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 » Ask Nigel A Question » Deposit or not a deposit
Post new topic  Reply to topic   View previous topic : View next topic 
Deposit or not a deposit 
Post: #1   PostPosted: Tue Aug 21, 2018 7:03 pm Reply with quote
mott
Joined: 20 Apr 2010
Posts: 12
Pictures: 0
Location: cyprus

 
Hello Nigel
Had a offer for my property which l accepted, the buyer went to the solicitor and paid a deposit and the agent took the property off the market.
Next day had a email from the agent saying the buyer wanted extra time to consider whether to proceed with the purchase and the solicitor and agent agreed to give them 48 hours whether to proceed with the purchase of the property or not without losing the deposit is this normal practice?
Personal Photo Album View user's profile Cyprus News,Weather & Travel


Hide These Ads? Register for Free or Login

Re: Deposit or not a deposit 
Post: #2   PostPosted: Wed Aug 22, 2018 8:51 am Reply with quote
UD
Joined: 17 May 2017
Posts: 134
Pictures: 0

 
mott wrote:
Hello Nigel
Had a offer for my property which l accepted, the buyer went to the solicitor and paid a deposit and the agent took the property off the market.
Next day had a email from the agent saying the buyer wanted extra time to consider whether to proceed with the purchase and the solicitor and agent agreed to give them 48 hours whether to proceed with the purchase of the property or not without losing the deposit is this normal practice?


As your question hasn't been answered yet, I would say that, no it is not normal practice. It would have been better if you had been present when the deposit was handed over and signed agreements of the sale. Was it an initial amount like say €1000, or more?
When we sold that is what happened, we attended, signed agreements of the sale, €1000 was then handed over and the buyers were given 10 days to put the main deposit down, then given another 20 days to pay the balance.
If they had pulled out they would have lost the €1000 though I doubt that we would have seen any of that money due to lawyer/agent fees etc
Personal Photo Album View user's profile Cyprus News,Weather & Travel
 
Post: #3   PostPosted: Wed Aug 22, 2018 10:37 pm Reply with quote
nhowarth
Forum Moderator
Forum Moderator
Joined: 30 Aug 2005
Posts: 4917
Pictures: 9
Location: Erimi, Limassol

 
Hi mott

I can't answer your question. It depends on whether the deposit was refundable or not.

Regards,

_________________
Nigel Howarth
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #4   PostPosted: Thu Aug 23, 2018 5:19 am Reply with quote
Jac
Joined: 07 Jul 2007
Posts: 869
Pictures: 0
Location: Agia Thekla

 
When an offer is accepted on a house purchase and you’ve met the buyers and an agreement is signed, do the sellers get the deposit or must the lawyers hold on to it?”

_________________
If you always do what you've always done, you'll always get what you've always got.
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #5   PostPosted: Thu Aug 23, 2018 6:18 am Reply with quote
UD
Joined: 17 May 2017
Posts: 134
Pictures: 0

 
In our case the lawyers held on to all monies, it took 10 days after the sale had gone through until we received it.
Personal Photo Album View user's profile Cyprus News,Weather & Travel
 
Post: #6   PostPosted: Thu Aug 23, 2018 7:07 am Reply with quote
nhowarth
Forum Moderator
Forum Moderator
Joined: 30 Aug 2005
Posts: 4917
Pictures: 9
Location: Erimi, Limassol

 
Hi Jac

The vendors should get the deposit from a house sale together with all the other money paid less lawyers & agents fees and taxes.

Regards,

_________________
Nigel Howarth
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #7   PostPosted: Thu Aug 23, 2018 9:58 am Reply with quote
UD
Joined: 17 May 2017
Posts: 134
Pictures: 0

 
Did the 48 hour cooling down period have a good result, Mott?
Personal Photo Album View user's profile Cyprus News,Weather & Travel
Deposit or no deposit 
Post: #8   PostPosted: Fri Aug 24, 2018 9:27 am Reply with quote
mott
Joined: 20 Apr 2010
Posts: 12
Pictures: 0
Location: cyprus

 
Thanks for your reply’s
No it did not turn out alright.
We are in the Uk so everything was left with are agent and solicitor to deal with and we feel are solicitor let us down badly overall.
48 hours turned into 60 hours with still no reply from prospective buyer are agent had to contact them and they still could not make a decision so we decided to put the property back on the market.
Personal Photo Album View user's profile Cyprus News,Weather & Travel


Hide These Ads? Register for Free or Login

 
Post: #9   PostPosted: Fri Aug 24, 2018 1:25 pm Reply with quote
UD
Joined: 17 May 2017
Posts: 134
Pictures: 0

 
Sorry to hear it, maybe you should instruct the lawyer/agent not to give a cooling off period, or change the lawyer/agent.
Personal Photo Album View user's profile Cyprus News,Weather & Travel
Deposit or not a deposit 
  Cyprus Eastern Forum Index » Ask Nigel A Question
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: #Deposit #deposit



 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