Booking deposit with estate agent

[Westbound]

Hi

Our purchaser agreed to buy our house 6 months ago and due to thier cirumstances agreed to wait the 6 months before moving. They paid a €45K deposit to our estate agent. My query is, what happens to interest on that money. Does the estate agent benefit?

If that was in, say, Rabo direct for 6 months it would have gained about €740.

So if the sale fell through, should the pruchaser get the interest and if the sale goes through, should I get the benefit?

I suspect the answer is the estate agent benefits.

 

[ClubMan]

I think the EA keeps the booking deposit until initial contracts have been signed so I would assume that they are entitled to any interest earned. Why not ask the EA or your solicitor? For example...

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[FONT=Arial, Helvetica, sans-serif]PAYING A BOOKING DEPOSIT

Paying a booking deposit on a house is a very important step. Whilst some people prefer to pay a booking deposit through their solicitor it is not essential once the receipt for payment is clearly marked "subject to contract' Delays with the payment of a booking deposit can result in an increase of the price - either by the builder in the case of a new house or another bidder in the case of a second hand house.

[/FONT] [FONT=Arial, Helvetica, sans-serif]If the deposit is paid to the Auctioneer as Stakeholder he is bound to hold this money and cannot part with it until instructed by your solicitor when the time is right or refunded to you in the event of the sale being cancelled for one reason or other.[/FONT]
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[FONT=Arial, Helvetica, sans-serif]If the deposit is paid subject to Contract, title loan and survey then until such time as a contract has been signed the transaction is not binding on either party. If a survey reveals to you that a certain amount of money has to be spent on the property immediately and you do not have this money then your lending institute will not sanction your loan approval.[/FONT]
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[FONT=Arial, Helvetica, sans-serif]If your solicitor is not satisfied with the title of the property he may well advise you against the purchase. All these conditions stipulated in your receipt will protect your money paid over the Agent and ensure a safe return of same to you should the sale not proceed . Again this shows the need to call early to your solicitor.[/FONT]

 

[MrMan]

So if the sale fell through, should the pruchaser get the interest and if the sale goes through, should I get the benefit?

I suspect the answer is the estate agent benefits

No you shouldn't.