Anyone can advise on what are the legal document needed for sub-sale a condo under construction? I understand that it is different from the standard Option to Purchase.
Anyone can advise on what are the legal document needed for sub-sale a condo under construction? I understand that it is different from the standard Option to Purchase.
I would also like to know how a buyer can purchase a sub-sale condo from the owner. How can we authenticate if the owner is the genuine owner of the sub-sale condo ?Originally Posted by sealover
You can request your property agent or lawyer to do a caveat search of the current owner.
Very easy...
Engage a qualified agent to do it...
Basically nothing much different from the original Option to Purchase except some extra paper work on the choice of fittings, design etc... obligations of current owner to make known to the interested buyer... However, these are best handled by a lawyer, including stamp fees etc.. Do seek your own legal advice.
The option is usually prepared by the Seller's solicitor. Some real estate agencies also provide their clients with the agency's Option to Purchase documents.
If you need some info...
http://www.ura.gov.sg/lad/HBG/index.htm Should help.
If the seller is on deferred payment term with developer, not sure the new buyer can enjoy the same?
The agent told me can use normal Option to Purchase format but when ask what next such as agreement needed to sign with sub-sale seller/buyer and also the developer .... she said leave it to lawyer .. haha want to earn 1% (> $10K ) but donot this donot that.. no wonder Mah wants to "act"
Usually, the developer will not extend the DPS to the new buyer... However, the practice can vary. For a clear answer, check with developer.Originally Posted by sealover
I would suggest you try to be fair to your agent... agents are agents and not lawyers. Let them work on finding a buyer or seller for you and not with other issues such as finance or conveyancing.
Let the lawyers handle your property conveyancing work, it should be well worth the money spent in safe guarding your interest.
agree ..selling / buying a non TOP unit is not difficult ...Originally Posted by Condorich
if it was on DFS ..buyer can make a similar scheme request with the developers .. i have friends who bought subsale and managed to still get DFS
Thanks you guys for the kind advices. No offend on my remark on agent.
agent collect such obscene com and shud indeed be familiar wth all aspects of admin regardng s n p of pty. If they nt familiar, it is their bloody duty to find out n nt tell clients to find out themselves.Originally Posted by sealover
The problem is, can you take their word for it? Ending up with wrong info and advice? There's reason why legal advices are only to be given by lawyers.... Which would you rather put your trust in?Originally Posted by Regulators
sealover, no offence on agents thing.... I am not an agent.
I ask a question:
I chose DPS, therefore no bank to sponsor my legal fee at this stage. Agent said I can skip using lawyer before TOP. Upon TOP loan will be applied and of course to engage a lawyer.
Any risk of doing this? The process is rather simple, just submit Sales Purchase Agreement directly to developer's lawyer, then pay stamp duty myself, and give check to developer's lawyer, of course I will keep original Sales and Purchase Agreement and receipts.
Anyone know about this? Thanks Thanks.
actually its true dont really need lawyer if you know the process...problem is , if you want to sell ..buyer usually want to see a real lawyer letter ... and some choose not to deal with seller acting on their own without lawyer ..Originally Posted by chenjdd
sporean kiasi one ..so just pay 2-3k to engage a lawyer lah ..cheap cheap and save u all the hassle
Thanks for reply! can i engage lawyer when i really want to sell?Originally Posted by proud owner
of course u can ...Originally Posted by chenjdd
if you are on DFS .. i would suggest you get a loan first..at least an agreement from bank to lend ... dont wait till about TOP .. otherwise if market turns masty .. banks dont want to lend then thats a bigger problem
Under DPS still secure a loan? I will check it out. Thanks!Originally Posted by proud owner
Secure a loan like what someone said. Just in case...
Next, get a lawyer. I typically trust my lawyer for stuff like this. Anyway I tend to either rely on myself or an agent to find a buyer. The lawyer to check and do the paperwork. The lawyer is the key here.
Since your unit is not built, there is no viewing per se... you can try advertising yourself to save on agent fees. Get ready copies of information of the development you are selling such as the brochure, site plan, floor plane then you can forward it to anyone interested. You can save on agent's fees...
Once someone agrees to buy, get them to speak to you lawyer. That's it
Hi Chenjdd,Originally Posted by chenjdd
I got the same thinking when I bought a new condo few months ago. I thought I can do away with lawyer and deal direct with developer but the developer's lawyer insisted that I engage a lawyer as there are many legal procedures to be gone through and I am not "qualified" to deal with them as I might complicate their jobs. Actually the legal fee is quite cheap now ( S$2,500-3000 ) because the all document are standardised by government. So I got the lawyer to do it. You know what happen? The lawyer clerk called me not long ago to apologies that they forgot to send my 15% payment by due date after signing S&P. They will bear the late payment interest. Reason? They are overwhelmed by the cases landed on their tables. I heard of lawyer forgot to deliver the Option exercise money which resulted in client losing the unit and suing the lawyer......and the client was awarded S$700K for having to pay extra for another unit.
So one good thing for engaging a lawyer is that you can sue him for mistake .....
Hi,
Can someone pls advise as a buyer do I have to pay any agent commission to my agent. i heard that usually it is the owner who paid the 1% commission to his agent and the both agent will share the commission. Is this true?
Yes, as far as i know, for private condo, normally seller's commission fee is shared by 2 agents.Originally Posted by katyeo
First of all, there is no must. You can egotiate with the agent for the fees payable.Originally Posted by katyeo
Next. For private, the seller typically foots the fees which is to be shared with both the seller and buyer agents (if any). Buyer pays none.
Originally Posted by katyeoI don't know why most private property buyers are reluctant to pay agent's commission (by the way I am not a property agent).Originally Posted by echotrain
In fact, if I am buying a property and the agent wants a commission from me, I would be most happy because this means the agent is prepared to "betray" the seller.
Originally Posted by jlrx
honestly there are good agents, and ugly ones too ..
i heard from an agent from .. seller agent from a BIG company ... buyer agent from a small company ..
by market practice ..if the deal is done , the seller agent will share 50pct of the commission with the buyer agent ..
my friend happened to be the buyer agent from a small company ..
the deal was 2.5 mio ..comm was 25k (1 pct) ..and seller agent gave buyer agent only 5k comm instead of 12.5k
buyer agent ask the boss what to do ..and boss said forget they are small company and not point fighting ,.,sure lose .. just be happy with the 5k ...
has anyone heard anything like this ??
this actually happened to someone i know ..
You really think the agent betray the seller?? The agent will try his or her best to close the deal. For 1% commission, if they push u 10k, they get $100 more. Better satisfy both parties to close the deal then no deal at all.Originally Posted by jlrx
I also typically get the seller to sign on my offer if it is rejected to revent any wierd things from happening with the agent.
I thought it's market practice that the seller's agent gets more commission than the buyer's agent?Originally Posted by proud owner
I remember the share was 3:1.
So for a $25k commission, the split should be $16.7k for seller's agent and $8.3k for buyer's agent.
The $5k was a bit low though ...
Let's say there are two offers, one at $1 million, another at $1.05 million.Originally Posted by echotrain
The $1 million offer buyer is willing to pay the agent 0.5% comission, which is $5,000.
The $1.05 million offer buyer is not willing to pay the agent any commission.
Which buyer's offer do you think gets pass the agent?
If the agent closes the $1 million case and assuming the seller's commission is 1%, the agent gets $10,000 + $5,000 = $15,000.
On the other hand, if the agent closes the $1.05 million case, the agent gets only $10,500.
That is so wrong. And that is also why I get a signed acknowledment that the seller refused the offer.
The seller should have known of all offers. The decision shouldn't be left to the agent. If this agent is found out, he can be in great trouble for acting against the interests of the seller.
When i sell I make it a point to be at the unit to talk to the potential buyer to avoid such things from happening.
If these practises go on, I won't be surprised if tighter reuulations come onto the picture.
Originally Posted by jlrx
in this particular instance ..the transaction was 2.5 mio
seller agent may have the unit to sell ...but to find a buyer for a 2.5 mio unit in non prime district .. the seller agent should acknowldge that the buyer was also important ..
i felt it was very unfair ...
A lot of things are "so wrong" but the property market is a very filthy place to begin with, like the "Wild West".Originally Posted by echotrain
Regulations are already in place but often ignored.
I think it is fair that the seller agent should get more.Originally Posted by proud owner
After all, the seller's agent is losing potential future rental/sales commissions to the buyer's agent, compared to the case of a walk-in customer.
If the buyer is walk-in, he will usually use the seller's agent for future transactions; however, if the buyer has an agent, then the buyer would use his own agent for future transactions regarding that house.
That's why many agents don't like to co-broke.
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