Buying from housing agent whom is the owner of property

[yukiari]

Hi All,
Urgently need advise on this, if the property I am going to buy is advertised by the housing agent whom is apparently also the owner, how should I proceed with the paper work e.g the option to purchase... do I need to engage another housing agent to represent me and sign on the opt to purchase as the witness? what document I need to obtain from the owner cum the agent during the signing of option to purchase?
What checking I need to do to make sure it is not a scam? thks !!!

[silver023]

Hi All,
Urgently need advise on this, if the property I am going to buy is advertised by the housing agent whom is apparently also the owner, how should I proceed with the paper work e.g the option to purchase... do I need to engage another housing agent to represent me and sign on the opt to purchase as the witness? what document I need to obtain from the owner cum the agent during the signing of option to purchase?
What checking I need to do to make sure it is not a scam? thks !!!

As basic, owner should show you the Property Title Deed which reflects his name (the name you write the cheque to).

Paperwork is tricky... try to get an agent to represent u (commission to be paid by the seller).

[Regulators]

agent selling their own house is very common, what makes you think it could be a scam? In fact you should be happy to buy from an agent as they know the procedure well.

Hi All,
Urgently need advise on this, if the property I am going to buy is advertised by the housing agent whom is apparently also the owner, how should I proceed with the paper work e.g the option to purchase... do I need to engage another housing agent to represent me and sign on the opt to purchase as the witness? what document I need to obtain from the owner cum the agent during the signing of option to purchase?
What checking I need to do to make sure it is not a scam? thks !!!

[yukiari]

Hi Silver,

thks for the advise.. this is really helpful.
The issue is owner cum agent doenst want to pay the comm to other housing agent,
So I was thinking , can I get any housing agent to represent me and be the witness on the OTP signing and I pay him some token of appreciation?

[Regulators]

you can get your friend to be the witness unless you think you have too much money to throw. If you are buying HDB, the transaction is very straightforward. If you are buying private property, it is even more straightforward, just get your lawyer to advise you what to do.

Hi Silver,

thks for the advise.. this is really helpful.
The issue is owner cum agent doenst want to pay the comm to other housing agent,
So I was thinking , can I get any housing agent to represent me and be the witness on the OTP signing and I pay him some token of appreciation?

[yukiari]

you can get your friend to be the witness unless you think you have too much money to throw. If you are buying HDB, the transaction is very straightforward. If you are buying private property, it is even more straightforward, just get your lawyer to advise you what to do.

Hi Regulators,

thks for the advise. I am the 1st time buyer and have not got my lawyer,
So wanted to get some advises before placing the 1 % taking into consideration that the owner cum the agent also told me that he has also just signed the tenancy agreement with new tenant, so the new owner will take over that 1 year lease that will end by end 2011

I have a friend whom encounter such scenario that turned out to be scam (somewhere else NOT in Singapore) .

[Regulators]

if you are buying with tenancy you have to be careful what the tenancy agreement says. You have to make sure the deposit held by the current owner (which is the agent) is transferred to your name with the sale of the property. I have encountered situations whereby the owner keeps the deposit and the buyer has no recourse as that is not stated in the agreement between the buyer and seller. The agent simply wants to earn that few months of rental while awaiting for your purchase to complete (quite smart of him to do that) but you have to read the terms of the tenancy agreement carefully to spot and irregularities.

Hi Regulators,

thks for the advise. I am the 1st time buyer and have not got my lawyer,
So wanted to get some advises before placing the 1 % taking into consideration that the owner cum the agent also told me that he has also just signed the tenancy agreement with new tenant, so the new owner will take over that 1 year lease that will end by end 2011

I have a friend whom encounter such scenario that turned out to be scam (somewhere else NOT in Singapore) .

[Douk]

Hi Regulators,

thks for the advise. I am the 1st time buyer and have not got my lawyer,
So wanted to get some advises before placing the 1 % taking into consideration that the owner cum the agent also told me that he has also just signed the tenancy agreement with new tenant, so the new owner will take over that 1 year lease that will end by end 2011

I have a friend whom encounter such scenario that turned out to be scam (somewhere else NOT in Singapore) .

you need to check the title deed/mgmt fee invoice, and the seller ic. If there is a tenancy agreement, make am copy for detail reading, then sign otp.
Upon signing the otp, bring a friend as witness to sign the copy with seller. If there is no carbon copy, sign on both printed copy. If both sides are joint owners, make sure both names, ic and signatures are written and signed.


Get a banker to confirm loan, if necessary. Banks can help to get lawyer. Else, hdb hub has many for you to choose. Check and ensure the this lawyer charges can be claimed from bank.

Cheers.

[yukiari]

Hi Douk,
Is this to be done when I give the 1% or when I pay the 4% ? thks

you need to check the title deed/mgmt fee invoice, and the seller ic. If there is a tenancy agreement, make am copy for detail reading, then sign otp.
Upon signing the otp, bring a friend as witness to sign the copy with seller. If there is no carbon copy, sign on both printed copy. If both sides are joint owners, make sure both names, ic and signatures are written and signed. Cheers.

[Douk]

Hi Douk,
Is this to be done when I give the 1% or when I pay the 4% ? thks

1% upon otp signed. The rest thru lawyer. Lawyer will guide you.

[cadenza]

u will need a lawyer anyway for the transaction - assuming private property. get one early and read through your otp and advise your concerns on this purchase with tenancy.

[louisebrown]

Pl do not pay 1% in haste.

Before paying up the 1%, ensure that:-
(1) you get a copy of the OTP for your lawyer to vet.
(2) a copy of the tenancy ag for your lawyer to vet.

When your lawyer is satisfied with both documents, meet up with the seller to
verify his ownership by checking:-
(1) the title deed, if he has possession of it;
(2) if he doesn't (which is very likely if there is a caveat lodged against the property), you should have done a title search from INLIS (title ownership)
Property tax return and management corporation fee receipts are not conclusive evidence of ownership.

Get yourself a good lawyer.

[louisebrown]

Regarding the 'witness' issue, I do not understand your problem.
The seller will arrange for his witness to be present when he gives you the OTP.
Make sure that you are present when both the seller and his witness signs off the OTP.
You should 'accept' the OTP in your lawyer's office and the lawyer's secretary can be your witness.

[zzz1]

agent selling their own house is very common, what makes you think it could be a scam? In fact you should be happy to buy from an agent as they know the procedure well.

true, ever encountered such case.
I told the seller/agent/Owner that he had already have 'substaintial saving' from Comm fee. As such neg the price should be more flexible.

[zzz1]

Hi All,
Urgently need advise on this, if the property I am going to buy is advertised by the housing agent whom is apparently also the owner, how should I proceed with the paper work e.g the option to purchase... do I need to engage another housing agent to represent me and sign on the opt to purchase as the witness? what document I need to obtain from the owner cum the agent during the signing of option to purchase?
What checking I need to do to make sure it is not a scam? thks !!!

You should ask your lawyer to start looking into the unit liao...