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Estate Agent & deposit

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  • 23-12-2022 1:14am
    #1
    okidoki987
    Registered Users Posts: 10,622 ✭✭✭✭


    Mate telling me this story and I'm sure there's something not right here.

    He decided to appoint an estate agent to let his house as he's moving in with g/f elsewhere.

    House is now let and agent sends him a bill.

    Agent has added the deposit received (1 month rent) into his first bill and agent has then charged him for their full year's fee up front, rent is only payable monthly.

    This means the full year fee is partly offset by the deposit and 1st months rent and balance is paid to him?

    I thought a deposit is treated totally seperate and shouldn't be included in any income/expenditure and can the agent charge his full fees up front especially

    if the rent is only every month?



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    #2
    blarb
    Registered Users Posts: 89 ✭✭blarb


    Is your friend sure it wasn't just the letting fee that was charged? I used an agent to let my house before - there was a large fee for the initial finding of tenant (letting fee) and then a smaller monthly management fee taken out of the rent.

    Either way, should have been made clear to your friend from the outset.



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    #3
    okidoki987
    Registered Users Posts: 10,622 ✭✭✭✭okidoki987


    Asked him and it's on his invoice, 12 months fees at x plus VAT, upfront.



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    #4
    Spark Plug
    Registered Users Posts: 120 ✭✭Spark Plug


    Your mate would have signed a letter of engagement with agent that will likely outline the convention with respect to the collection of monthly rent it can differ from agents however the letter of engagement is to go to document.



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