S
seefer
Guest
My folks sold a property to fund some upcoming medical bills.
They accepted the highest bid, a contract was signed, and a 10% deposit was paid.
Turns out that the auctioneer took his 2% commission straight away. Now it looks like the buyer can't get funding and the deal isn't going through. He will probably lose his deposit.
The plot has definitely declined in value since so my follks will lose out and the agent will probably take another 2% commission on the next "sale".
Is it ethical or legal to take a full agent's commission out of the deposit?
How can the solicitor allow this? Is this common practice?
Surely the agent is being paid to find a suitable buyer and sell the plot. If it falls through then he hasn't completed his job.
My folks would be the type to refund a deposit, even on a binding contract. But with the agent having already taken 2% and the plot declining in value they would not be in a position to do that.
It really sticks in my craw to see the EA take two commissions for doing a lousy job.
It's the usual story of "my family has been dealing with his family for generations and we wouldn't like to change" but when there's money involved I wouldn't trust the agent one bit.
They accepted the highest bid, a contract was signed, and a 10% deposit was paid.
Turns out that the auctioneer took his 2% commission straight away. Now it looks like the buyer can't get funding and the deal isn't going through. He will probably lose his deposit.
The plot has definitely declined in value since so my follks will lose out and the agent will probably take another 2% commission on the next "sale".
Is it ethical or legal to take a full agent's commission out of the deposit?
How can the solicitor allow this? Is this common practice?
Surely the agent is being paid to find a suitable buyer and sell the plot. If it falls through then he hasn't completed his job.
My folks would be the type to refund a deposit, even on a binding contract. But with the agent having already taken 2% and the plot declining in value they would not be in a position to do that.
It really sticks in my craw to see the EA take two commissions for doing a lousy job.
It's the usual story of "my family has been dealing with his family for generations and we wouldn't like to change" but when there's money involved I wouldn't trust the agent one bit.