Originally Posted by
bluetoffee
Hi Hopeful,
You got my point. From what my lawyer said, paying 4% to sellers' lawyer conveyancing should be the norm. In fact at the lawyer's office, I was asked to issue cheque to sellers' lawyer with "cvy" stated in the cheque, but she then realised the OTP says pay to seller. The risk is that in the 3 months before transfer is completed, the seller could run away with the money, or drop dead or whatever. This is the risk we are exposed to. All the lawyer can do is to check that the seller does not have multiple debtors queueing to claim from him.
So as a buyer, I issue 1% to the seller agent and got the Offer to Purchase as "receipt". 1-2 days later, I receive the Option to Purchase from the seller. So my question is, at this point if I'm not happy with the terms, I have to suck thumb coz 1% already issued to seller? Or is this the normal practice buyers out there are happy with? Coz I find it flawed.