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How safe is your deposit with Estate Agent?

  • 06-10-2019 9:47pm
    #1
    Donald Trump
    Registered Users, Registered Users 2 Posts: 20,255 ✭✭✭✭


    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.


Comments

  • #2
    Kenno90
    Registered Users, Registered Users 2 Posts: 3,184 ✭✭✭Kenno90


    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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