Hi dariofoo,

Need yr help urgently.

I placed a booking for buying a subsale residential property to agent
(cash $5k) days ago. The property estimate will be obtained CF in July.

1) Till now, owner still hv not signing anything, what documents should owner be signing & what is the whole procedure?

2) my loan in processing, but the agent said owner don't hv the temporary title, is it possible? Otherwise, how buyer proceed the loan?

3) if the agent not honest, what can I do?

4) if the owner out of sudden not willing sell his property, what should I get to compensate?

5) can a property sell before obtained key from developer/CF? Is the procedure the same?


Appreciated your kind reply sooner.

Thank you.

Hi Dariofoo,

1) & 4) yes, I hv signed "option" to purchase & "appointment to act as an exclusive agent" & "acknowledgement of receipt's terms". Coz the agent keep pestering for deposit is a must to pay first, so I paid upfront without the vendor present, coz agent said he will immediate get the vendor to sign, but then later agent twist & turn his tongue told me that vendor very busy to attend...vendor considering....vendor busy blar blar blare....all sort of nonsense!! FYI, I hv the so-called agent's company acknowledgement receipt. As this option signed in agent's office.

A) in the "Option" stated....{the vendor hereby grants the purchaser this option to purchase and which said Option shall expire at 31/7/2011........provided purchase pay to the vendor 10% purchase price BEFORE the expiry date......otherwise the said Option money shall be forfeited by the vendor}. But, if vendor not signing anything, will this option take into legal action??

B) furthermore, in "acknowledgement of receipt" stated....{subject to the approval from the vendor on or before 06/7/2011}. in that case, which is the terms that purchaser should follow? Which terms bind by both vendor & purchaser??

C) if property selling b4 CF is issued, how is the procedure? Coz, I would like to hv a clear senario that how is the developer settle this situation with current vendor & his purchaser.


Thank you very much for quick reply.

Hi doriofoo,

You are RIGHT!!!

Now the damn cunning agent asking for another $30k, he said owner increase the price!!!!

What should I do? Can I get my deposit back b4 the dateline??
Do I need to beware of anything?

Can complain to the real estate association??

Hi Dariofoo,

It's finally setteled.

Thank you very much for kind assistance



This post has been edited by TheFear: Jul 6 2011, 12:02 PM

Hi Dariofoo,


This is another sub sale residence that we intend to give deposit to the agent. Fyi, will be paying cash as well (no choice). Property yet to get CFO too.

1) what should I need to be caution in this procedure?

2) what are the legal fees / any fees that involve between vendor & purchaser?

3) how vendor transfer the title to the purchaser, if developer still not deliver the vendor the property's key (CFO not obtained yet)? Is that another transfer fees to be paid by purchase?

4) deposit (cash) should be given to who? Agent / agent's company / vendor?

5) can the agent's company still hold the deposit after vendor sign the acceptance of letter of offer?

6) can I add in condition like "valuation must above 600k or this deal is void, deposit shall return 100% to the purchaser" & "in case, vendor change his mind to sell his property, he should compensate 5 times of the deposit to the purchaser" ??

7) is it true or by law saying that deposit is to be given 1% of the property?


Thank to help me, as I'm quite lost.

Hi Dariofoo,


If found that property agent was not registered under IPPEH, but he is using his principle registration to carry out the property deal, can he do that??

What is the pro & con to the purchaser?

Urgent, tks.

Hi ALL,

If Dariofoo busy, can pls help in reply urgently my two question posted Yesterday.

Very much appreciated.

It's alright, you have been very helpful all this time.
Thank you very very much!

Hi Dariofoo,


I hv taken yr adv by issued bank draft as the deposit for that sub sale property. Hence, our loan is in the middle of processing, I hv some enquiry need yr help :-


1) the owner is working as a management staff in the same bank that process our loan, will it be advisable if we take up the loan of this bank as well? As loan agreement & SPA also will be given to the same bank if we taken the loan, will it be secure??
(I'm afraid differences in between the vendor's & purchaser's interest) (or the sum of purchased $$$ being transfer to the owner without our notice etc....., as once being conned Im really can't trust any of them....)

2) what should I beware of before signing "Letter of Offer" from bank? Is there any penalty if signed then withdraw?

3) usually how long should we insured for MRTA?

4) How to proof whether he is the real genuine owner of the property? Even though he has showed us the SPA (developer hv not handover key to this owner yet, maybe next month).

5) will the owner received Notice of Assessment & Quitrent for this kind of property situation? (developer hv not handover key to this owner yet, maybe next month).

6) is owner / agent / lawyer need to be present while we signing "Letter of Offer" from bank?


Hope to hear from you soonest possible.

Hv a nice day~

Thank you.

Hi Dariofoo & all,

***URGENT***

Pls help.....

We hv not taken any offer from bank nor signing the loan agreement yet, can SPA sign BEFORE the Loan Agreement/Letter of Offer from bank ???

As the agent said owner asking him some of the question that someone offer him higher price than us, so what would happen if he cancel option.....so agent want us to sign the SPA first!!

Pls help, plsssss.


This post has been edited by TheFear: Jul 19 2011, 10:39 PM

-Repost-

Hi Dariofoo & All There,


I hv taken yr adv by issued bank draft as the deposit for that sub sale property. Hence, our loan is in the middle of processing, I hv some enquiry need yr help :-


1) the owner is working as a management staff in the same bank that process our loan, will it be advisable if we take up the loan of this bank as well? As loan agreement & SPA also will be given to the same bank if we taken the loan, will it be secure??
(I'm afraid differences in between the vendor's & purchaser's interest) (or the sum of purchased $$$ being transfer to the owner without our notice etc....., as once being conned Im really can't trust any of them....)

2) what should I beware of before signing "Letter of Offer" from bank? Is there any penalty if signed then withdraw?

3) usually how long should we insured for MRTA?

4) How to proof whether he is the real genuine owner of the property? Even though he has showed us the SPA (developer hv not handover key to this owner yet, maybe next month).

5) will the owner received Notice of Assessment & Quitrent for this kind of property situation? (developer hv not handover key to this owner yet, maybe next month).

6) is owner / agent / lawyer need to be present while we signing "Letter of Offer" from bank?


Pls help, pls help.

Thank you.

---

Added on July 19, 2011, 11:54 pmHi Dariofoo,


Well noted with SPA matter, will ask agent to arrange for signing. As the agent very siding the owner, he never care of our interest! So everything I must find out myself.....

Btw, how to proof whether he is the REAL owner??
Can he con us by signing SPA with us if he is NOT the real owner??
Upon signing the SPA, the 10% 1st payment is pay to who?? The Legal firm / owner??


Pls help.





This post has been edited by TheFear: Jul 20 2011, 07:18 AM

Hi Dariofoo,

Thank you for the help.

Im confused here, while signing Letter of Offer (loan) from bank, owner needed to sign it as well??

So, after if we hv signed the SPA, we give the owner 10% down payment of the purchased amount,
then the balance purchased amount which owner's bank & purchaser's bank will liase to each other
and transfer the balance $$$ right??

In that case, will the "Title" be finally transfer to purchaser name but hold by the purchaser's bank??

Thank you.