Mollyn Nakabea 
[Photo: FILE]
A Suva-based real estate agency has been referred to the Real Estate Agents Licensing Board after refusing to refund a $10,000 property deposit when the vendor withdrew the property from the market.
The case was investigated by the Consumer Council of Fiji after a buyer paid the deposit under an offer of purchase managed by the agency.
The transaction was later cancelled after the seller solely decided to withdraw the property.
However, the agency refused to return the deposit, claiming it was a “non-refundable deposit.”
Consumer Council Chief Executive Seema Shandil says agents cannot rely on “non-refundable” clauses when a transaction fails because of the vendor.
Shandil says deposits paid towards property purchases are trust money and should be returned to the buyer when the vendor withdraws from the transaction.
The Council has requested for an investigation into possible breaches of the Real Estate Agents Act 2006.
The Council is urging consumers to carefully check all terms before signing property agreements.
It says buyers may be entitled to a full refund when a transaction fails through no fault of their own, including when a bank rejects their finance.
