAPPENS ALL THE TIME!

If your selling a re-sale tell your lawyer you want the deposit immediatly its been paid and recieved by him, you will probably be told no!
I believe that if your holding the deposit YOU can decide if the purchasers who have cancelled get their deposit back, sometimes cancellations are for genuine reasons and any fair minded person would refund it..............

CYPRUSHITMAN Big Money
Personal Photo Album View user's profile Cyprus News,Weather & Travel


Hide These Ads? Register for Free or Login

 
Post: #2   PostPosted: Thu Jan 10, 2008 6:44 am Reply with quote
stevecroad
Joined: 16 Jul 2005
Posts: 1935
Pictures: 2
Location: Keighley. West Yorkshire/Sotira

 
To be honest, I thought that once a deposit had been paid that was it, I didn't think that a deposit was refundable. The owner of the property may turn another prospective buyer down once the deposit had been paid, and then to return the deposit to the people who have cancelled would be rubbing salt into the wound.
People should be aware of the fact that a deposit is not refundable, it would then stop the scam you have brought to our attention.


Regards,


Steve Croad

_________________
I don't want to acheive immortality through my work.....I want to achieve it through not dying!
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #3   PostPosted: Thu Jan 10, 2008 7:27 am Reply with quote
pantheman
Joined: 27 May 2006
Posts: 4899
Pictures: 0
Location: Ammochostos

 
stevecroad wrote:
To be honest, I thought that once a deposit had been paid that was it, I didn't think that a deposit was refundable. The owner of the property may turn another prospective buyer down once the deposit had been paid, and then to return the deposit to the people who have cancelled would be rubbing salt into the wound.
People should be aware of the fact that a deposit is not refundable, it would then stop the scam you have brought to our attention.


Regards,


Steve Croad


In General, a deposit is non refundable, but there can be circumstances where it can be returned. Such as if there was a legal problem with the title deed or other land issue that would prevent the sale going through.

Of course the whole purpose of it is to show commitment of the buyer and to enable the property to come off the market, but its not always black and white.

Sellers should always ensure of the details before commissioning and agent or even laywer.

IMHO
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #4   PostPosted: Thu Jan 10, 2008 1:03 pm Reply with quote
jb1
Joined: 21 Sep 2007
Posts: 1231
Pictures: 0
Location: kiti

 
My neighbour had this experience with Superior who found a buyer for his apartment. They paid £1000.00 non-refundable deposit to Superior who kept the whole lot when the purchasers dropped out. My neighbour had spent over £200 on solicitors fees and had also flown over especially to sign the contracts and sort everything out. When he asked to see a copy of Superiors policy on deposits, he was told they didn't have one. Next time he gets a buyer, the deposit will be going to him.

Joyce
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #5   PostPosted: Thu Jan 10, 2008 1:47 pm Reply with quote
bill
Joined: 20 Mar 2006
Posts: 3636
Pictures: 3
Location: nice n sunny cold at night oroklini on the mossie breeding grounds

 
About three years ago whilst having a coffee at the sea front in Larnaca I was sitting within ear shot of a group of guys and one lady.

It seems the purpose of their meeting was to share out the many deposits put down on properties where the intending buyer had withdrawn their interest ~ there was a lot of laughing going on and everybody seemed extremely happy .

I wonder exactly how many people leave a deposit on property and then change their mind ~ it seems a regular little earner going off the conversation I over heard.

Brings to mind the saying "a fool and his money are soon parted" and another classic " he came here with his wallet but not his brain"

Cyprushitman ~~~ you are marginally better off giving the money to a solicitor to hold as not all sellers are that honest too.

Bill
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #6   PostPosted: Thu Jan 10, 2008 2:02 pm Reply with quote
Steve - SJD
Site Admin
Site Admin
Joined: 16 Jul 2005
Posts: 24296
Pictures: 55

 
Hi,

I think it would be fairer if they split the deposit between the seller and
the estate agent. After all the agent has probably done a fair bit of work
to get to the point of the buyer handing over the deposit.

Cheers

Steve
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #7   PostPosted: Thu Jan 10, 2008 2:14 pm Reply with quote
bill
Joined: 20 Mar 2006
Posts: 3636
Pictures: 3
Location: nice n sunny cold at night oroklini on the mossie breeding grounds

 
Steve - SJD wrote:
Hi,

I think it would be fairer if they split the deposit between the seller and
the estate agent. After all the agent has probably done a fair bit of work
to get to the point of the buyer handing over the deposit.

Cheers

Steve


That seems fair to me Steve .

I'm still waiting for my deposit back after agreeing to buy a bungalow over 12 months ago as it's not my fault it went wrong ( ownership dispute ) I can see that Ill eventually have to write it of as just a unpleasant experience ~ the estate agent isn't happy as they have done a lot of work trying to sort the mess out ~ if I don't buy the property they don't get the commission and at the moment that seems very unlikely.

bill
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #8   PostPosted: Fri Jan 11, 2008 10:34 am Reply with quote
MAXWELL
Joined: 24 Jul 2006
Posts: 75
Pictures: 0
Location: LIOPETRI

 
Hi All
I very nearly bought a Property in Spain and put down a deposit of £1000
we then had to cancel though no fault of our own , but got our full deposit back from the English Lady who held it , very nice and honest she was too.
I do however think that if somebody wants to purchase a property and paid a deposit for keeping the said property for them they shouldn`t get their deposit back if they decide to cancel and buy another one leaving the original sellers waiting to sell theirs to them , all that lost time and worry etc that goes with selling a house . Maxwell

_________________
M.R.HANNAH
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel


Hide These Ads? Register for Free or Login

Merciless Estate Agents 
Post: #9   PostPosted: Thu Mar 12, 2009 12:22 pm Reply with quote
african grey
Joined: 07 Apr 2008
Posts: 9
Pictures: 0
Location: Worcestershire

 
Yes I totally agree, we have recently been 'ripped off' by a merciless 'ESTATE AGENT' based in Parallimni, due to personal circumstances we withdrew our interest approx 4 weeks after paying deposit, we did however explain, apologise also, almost plead for at least a % of our deposit back, but this particular person was unmoved, and proceeded to retain money. I too believe that the deposit should go to the vendors and let them decide........Its just a money making scam for estate agents, people often report and complain about unscrupulous Cypriots, but my experience and complaint is against a UK citizen who happens to operate in Cyprus. He should be ashamed of himself.
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #10   PostPosted: Thu Mar 12, 2009 5:48 pm Reply with quote
Tina Torment
Joined: 30 Aug 2005
Posts: 3546
Pictures: 0

 
Our selling agency wanted a 2k non-refundable deposit for an off-plan plot & house they were trying to sell us. As we were living in the UK I refused point blank to pay anywhere near as much as 2k as we hadn't even viewed the plot.

Finally, after much consultation with the developer, they agreed to take a 1k REFUNDABLE deposit to be returned should the plot not be to our liking when viewed. I made sure I had this in writing although, in truth, now knowing how difficult it is to get any legal redress, I wouldn't put all my faith in any written agreement. Better to have it in writing though than not at all.


Last edited by Tina Torment on Fri Mar 13, 2009 7:16 am; edited 1 time in total
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #11   PostPosted: Thu Mar 12, 2009 6:22 pm Reply with quote
pantheman
Joined: 27 May 2006
Posts: 4899
Pictures: 0
Location: Ammochostos

 
Even though I do symathise with you, I wonder what the title of the thread would have been if the vendor had decided not to return the money.

It seems that everyone is out to take a swipe at estate agents and lawyers again. I am not blind to the goings on of these categories or people, but lets be sensible.

If I were a vendor and took a NON refundable deposit and lost out on possible other sales, why should I return it?

Now each case needs to be looked at seperately, if a vendor has to spend money, travelling and whatever else then of course it is only fair they get compensated from this deposit. having said that, I wouldn't be doing business with anyone without first ensuring all the details were agreed up front.

In priciple a NON refundable deposit is just that and you shouldn't expect it back unless there is a legal reason as to why a particular sale cannot be progressed.

IMHO
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #12   PostPosted: Fri Mar 13, 2009 7:12 am Reply with quote
Tina Torment
Joined: 30 Aug 2005
Posts: 3546
Pictures: 0

 
pantheman wrote:
It seems that everyone is out to take a swipe at estate agents and lawyers again.


Not at all Pan. No slight or slur to you intended.

Unfortunately, it is fact that those 'bad' agents and lawyers are the ones that get the most attention. I have literally named our agents. The rep. we dealt IMHO acted beyond the boundries of his job role and I don't mean that in a good way. He continually rang us at 6.am GMT pestering us to put a deposit down on this plot which he thought was ideal for us. That's despite being told NO on numerous occasions and that we were already purchasing elsewhere. It finally wore us down.

He also lied to us about certain questions we asked and even wrote e-mails confirming these non-truths. Finally, he capped it off with showing us houses that were NOT built by our developers?

It is because of agents like this that estate agents get such a bad reputation which I agree is so unfair when others work tirelessly and above board for their clients.

When litigation started, we were told point blank that the agency was too big to sue and we could not get any legal representative to take on their might.

Those estate agents that are decent and honest should be known by their good reputations and recommendations but because the bad tales are so shocking at times, it's only the bad IMHO that we hear about.
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #13   PostPosted: Fri Mar 13, 2009 2:48 pm Reply with quote
nhowarth
Forum Moderator
Forum Moderator
Joined: 30 Aug 2005
Posts: 4939
Pictures: 9
Location: Erimi, Limassol

 
Hi cyprushitman

Yes, this does happen. One person told me how they'd gone to a developer's office and saw the developer and his lawyer dividing their latest haul of silver.

As Pan has already advised, generally speaking these reservation fees are non-refundable and provide a commitment that buyers will actually proceed with their purchase. BUT buyers need to arrange to have such reservation fees held in escrow which would then be returned to them if their independent lawyer uncovered any issues with the Title, planning consent, building permits, etc, etc, etc.

Cheers,

_________________
Nigel Howarth
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #14   PostPosted: Sat May 16, 2009 4:16 pm Reply with quote
Deanna
Forum Sponsor
Forum Sponsor
Joined: 02 Sep 2005
Posts: 4297
Pictures: 0
Location: Paralimni formerly Epsom UK

 
On two occasions I've had my deposit refunded - but not without a struggle!
The first was on a house (re-sale) where the English sellers said they were going back to the uk. So we agreed a price and we paid our deposit.
After several weeks, the Agent came to me and said she was sorry but the vendors had withdrawn it from the market as they'd decided to stay.
In this case it was the vendor who messed up so I insisted on the return of my deposit.
Strangely enough, pursuent to this, we saw new people moving in, new fences going up etc.
The second case was a piece of land which had previously had planning passed for a bungalow. The plans had to be re-submitted but I was assured it would be done quite quickly. I paid CY£33,500 deposit and waited.....and waited.....
After six months (July 2006) on my Lawyers advice i gave them a deadline and it was agreed that if the re-approved plans were not in my hands by 1st Jan.'07 then I would pull out and my deposit would be refunded.
Needless to say the deadline came and passed with no plans forthcoming, so my lawyer refunded the deposit - which he had kept in his client account - WITH INTEREST.

_________________
Dee
Personal Photo Album View user's profile Send e-mail MSN Messenger Cyprus News,Weather & Travel
Rip Off Tactics By Estate Agents and Lawyers 
  Cyprus Eastern Forum Index » Advocates
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum
  


All times are GMT  
Page 1 of 1  



  
  
 Post new topic  Reply to topic   
Search Tags: #Tactics #Estate #Agents #Lawyers



 Facebook Page    Facebook Group    Our Channel    Cyprus eBay Search    Shopping To Cyprus    Contact Admin   SmartFeed RSS Feed



BUYING PROPERTY IN CYPRUS? PLEASE ENSURE THAT YOU SEEK INDEPENDENT LEGAL ADVICE FIRST.
Cyprus forum covering Kapparis, Protaras, Pernera, Agia Napa, Agia Thekla, Paralimni, Larnaca, Oroklini, Pervolia & surrounding areas
Please note that the views expressed on this forum are those of the author and may not reflect the views of the management.
* Problems Logging In? Click To Contact Us | Powered by phpBB © phpBB Group Design Style: VTrushkin | View Lo-Fi Version