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How safe is your deposit with Estate Agent?

Donald Trump · 2019-10-06 20:47:58

Suppose you agree to purchase a property and hand over your deposit. There are still some things that need to be ironed out for whatever reason and it is dragging out a while. Is your deposit protected if say the Estate Agents goes bust? I presume there is some kind of bond.

06-10-2019 8:47pm

#1

Donald Trump

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Suppose you agree to purchase a property and hand over your deposit. There are still some things that need to be ironed out for whatever reason and it is dragging out a while.

Is your deposit protected if say the Estate Agents goes bust? I presume there is some kind of bond.

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#2 07-10-2019 10:34am

Kenno90

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Most Estate Agencies are doing quite well with all the buying that is happening.

When you hand over the 5k (normally) it sits in the bank account of the EA. You get a receipt and are entitled at anytime to get the full amount back before you sign contracts.

Now if the EA goes out of business before that happens i dont know what to tell you. But do you really think that will happen?

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