View Full Version : Buying a unit directly from an owner
shauntanzs
06-01-11, 23:57
Hi All,
I am buying an apartment directly from the owner. Can anyone advise me on what to look out for and the procedure in doing so?
This is my 1st time buying directly from an owner so need some help.
Thank you
kingkong1984
07-01-11, 10:14
Hi All,
I am buying an apartment directly from the owner. Can anyone advise me on what to look out for and the procedure in doing so?
This is my 1st time buying directly from an owner so need some help.
Thank you
No one is going to entertain you lah.
You buy CCR and ask such questions? Are you really a CCR buyer?
Directly from owner. Make sure he is the real owner. He is authorised to sell. Procedure, no different from developer sale or thru agent. Lawyers involved.
everything let lawyer handle ~
devilplate
07-01-11, 10:31
everything let lawyer handle ~
here comes the tricky part without agts....OTP...use whose OTP leh...haha...one party goto give in....gd luck if the other party is a lawyer...
here comes the tricky part without agts....OTP...use whose OTP leh...haha...one party goto give in....gd luck if the other party is a lawyer...
let the lawyers settle lor.. my lawyer will also scrutinise agency OTP before telling me is ok to proceed to sign or give cheque which makes the agent unhappy lol
kingkong1984
07-01-11, 10:38
haha... dun get caught.
OTP, no date
OTP, no price.
OTP, unfavourable seller and buyer terms.
devilplate
07-01-11, 10:38
let the lawyers settle lor.. my lawyer will also scrutinise agency OTP before telling me is ok to proceed to sign or give cheque which makes the agent unhappy lol
usually using those big agency OTP...both party feels ok....but no agts involved....both party will feel scare scare....hehe....tedious...can ding dong one
Hi All,
I am buying an apartment directly from the owner. Can anyone advise me on what to look out for and the procedure in doing so?
This is my 1st time buying directly from an owner so need some help.
Thank you
Am sure the seller would have somethg for u to sign?
Else get a lawyer to handle/vet everythg. They will do all necessary searches & legal document for u.
Good luck! :D
Regulators
07-01-11, 12:02
Lawyers charge $500 more for otp when it is so easy to get.
devilplate
07-01-11, 12:03
Lawyers charge $500 more for otp when it is so easy to get.
its not a matter of getting....
Regulators
07-01-11, 12:07
I have sold my own condo to direct buyer before, procedure is easier than hdb.the wording in the otp all very standard. Just get a copy from any property agency, delete away the agency names in any part of the otp you can use it already. Have done that before and it worked.
its not a matter of getting....
devilplate
07-01-11, 12:08
I have sold my own condo to direct buyer before, procedure is easier than hdb.the wording in the otp all very standard. Just get a copy from any property agency, delete away the agency names in any part of the otp you can use it already. Have done that before and it worked.
depending vy much on the other party.....chin cai one...easy
kingkong1984
07-01-11, 12:25
So easy, post a copy of each agency,s otp and strike out their name. Anyone? I have no exp so cannot post.
Hi All,
I am buying an apartment directly from the owner. Can anyone advise me on what to look out for and the procedure in doing so?
This is my 1st time buying directly from an owner so need some help.
Thank you
Regulators is right. Selling and buying condo on your own or directly with owner is much easier than HDB. You don't need agents if you don't want. But i still use one particular agent who is excellent in finding good units for me. But once i say ok to the unit, actually she's no longer involved in the process from that time on.
If you are frightened, then use a good lawyer from a good firm. I use Lee and Lee for all my transactions including HDB and he's good and gives me peace of mind. If anything goes wrong i know he's on top of everything. So i feel the extra is always worth it.
Unlike my previous experience with those in Toa Payoh, most times you only meet the intern or secretary and the lawyer can forget which case you belong to. So your fear may come from these lawyers.
If not, everything before you sign just forward to your lawyer and get him to ok then you sign, including the OTP (regardless it came from you or the other party).
Agent chia chao liao(eat grass) if everyone do by themselves....ha ha...:)
Regulators
07-01-11, 13:30
If agents can spot good buys for clients and sell high for sellers, won't jia chao lah.
Agent chia chao liao(eat grass) if everyone do by themselves....ha ha...:)
Regulators
07-01-11, 13:31
Sometimes agents find me good buys, I happily let them earn.
Agent chia chao liao(eat grass) if everyone do by themselves....ha ha...:)
devilplate
07-01-11, 13:33
I will still let agt to sell for me.... Imagine buyer come n view.... Den how i gona do follow up? Call the buyer up, makes me despo.... Smtimes buyer jus nid an extra push to commit.... Certain things still nid a middleman
Regulators
07-01-11, 13:46
Buying can get agent but for selling I prefer to sell myself and save the thousands of dollars. It is really so simple. You only see the buyer once when buyer pays you the 1% and later everything handled by lawyers.
I will still let agt to sell for me.... Imagine buyer come n view.... Den how i gona do follow up? Call the buyer up, makes me despo.... Smtimes buyer jus nid an extra push to commit.... Certain things still nid a middleman
Directly from owner. Make sure he is the real owner. He is authorised to sell
Ask for latest poperty tax printout to verifying ownership. This can be done on the IRAS website.
Ask for latest poperty tax printout to verifying ownership. This can be done on the IRAS website.
subsale and just TOP where got property tax?
check for caveats in INLIS, ask S&P last time.
I will still let agt to sell for me.... Imagine buyer come n view.... Den how i gona do follow up? Call the buyer up, makes me despo.... Smtimes buyer jus nid an extra push to commit.... Certain things still nid a middleman
This is a very real situation. Calling up the buyer makes the owner seem desperate. The buyer will then get the false impression that a big price discount is possible.
It gets particularly frustrating when some auntie call up, tell you their sad stories and bargain over the $10-20 psf. The worst thing is after they get their best price, still want to negotiate longer option date etc. Feels like I am selling fish in market. Its best to let agents handle them so I can :sleep:
subsale and just TOP where got property tax?
check for caveats in INLIS, ask S&P last time.
for rich owners caveat may not be lodged. especially for subsale cases where cash outlay is small.
the last piece of evidence of ownership is stamp duty. get a copy of this.
for rich owners caveat may not be lodged. especially for subsale cases where cash outlay is small.
the last piece of evidence of ownership is stamp duty. get a copy of this.
If borrow from bank, will see caveat.
If don't borrow and 100% fully paid up, the seller will possess the original title deed.
The problem if property still under construction and caveat not lodged.
If show only copy of stamp duty, ex-owner can sell to multiple persons or not?
That one has to ask lawyer's advice. How to check for proof of ownership.
Yes, Seller can act on its own and get lawyer do do the transaction. OTP can be prepared by the lawyer. Sellers lawyer will deal with the buyers lawyer on the legal formalites.
Buyer can insist to see the owners CT and the latest IRAS property tax.
devilplate
07-01-11, 16:56
i believe INLIS will provide ownership details regardless whether caveat lodge b4 anot....any guru to clarify? just pay few bucks only ....i done b4...hehe
Agent chia chao liao(eat grass) if everyone do by themselves....ha ha...:)
They (agent) must do their job and earn the Comm…some agent just arrange the viewing and thing the job is done..
if they represent their clients, they should look aft the interest. (be it rep buyer or seller)
shauntanzs
07-01-11, 17:18
Thanks everyone for the advise, my previous CCR direct developer mah so no need to worry. This unit I buying is direct owner dats why I am abit concern. Ya, my lawyer say will charge $500 for preparing opt.
Good idea on using back my old opt n delete the wordings n print again.. Thanks friends in condosingapore.
subsale and just TOP where got property tax?
check for caveats in INLIS, ask S&P last time.
I think as long as it has TOPed, the owner(seller) should be able to log into Property Tax e-services on the IRAS website with his Singpass and retrieve his property info on the "View My Property Portfolio/ Change Mailing Address" or "View Account Summary" link.
There may be no tax assessed yet but the property should still be assigned a tax reference and therefore accessible in the IRAS website.
This is what I ask for even when there is an agent involved but especially so when an agent is not involved.
Agree INLIS is another good way, btw take note of its operating hours.
Anyway, its just me, I guess I'm the kiasu type. By the way this is only a suggestion.
Good Luck on your purchase. Cheers!
kingkong1984
08-01-11, 01:55
Thanks everyone for the advise, my previous CCR direct developer mah so no need to worry. This unit I buying is direct owner dats why I am abit concern. Ya, my lawyer say will charge $500 for preparing opt.
Good idea on using back my old opt n delete the wordings n print again.. Thanks friends in condosingapore.
If u were given a choice of layout selections and choices for theme colour, sunken bath or bathtub etc. Make sure it is updated. You basically sell what you can sell and reflected 100% as such.
kingkong1984
08-01-11, 04:37
Buying can get agent but for selling I prefer to sell myself and save the thousands of dollars. It is really so simple. You only see the buyer once when buyer pays you the 1% and later everything handled by lawyers.
You have to entertain a lot of calls. Success rate maybe 100 calls before u get 10 possible buyers and out of it maybe just 1 or 2 would give you offers. And the bargaining part, very delicate. Middle men do the shit work for you. All ok except when Middle men try to makan you as well as buyer. Not so easy to sell a property lah. That's why you need professional lawyers, professional agents and most importantly, ethical agents. I agree in paying money and perhaps more money to agents for a job well done.
I think as long as it has TOPed, the owner(seller) should be able to log into Property Tax e-services on the IRAS website with his Singpass and retrieve his property info on the "View My Property Portfolio/ Change Mailing Address" or "View Account Summary" link.
There may be no tax assessed yet but the property should still be assigned a tax reference and therefore accessible in the IRAS website.
........
No such thing. The developer will update IRAS, which will then update the system. From TOP until update, according to IRAS, takes about 1 month, but according to IRAS, also up to individual developer.
Until you receive your FIRST property tax, it would not appear under "View My Property Portfolio".
The property will be in IRAS system after developer give data to IRAS, but would not appear in "View My Property Portfolio".
How I know? called them already personally already.
My property just TOP but does not appear in IRAS system.
My properties under construction, also does not appear in IRAS system.
My property TOP a few months, still does not appear in "view my property portfolio", but in IRAS syste, already have reference no. Will only appear when receive property tax letter, according to IRAS officer.
devilplate
08-01-11, 09:46
INLIS definitely got ownership records rite....pay few bucks and chk the name la....:cheers6:
INLIS definitely got ownership records rite....pay few bucks and chk the name la....:cheers6:
Nope, even if you have unit number etc, if just sold, or even a few months after project is fully sold, INLIS would not have ownership data.
How I know? Check for a specific unit no in a particular project, didn't appear. call INLIS service. Their customer service also don't know how to check for ownership details if caveat not lodge. Or maybe that customer service is ignorant. Why save a few dollars? Engage a lawyer for peace of mind. Unless that lawyer run away with the money :banghead:
devilplate
08-01-11, 09:51
Nope, even if you have unit number etc, if just sold, or even a few months, INLIS would not have ownership data.
How I know? Check for a specific unit no in a particular project, didn't appear. call INLIS service. Their customer service also don't know how to check for ownership details if caveat not lodge.
if jus sold....nid to wait till sales completion....so far...those subsale units tat i bot ...no problem....
so if its just sold...the only proof is lawyer's correspondence letter?
devilplate
08-01-11, 09:53
Nope, even if you have unit number etc, if just sold, or even a few months after project is fully sold, INLIS would not have ownership data.
How I know? Check for a specific unit no in a particular project, didn't appear. call INLIS service. Their customer service also don't know how to check for ownership details if caveat not lodge. Or maybe that customer service is ignorant. Why save a few dollars? Engage a lawyer for peace of mind. Unless that lawyer run away with the money :banghead:
i pay INLIS few bucks leh....not saving few bucks....
engage lawyer? we goto chk the ownership b4 we pay 1% deposit mah
if jus sold....nid to wait till sales completion....so far...those subsale units tat i bot ...no problem....
so if its just sold...the only proof is lawyer's correspondence letter?
No idea.
That project was fully sold in May 2010 I think. I check ownership records in November for particular unit. What no ownership detail? Still under developer name? Check 1 other unit in that project. Also no ownership detail. Maybe I check wrongly? Not likely, since I purchased a few property ownership details before, both uncompleted and completed.
Beats me how lawyer does it.
I invested a few $ to know more about Singapore system ;)
next time to singapore, then I will go personally to treasury building to find out.
devilplate
08-01-11, 10:03
No idea.
That project was fully sold in May 2010 I think. I check ownership records in November for particular unit. What no ownership detail? Still under developer name? Check 1 other unit in that project. Also no ownership detail. Maybe I check wrongly? Not likely, since I purchased a few property ownership details before, both uncompleted and completed.
Beats me how lawyer does it.
I invested a few $ to know more about Singapore system ;)
next time to singapore, then I will go personally to treasury building to find out.
to my best knowledge....tats the best method liao...if not goto ask for stamp duty cert, lawyer correspodence letter blah blah lor...
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