PROPERTY CONTRACT: I was shocked to learn that I paid one thousand dollars to an agent to secure an apartment then some days later he informed me that the apartment was sold to somebody else. I am so upset about that. Can I sue the agent for misleading me?
The sale of the property does not take place when you pay a “holding deposit” on the property to the agent. The agent (or your lawyer) should have advised you about that paying one thousand dollars as part deposit does not guarantee the purchase of the property. The sale only takes place when contracts of the property are exchanged. Usually the purchaser pays ten per cent – or some other agreed amount – of the price. You did not send me enough details as to what other issues were going on. For example, there may have been several agents, or if some other purchaser acted super-efficiently and paid the required ten per cent deposit to her own solicitor and urged the lawyer to do an expedited, quick exchange that could beat your paying the estate agent one thousand dollars. If the agent claims that you did not tell him to do the purchase on urgent basis, the agent is not likely to be liable.