Loophole in Real Estate Market

Loophole in Market

Loophole in Market

If you sign an exclusive contract with a real estate agent and then strike a bargain with the buyer behind the agent’s back you will not be obliged to pay commission, according to the Office of Competition and Consumer Protection (UOKiK). Agents in Poland usually take around 2-3% for their work. For example, the commission on a flat costing PLN 300,000 can be as much as PLN 10,000. No wonder sellers try to avoid paying it. Intermediaries try to protect against such practices. For example, Metrohouse & Partners reserve the exclusive right to burden the client with the full commission if they sell a property on their own. Such practices have not won the approval of UOKiK. In November 2012, UOKiK confirmed that the demand for full commission when the sale of the property takes place without any intermediary is against the law. UOKiK added that this is tantamount to having an illicit clause. The court also upheld the penalty imposed on Metrohouse & Partners of nigh on PLN 45,000. The judgement is not final.
wyborcza.biz

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