Paphos Life

I am just arranging to market an apartment in Universal area and have been looking at agents, being a careful person I have asked the ones I have met for a copy of their contracts, some have been a bit dodgy but one is unbelievable, the clause that shocks me was:

(Estate agents name) has the right to sell the described property for more than the agreed price. Commission for any amount above the agreed price is not 5% but is the whole amount over and above the agreed sale price.

Just to sum this up, If I market the apartment for Euro 85,000 but they sell it for Euro 100,00 they would take a commission of Euro 24250 plus VAT.

Is it just me but I think that's a rip off.

Gary.

PM me if you want the agents name.

Am I seeing something that does not compute. 100,000.00 euros @ 5% = 5000 euros where do you get 24250 from?

They sell it for 100,000 keep the 20,000 extra above the selling price plus 5% of the agreed selling price of 80,000 so they take Euro 24,000

Not 24250, sorry.

G

Was this agent the only one to have this in the contract?

I think you should spill the name - as this scam is despicable and should be known to us all.... in case we fall foul of them...

I have only been to 3 and this was the worst contract.

G

No naming and shaming. If you want the info just use the PMs. This is for your own safety.

One of the larger developers has always done this. They ask their clients how much they want and then they sell at whatever they want - sometimes its for a huge amount more - keeping the difference. But they can find the buyers and you can't so it's up to you if you want to sign such an agreement. Ultimately if you want 80,000 and you feel that's the current market value then you can go with any agent you want under any contract you want as long as you get what you want.

Jeanne

In selling items I have always been wary of the question 'What is the lowest you will accept?

People seem to think they can then start negotiating down from this amount.


Good to see you're checking the paperwork before signing anything glang3000.

Buying and selling houses here can be a nightmare! It’s full of ‘snakes and ladders’. What you do need is a really good lawyer who can help you avoid the snakes....

Dee

Kili01 wrote: ↑Sun Nov 03, 2019 11:21 am Buying and selling houses here can be a nightmare! It’s full of ‘snakes and ladders’. What you do need is a really good lawyer who can help you avoid the snakes....

Dee

Definitely need recommendations for both agents and lawyers. We found the lawyer involved in the purchase of our apartment also worked for the vendor - and again the same situation when we sold four years later. However, it was to our advantage as it cut down the length of time the transactions took.

Thinking about it, I don't have problem with what the agent did, I tell them, I want 100,000 for my property, he gets me the 100,000 grand, if he manages to get more for himself good luck to them, my fault for not asking for more in the first place