We are interested in a subsale unit, and we are negotiating the price with the owner through his agent. After a more then a month, we still haven't finalize the price.

The owner didn't respond to our counter offer for 3 weeks. The agent said he's out of country. Now the owner is back and the agent is asking us to issue a cheque to show our "sincerity" in buying the unit.

Question
1. Have you heard of asking for "sincerity" cheque?
2. Is this a worthy issue to complain to Malaysian Insitute of Estate Agents?

This post has been edited by feiming: Feb 18 2016, 02:32 PM

something fishy.... move on to the next property.

It is a BUYERS market now.

If you are not Happy or worried, just look for another unit !!!

Change the Agent if you so chooses.

Complaining to the Institute maybe a waste of your time and effort. Proof, Official Complaint letter, etc.

I don't think there is such practice as issuing a cheque to show sincerity in buying a real estates. Unless you are so fond of that particular property that not buying is not an option then you basically have no choice but to let them grab you by the balls then issue them the cheque.

My advise is to forget about the property. Let go and search for another one. The market isn't exactly condition for sellers to hold the upper end of the bargaining chip. The agent wanted that cheque so that he could hold you down at his discretion. Don't do it.

Lodging a report to the institute has no bearing as the act has not been committed.

Save everyone the trouble and time and move on.

1. There is no such thing.
2. Yes it would be effective as the said agent will have to answer on the complaint being lodged against him.

No such thing in law. But do have people do that as a bargaining tool.

it can happen when ur offer price is much more lower than the seller's asking price.

owner/ agents try to avoid those incidents when buyer just shuong shuong checking the lowest price.

but if u are not comfortable with the agent or the seller, then move on to another unit or via another agent.

plenty properties out there now

it within the law
because if you read carefully in the offer letter, the enclosed consideration 'cheque of xx amount' is subject to owner's acceptable.

so dont think its breach of agency duty.

of course, once offer rejected, the agent need to return the chq to u in due course.