Property Firm Pays Up After Police Report

SEMINYAK ~ A Russian investor disappointed with a US$300,000 villa at Canggu on which he had paid a $10,000 deposit after initially seeing it on a real-estate company’s website has been told he will get his money back after he filed a police complaint this week.

Vadim Konakov, 51, lodged the complaint when he did not receive his deposit repayment from Paradise Property, whose main offices are on Jl. Laksmana, Seminyak.

The villa had been listed as available for purchase through Paradise Property at $300,000.

In his complaint, Konakov told police he paid a $10,0000 deposit on the understanding that he would get his money back if unsatisfied with the property on personal inspection.

Konakov says he has actually lost $15,000 on the deal.

Paradise Property principal Mark Tuck told The Bali Times this week the client’s money would be returned.

“We confirm we received a deposit to hold a property while due diligence was performed. The due diligence was clean and clear. Then, after a considerable length of time work and costs to Paradise Property, the client, for reasons not explained, decided to withdraw from the transaction,” he said.

He said that while Paradise Property may not have been bound to hand back the funds, the company had decided to return them anyway.

“Legally, whether the holding deposit is refundable is questionable, but in good faith we have confirmed to the client’s lawyers that the funds will be returned.

“We don’t consider this a police matter.”

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