Purchase of private property need to pay agent's commission

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mary_tan
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Purchase of private property need to pay agent's commission

Post by mary_tan » Fri, 08 May 2020 3:48 pm

Any idea on the Msg title?

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sundaymorningstaple
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Re: Purchase of private property need to pay agent's commission

Post by sundaymorningstaple » Fri, 08 May 2020 3:53 pm

If you used an agent, yes.
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Re: Purchase of private property need to pay agent's commission

Post by Zhou Anqi » Thu, 21 May 2020 2:23 pm

If I remember correctly I never pay the seller's agent any commission that time when I purchased my private home. For Private properties in singapore, normally don't have to pay commission to the seller's agent by right. Hope that answer your question.

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Re: Purchase of private property need to pay agent's commission

Post by PNGMK » Thu, 21 May 2020 4:33 pm

If you don't use a buyer's agent (but search yourself) you don't pay the seller's agents commission separate to the property purchase. It is obviously factored in which means you should consider it in negotiations. For example when I bought my place I asked the agent what her comm was - she said 3% - so I told her I would pay $1,030,000 as then the seller would have the psychological win of a million dollars (asking price was $1.3MM) after clearing his agent's comm. It worked.

Also make sure you check the URA website for last transacted price - there is no reason to be more than a few % of the last transacted price unless there is a "DDDD" impact involved (Divorce,Debt,Disaster or Death). Singapore prices don't move "that" fast. Also it's perversely NOT a buyers market even now with Covid.
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Re: Purchase of private property need to pay agent's commission

Post by mary_tan » Sun, 24 May 2020 1:32 pm

Err..Why are you concern about the seller agent's commission? You mean if I use a buyer's agent service I have to pay the agent's commission for private property? But what I heard that for property property the buyer's agent will collect the commission from the seller's agent or seller. Correct me if I'm wrong?

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Re: Purchase of private property need to pay agent's commission

Post by tt1973 » Sun, 24 May 2020 1:47 pm

sundaymorningstaple wrote:
Fri, 08 May 2020 3:53 pm
If you used an agent, yes.
I beg to differ.

Buyer of private properties need NOT pay any commission. Even if the buyer engage an agent, the sell will still need to pay commission to the seller's agent. The buyer's agent will then cobroke with the seller's agent.

Hence, regardless of whether the buyer is engaging an agent or not, the seller still need to pay the same amount of commission which is already factor into the selling price.

Therefore, it is better off engaging an agent for the buyer as the agent will then protect the interest of the buyer, inform the buyer if the contract terms is unfair, negotiate on behalf of the buyer, etc.

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Re: Purchase of private property need to pay agent's commission

Post by Zhou Anqi » Wed, 10 Jun 2020 10:52 am

Yes, IN singapore no need to pay buyer's commission for private property but for HDB flat yes! Price ranging from 0.5%-1% of the buying price!

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