Tenerife Agent goes bust: clients unprotected
Another estate agency that did not offer Professional Indemnity Insurance cover has closed. Lifer Inmobiliaria has suddenly closed its ten offices in the Canaries, trapping hundreds of clients who had already begun the process of buying a property and who had paid a deposit to the firm within the last year or so. Several of these clients have denounced Lifer for alleged fraud.
Professional Indemnity Insurance protects your deposit and ensures, even if an Estate Agent closes its doors, that your deposit has not been lost. In uncertain times such as these, it is an easy precaution to take: just ensure that your Estate Agent is covered. If they are not, then find one who is.