Apr 18 2022, 11:51 AM
QUOTE(sehazey @ Apr 18 2022, 09:03 AM)
The owner asked for 10% deposit to lock the deal, fully refundable if i dont agree after viewing the house (viewing only due next month) or if my loan get rejected.
The owner said he will appoint a real estate developer which he signed up the sale contract as 3rd party for the transaction.
FYI, the owner seems as if he's trying to hide his identity throughout our email communication.
These three parts are major red flags for scam sellers. Do not proceed.The owner said he will appoint a real estate developer which he signed up the sale contract as 3rd party for the transaction.
FYI, the owner seems as if he's trying to hide his identity throughout our email communication.
1) ONLY EVER APPOINT A LAWYER to handle real estate transactions. Real estate agents only facilitate the meeting/negotiation between seller and buyer. Real estate agents and developers ARE NOT SAFE ENTITIES to draft SPA and actually work with financing and sale & purchase agreements.
2) If direct with owner both owner and buyer should appoint their own lawyers to protect their respective interests and use the lawyers to handle the financial transactions and transfer of property. This ensures that you have safeguards in place to have your finances and rights protected in the event something goes wrong.
3) Never directly transfer funds to seller for subsales as if they run away with money you cannot get it back without extremely expensive, time consuming and potentially unsuccessful methods. Collecting booking fees are technically illegal by the way, and you're only supposed to pay the 10% downpayment upon SPA signing, not earlier.
This post has been edited by DragonReine: Apr 18 2022, 11:54 AM
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