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Lost your deposit in Camposol?

Posted: Sun Aug 2, 2020 10:37pm
19 replies941 views8 members subscribed
Suelanza

Posts: 9

4 helpful points

Location: Camposol

Joined: 16 Jul 2020

Hi, I'm interested to hear from anyone who has lost their deposit, as I have, buying in Camposol or surrounding areas. My experience was with Mercers but keen to compare notes on what happened with others.... please get in touch.

frequent flyer

Posted: Mon Aug 3, 2020 7:36am

frequent flyer

Super helpful member

Posts: 969

1081 helpful points

Location: Camposol

Joined: 9 Feb 2018

Posted: Mon Aug 3, 2020 7:36am

Apparently the only way you can lose you deposit with a estate agents is by not completing the purchase of the property as per contract...if this is so your deposit  is used to pay for

the work carried out by the legal team on each side and the loss of comission to the estate agent and so on...this is the law in Spain.

Karenp

Posted: Mon Aug 3, 2020 8:29am

Karenp

Helpful member

Posts: 247

142 helpful points

Location: Camposol

Joined: 17 Apr 2018

Posted: Mon Aug 3, 2020 8:29am

Suelanza wrote on Sun Aug 2, 2020 10:37pm:

Hi, I'm interested to hear from anyone who has lost their deposit, as I have, buying in Camposol or surrounding areas. My experience was with Mercers but keen to compare notes on what happened with others.... please get in touch.

FF is partly correct but it very much depends on the circumstances. For instance, we had a property for sale (through Mercers) and the people put down €3k deposit  and my husband signed a contract but then the purchasers disputed an issue and pulled out of the purchase. The contract stated that if this happended my husband would get 50% of the deposit. The case went to obudsmen and Mercers won so the purchasers who pulled out lost their deposit - I was like a dog with a bone with Chris Mercer but eventually we did get €1500 that was owed to us. If the sellers pull out of the sale the would be purchasers should get their deposit back plus more.

Suelanza

Posted: Mon Aug 3, 2020 9:31am

Suelanza

Original Poster

Posts: 9

4 helpful points

Location: Camposol

Joined: 16 Jul 2020

Posted: Mon Aug 3, 2020 9:31am

frequent flyer wrote on Mon Aug 3, 2020 7:36am:

Apparently the only way you can lose you deposit with a estate agents is by not completing the purchase of the property as per contract...if this is so your deposit  is used to pay for

the work carried out by the legal team on each side and the loss of comission to the estate agent and so on...this is the law in Spain....

...

There are certain conditions under which the agent is legally required to return the deposit so it's not quite that black and white I'm afraid...

Suelanza

Posted: Mon Aug 3, 2020 9:32am

Suelanza

Original Poster

Posts: 9

4 helpful points

Location: Camposol

Joined: 16 Jul 2020

Posted: Mon Aug 3, 2020 9:32am

Karenp wrote on Mon Aug 3, 2020 8:29am:

FF is partly correct but it very much depends on the circumstances. For instance, we had a property for sale (through Mercers) and the people put down €3k deposit  and my husband signed a contract but then the purchasers disputed an issue and pulled out of the purchase. The contract stated...

... that if this happended my husband would get 50% of the deposit. The case went to obudsmen and Mercers won so the purchasers who pulled out lost their deposit - I was like a dog with a bone with Chris Mercer but eventually we did get €1500 that was owed to us. If the sellers pull out of the sale the would be purchasers should get their deposit back plus more.

Thank you for your reply, that's useful to know.

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frequent flyer

Posted: Mon Aug 3, 2020 11:20am

frequent flyer

Super helpful member

Posts: 969

1081 helpful points

Location: Camposol

Joined: 9 Feb 2018

Posted: Mon Aug 3, 2020 11:20am

Suelanza wrote on Mon Aug 3, 2020 9:32am:

Thank you for your reply, that's useful to know.

What was the circumstances / reason that made you pull out of the purchase...I fully understand how the buying & selling

 of a property  in Spain works...the strick rules have been put in place to protect the buyer & the seller from people that simply have changed their mind...and costing the other party unwanted financial expenses .

Suelanza

Posted: Mon Aug 3, 2020 7:19pm

Suelanza

Original Poster

Posts: 9

4 helpful points

Location: Camposol

Joined: 16 Jul 2020

Posted: Mon Aug 3, 2020 7:19pm

frequent flyer wrote on Mon Aug 3, 2020 11:20am:

What was the circumstances / reason that made you pull out of the purchase...I fully understand how the buying & selling

 of a property  in Spain works...the strick rules have been put in place to protect the buyer & the seller from people that simply have changed their mind...and costing the other party unwanted financial expenses ....

...

Thanks frequent flyer..... I don't want to go into too much detail about my own experience as there may be legal proceedings to follow in the future, However, suffice to say that there were substantial problems with the property's papers.  I'm just interested to compare what happened to me with the reasons other people lost their money - when it is happening you feel like you are the only one in the world that this is happening to!

PaulandSandra

Posted: Thu Aug 6, 2020 9:34am

Posts: 45

33 helpful points

Location: Camposol

Joined: 11 Jul 2018

Posted: Thu Aug 6, 2020 9:34am

Hi Suelanza,

We bought our villa with Mercer’s, who seem to be the largest estate agent on Camposol. We dealt with Sam, she was clear to us when we were buying that we would need to put an initial holding deposit down and shortly afterwards make this up to 10% of the purchase price. We were told if we then pull out of the sale we would lose our deposit but if the vendor was to pull out, they would have to pay us 10% plus an additional 10% (20%). We were told these are the rules in Spain when buying property.

We didn’t have any problems as we completed the sale, but that is what we were told.

Paul&Sandra 

Suelanza

Posted: Thu Aug 6, 2020 9:39am

Suelanza

Original Poster

Posts: 9

4 helpful points

Location: Camposol

Joined: 16 Jul 2020

Posted: Thu Aug 6, 2020 9:39am

PaulandSandra wrote on Thu Aug 6, 2020 9:34am:

Hi Suelanza,

We bought our villa with Mercer’s, who seem to be the largest estate agent on Camposol. We dealt with Sam, she was clear to us when we were buying that we would need to put an initial holding deposit down and shortly afterwards make this up to 10% of the purchase price. We were told if we then ...

...pull out of the sale we would lose our deposit but if the vendor was to pull out, they would have to pay us 10% plus an additional 10% (20%). We were told these are the rules in Spain when buying property.

We didn’t have any problems as we completed the sale, but that is what we were told.

Paul&Sandra 

Thank you for taking the time to reply, as you completed the purchase you've been ok - but you might be interested to know there is absolutely no legal basis for estate agents requiring a 3000 Euro (or any amount) deposit up front!

frequent flyer

Posted: Thu Aug 6, 2020 10:33am

frequent flyer

Super helpful member

Posts: 969

1081 helpful points

Location: Camposol

Joined: 9 Feb 2018

Posted: Thu Aug 6, 2020 10:33am

Suelanza wrote on Thu Aug 6, 2020 9:39am:

Thank you for taking the time to reply, as you completed the purchase you've been ok - but you might be interested to know there is absolutely no legal basis for estate agents requiring a 3000 Euro (or any amount) deposit up front!

So what was the reason for you pulling out of the purchase ..I have asked you this before ..your answer to this was irregularities ..what did the irregularities consist of ...if you are not prepared to say then I am afraid you won't get the help that you are looking for on this forum.

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