Selling Property and deposits

2 Replies

Hello Does anyone know when selling a property what the legal policy is regarding the signing of a promissory note and the buyer paying a deposit for property in PortugalShould the whole of the deposit be paid to the seller or does the agent keep 50% of the depositThanks 

Replies

alres 1496003337

There is no legal policy about deposits. The usual agreement is that a 10% deposit is paid with the promissory contract. But both parties can agree a different percentage (or none!).  In case of a deposit, the whole is to be paid directly to the seller. Agents and/or lawyers are not supposed to keep deposits.

(not related to your question but good to know: the agent can only get his commission after the signing of the deed.  Not after the signing of a promissory contract!)

barlaventoexpert 1496833242

We are in the process of selling.

On signing the promissory contract, we insisted the full 10% was paid into our bank account and then we transferred the vale equivalent to 50% of the agent's fee to him.

 

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