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Inbuilt Agents Commission

Posted: Wed Feb 12, 2020 5:16pm
1 reply9 views2 members subscribed
Vernon70

Posts: 2

Location: Archidona

1 helpful posts

I’m pretty sure I’m not alone in this but as Agents include they’re Commission in property asking prices then surely that means that buyers are actually paying the commission when in actual fact it in law should be the Vendors .

Also another little ‘scam’ we’ve come a across in an offer accepted by a vendor , only for buyer to find out that the Energy Certificate wasn’t included in all the Legal Documents , apart from this being highly illegal it also exposes Vendors  to very heavy fines as Law as it stands clearly points out that Energy Certificate must be made available to all prospective purchasers or interested in any property before even viewing , in fact Law states that CEE must be in possession of Vendor Before property goes on market .

One scam here is that if an Agent says ‘oh we’ll see to that for you ‘ to a vendor , especially one who is not living  in Spain then when an offer is accepted that property goes as ‘Under Offer’, this then means any other interested purchasers are blocked from viewing that property only to see it under offer for up to 6 months , while of course the ‘Agent’ tries to get the CEE done at the last minute which causes very long delays, meanwhile, Vendor is potentially missing out on much better offers as property not ‘available ! Happened to us on few occasions so now insist we never touch any property via an Agent , waste too much time & money flying back & forth only to come across a stitch up, we’re Not making this up either , it’s a Fact ! 

Bill2722

Wed Feb 19, 2020 4:55pm

Posts: 9

Location: Fuengirola

2 helpful posts

Posted: Wed Feb 19, 2020 4:55pm

Hello Vernon,

I read your post with interest. I have been operating as an Estate Agent in Spain for 20 years and you are correct in that the Energy Certificate should be available to view from the day the property is put up for sale. As indeed should all of the certificates and permissions, however sadly many Agencies market the properties without having all the documentation in place. It is the Vendors responsibility to supply the Energy certificate and any good conveyancing firm or Law Firm would want that in place before they completed a sale.

As for commissions please keep in mind that in Spain we operate on a Multiple Listing system, this means on most sales it involves to agencies, the listing agency and the selling agency that introduces the client. Even with this it is normally 2.5% to each agency but you must also take into account that most of us are advertising not just on the Multiple Listing Systems (which enables every agent to access every property for sale) but with firms like Rightmove Overseas, A Place in the Sun, Kyero, Spanishestates, etc etc and the cost is very high.

I do have to admit that the current regulations are very slack and we do have some "bad eggs" operating in this trade but many do offer an excellent service and liaise with the clients long after the purchase and help them with all manner of problems without charging any extra

Regards Bill 

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