Payment for sale of property

Questions about selling property
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chopkins
Posts: 1
Joined: 12 Mar 2008 22:24

Payment for sale of property

Post by chopkins » 13 Mar 2008 16:21

Hi, I wonder if you can help me, we have just taken a deposit for the sale of our apartment. The deposit has been paid into our solicitors "clients account" from which he will pay the developer the cancellation fee, and the remainder will cover most of his fee. My question is, does the balance of the payment "have" to be paid into my soicitors account for him to then pass it on to me, or can the payment be made directly to me?
My main reason for asking is that I have heard of a case where the payment was paid through the solictor, who deducted £2,500 for something or another before passing the payment on to the seller, when pressed to justify the deduction he could not produce any paperwork or receipts and just flat refused to explaine the deduction or refund it.
Many Thanks,
Pete Hopkins



Nigel Howarth
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Re: Payment for sale of property

Post by Nigel Howarth » 14 Mar 2008 20:28

Hi Pete,

Your lawyer should write to you confirming the legal fees and disbursements involved with the sale of your property. If he hasn't done so already, get on the phone.

The proceeds of sales often goes through a client account as this enables the lawyer to pay any Capital Gains Tax, etc arising from the sale. (I understand that some District Lands Offices are also demanding Property Transfer Fees from those who have not received their Title Deeds).

If you can settle these items yourself before receiving the proceeds from the sale of your apartment, there's no reason why the money can't be paid into you personal bank account.

Regards,


Nigel Howarth
Independent information & advice for Cyprus property buyers
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