Elegant Homes Worldwide Reservation before they will make the offer

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05 Jun 2007 12:00 AM by johnevans Star rating. 2 posts Send private message

Be very careful of Elegant Homes Worldwide, they are making clients put down a reservation of €6,000 before they will even make the offer to the person selling the property. There forms say it is non refundable but there sales people tell you it is  try and get it back fat chance


This message was last edited by johnevans on 6/5/2007.



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16 Sep 2007 10:02 PM by Ivo Worth Star rating. 6 posts Send private message

Elegant homes are a member if the INMO network, formally the IN network, multilisting service. All member agents work in this manner. To prevent an avalanche of 'testing the water' type phone calls from one agent to the next, a 6.000 Euro reservation fee has to be paid before an offer is made. If the negociations fail, the reservation deposit is refunded fully.

If there are legal problems your solicitor finds on your property before the 10% señal is paid and a private purchase contract is signed, you get your deposit back. Those are the rules.

The advantages to the buyer is that once the deposit is paid, the listing agent will take the property off the market. Once the vendor has signed in agreement with the outcome of negociations, he cannot now sell his property to someone else for more, even if he has not received your 10% yet. The advantages to the vendor is that someone is making a serious offer with money on the table. The 6K deposit is not paid over to the vendor till notary stage, and stays in an escrow account till the end.

If the property is an off plan, the deposit goes straight away to the developer and is not refundable.

Yours, Ivo,

asesor fiscal, Marbella





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17 Sep 2007 9:25 AM by tinto. Star rating in Scotland & Nr Estepo.... 243 posts Send private message

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Never pay a reservation fee except through an independent lawyer no matter who you are buying from. I found this out to my cost.



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17 Sep 2007 5:02 PM by Smiley Star rating in San Pedro de Alcanta.... 2502 posts Send private message

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Appreciate what you say IVO but have to agree with Tinto - pay any deposit through your own appointed independent lawyer - there are many agents that do not refund (and at the least make it difficult to get back) your reservation deposit.

_______________________

Smiley - patrick@marbellamortgages.com  www.marbellamortgages.com   www.comparetravelcash.co.uk




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17 Sep 2007 5:02 PM by Smiley Star rating in San Pedro de Alcanta.... 2502 posts Send private message

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Appreciate what you say IVO but have to agree with Tinto - pay any deposit through your own appointed independent lawyer - there are many agents that do not refund (and at the least make it difficult to get back) your reservation deposit.

_______________________

Smiley - patrick@marbellamortgages.com  www.marbellamortgages.com   www.comparetravelcash.co.uk




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17 Sep 2007 10:04 PM by Ivo Worth Star rating. 6 posts Send private message

True, a reputable agent will let you deposit your reservation deposit with your lawyer. This happens many times, and should not in any way be an obstacle to completing transactions, as long as proof of transfer (justificación de transfería bancaria) is presented to the agent to present to the vendors.

Ivo

Asesor fiscal, Marbella




This message was last edited by Ivo Worth on 9/17/2007.



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