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 Is there any way I can be cheated?, I just put a 2% booking fee with agent.

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meejawa
post Mar 26 2009, 10:22 AM

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QUOTE(StarJump @ Mar 25 2009, 11:39 PM)
I recently placed a 2% booking fee with a real estate agent for an apartment that I like. I got a receipt for the cheque that I issued and the agent told me that if anything did not go through I would get back the 2%.

But what I am worried now is another document which I signed. It's some kind of document which requires both buyer's and seller's signature to confirm the house price. The form seems to be from the real estate company. Since this is the first time I am buying a house and the seller and I cannot sit sign together, I signed the document first and the agent promised me that he would get the owner's signature by this week.

I have personally met the owner, but I am still having doubts on whether there can be any hanky panky tricks that they(agent/seller) can pull on me. The agent told me that he will give me a copy of the signed form which has my signature and the buyer's signature too. But suddenly i just thought of it, is it possible that he can forge my signature on another form that states a higher price and give me back my original form? Then at the S&P stage I will be surprised with the form he takes out later?
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Lemme ask you, if you were to sit down all together and sign the papers, would you have higher confidence? What guarantee in this case that you can get to avoid being cheated?

What you can do is to check with the real estate agency on the agent if he/she is genuine. And make the cheque to the company, not agent's name. Within 14 days you need to sign the SPA, so from now till then ask you lawyer to check on the prop as well. Future date the cheque so that seller only get the money once all check out. LEt the lawyer/agency safekeep the money.

meejawa
meejawa
post Mar 30 2009, 11:39 AM

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QUOTE(StarJump @ Mar 29 2009, 12:19 AM)
Hey thanks for the advices. Actually there is one more thing I want to ask.

I have signed the 'Letter of Offer' at RM200k. However, I wanted to have a higher loan so that I can cover some of my downpayments. Now economy not so good, so thought of doing this.

The thing is, my agent told me that this is possible but the S&P has to be raised to RM230k so that the bank can loan me around 85%. Now I am quite worried that the S&P is the most important document and the owner can actually force me to pay the whole RM230k since it the binding agreement. The agent told me that I should not be worried because there is the offer letter that states RM200k and there will be another special agreement between seller and Real estate office at RM200k. He told me not to worry, but I thought of having some advice here.

Is there any chance that the S&P shows the exact property price (in my case Rm200k) and the loan can go till RM230k? Thanks.
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This has been done many times. Not to say everytime it's safe tp do so, but just to let you know it's not something that is so out of ordinary. Make sure the "other" document is rock solid, that is binding as well. But of course, when this really ends up in court, everyone's a criminal la..

 

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