Posted: Fri Jan 27, 2012 9:47 pm Post subject: at what point during contract resolution
at what point during contract resolution is it normal to hand over money?
I'm currently mid-signing for a house, Have signed the LOI and the agent would like 1 months rent to secure the house. Does this sound like normal practise?
Is this normal?
I will sing the contract on monday or so, and then pay adv. rent, agent fee, stamp etc.
Property agents here are all freelancers, and typically do this temporarily when out of job or lured by the prospect of "get rich quick".
They live off commissions only and are not employed by the company (which only gives their agents access to property listings - and charge for it!).
Many (if not most) would do anything to get your money (even though, according to the new law, they are not allowed to charge the tenant in most cases).
well the agent seems to be from a reputable company, PropNex ... I just wondered if this was how things are done here...
My impression is that it is how they would like you to think are done in SG. The market is really quite unregulated so the agents have a lot of lee-way to set their personal ground-rules (i.e. what they tell you re: 'how it works here'). During times of market insanity maybe you do have to bend-over and take it, to get a place you want. But I'm not persuaded that now is one of those times.
It does seem weird that im giving money on the promise of seeing a contract in a few days.
Quite. They're asking you to pay on the promise of a contract that could contain anything. I'm blowed if I'd do it.
I think ill suggest money after contract signed.
I would too, or rather contract and keys in return for the contractual money. Expect all kinds of 'It doesn't work like that' etc...
I'm also going to get a friend to ring the company, check the agent is a real agent... but i guess even then she could be doing a scam on the side...
EDIT
Shes listed on the CEA's Website, so she's defo legit.
now i just want to know if its normal to pay the damage deposit when signing the LOI!
A damage deposit for what? How can you damage a home you aren't even in a contract for, and don't have possession of?
As it happens, HSBC wont accept intenational money transfers on the weekend anyway so they're gonna have to wait till monday, actually a decent reason to wait and then get it all done.
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