Kibkom North Cyprus Forum

A friend of mine has sold his villa. He is English, the buyer, Turkish, has paid a deposit and is awaiting PTP.
I'd have thought that the seller would receive this deposit but it seems that this doesn't seem to be the case here.
Has anyone any knowledge of how things work here.

T

I would say it depends on the terms of the agreement between them & whether the deposit is refundable or non-refundable. Often the Agent will keep the deposit because this pays their commission up front before the sale has actually completed.

Cheers Ozankoys (wotafunnyname) he's only enquiring cos a neighbour of his sold up and went back to UK a few months ago, using the same estate agent. When the £ to TL hit about 3.5tl to £, the Turkish buyer wanted a grand knocking off the agreed price, my mate's sure that the seller said that he already had the deposit, which he could keep if the buyer pulled out. Dunno wot followed.


T

Dont pay a deposit. I refused politely when they asked (I was the buyer).
Its best for the buyer to have the money in the bank, ready to purchase.

Relying on then obtaining a mortgage is too risky at the moment.