Hi All,

First time subsales home buyer here, already received Offer To Purchase to purchase a property.

1. Seller in Singapore, I am planning to get bank draft of 15k.
2. Is it normal that Buyer Sign first and pay that 15k as 3% earnest deposit first to the agency (not agent).
3. and I should receive the Offer To Purchase letter without Seller signature for now (and I need to wait for Seller signature after I made the earnest deposit instead of instant signature?)

Just wondering if this is a normal procedure? and tbh how liable for the agency to refund shall under any circumstances that the seller decided to pull out before signing this Offer?

I have checked through the http://search.lppeh.gov.my/ and found the agency and REN name is registered too

Thank you sifu!

This post has been edited by lmaowtf123: Sep 29 2020, 09:44 PM

1. As long the agency is registered with lppeh and is representing the seller, there is no worry where the seller is located. Every registered agency is required to purchase an Indemnity insurance yearly for their business to protect buyer seller in the event of any negligent ... same as any professional body.

2. In a property transaction, a buyer has to initiate the purchase in making an offer to the seller by signing the booking form first and enclosed a booking deposit cheque in favour of the agency. If the seller agrees to the offer, then he signs the booking form. If the seller rejects the offer, the agency will have to return the cheque to the purchaser.

3. Once the booking form is signed by both, a contract is made and a copy each is given to purchaser seller. The buyer will then proceed to engage a lawyer to complete the purchase either through cash or bank loan.

4. Before purchaser signs the booking form, read and understand the TnC. Ask questions if dont understand any of the terms. In the event of a breach, the TnC will determine who is at fault and to pay compensation.

Take note that in normal cases, if buyer seller is in the country, the form can be signed within the same day or latest the next. Since the seller is now in Spore, the agency have to courier it and will take a few days to a week. Do check with the agency on the progress.

Take a photocopy or screenshot of the form and cheque pending signing by seller.

This post has been edited by mini orchard: Sep 30 2020, 09:30 AM

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This post has been edited by lmaowtf123: Sep 30 2020, 03:29 PM

thanks, very helpful indeed and appreciate it a lot.

Got my bank draft, and since the bank also take this matter seriously (Bank requests for my booking form and print out before issuing me a bank draft).

So I believe it should be safe for now then. Thanks!