Spanish Property Insight › Forums › Spanish Property Forums › Spanish Real Estate Chatter › BEWARE! Is the Bullshit Coming back to Spanish Property? › Re: Re: BEWARE! Is the Bullshit Coming back to Spanish Property?
Speaking of bullshit – over a month ago some friends of mine had an offer for about €185k accepted on a flat in Madrid and put down a deposit. Last week the agent came back and said the sellers no longer accepted their offer (some bullshit about having received a higher offer). So my friends said ok and asked for their deposit back. The agent then said that it doesn’t work like that, and they have to make a higher counter offer! Of course my friends told them where to shove it and have asked for the deposit back (again). The flat in question is a very typical 50s identikit Madrid flat – there are hundreds of them on the market, all desperate to sell. I find this completely incredible. We have a market that has completely stalled and any offer within reason should be treated like gold dust. And yet this agent is behaving like it’s 2006 all over again!
If the vendors signed the reservation contract, then they cannot get out of it that easily. Clear terms should be stated what happens with the deposit.
I would also suggest your friend does a Acta Notarial
Have I been misinformed? – I was under the impression that once a deposit has been accepted, then the vendor has to re-imburse it double if they pull out of the deal (if for example they receive a higher offer). That is the reason why a higher deposit for the purchaser, the better.
(If this is not right, please correct me)