HDB home owners - Agents partner with Rogue Lawyers to jack up rates
April 2011
Amidst many complaints against property agents, the Singapore government has set up the Council of Estate agencies to regulate the property agency business as well as to issue each property agent with a license number, and measures such as NO dual representation do not go far enough.
If you have discovered that you have paid more than a certain rate for your legal conveyancing, you should raise a suspicion and make a NOTE (though not necessarily a complaint) to Council of Estate Agencies (CEA).
There is also a rule in which agents cannot refer home owners to money lenders. Shouldn’t CEA ban agents from striking deals with bankers and lawyers and pocketing illegal kick backs?
Agents are still happily making referrals to lawyers and banks. This is a serious problem and we should highlight here so that in case you are a victim, you could raise this issue with Council of Estate Agencies.
Agents like to strike deals with lawyers to give them kick back. So where is the extra fees coming from? The lawyer (those bad ones) will go about charging the home buyer more in order to pay out the commission. Not only that, agents also work with companies that have pre-arranged ELEVATED legal fees with some law firms. This extra cost is passed on the home buyer. These illegal companies then pass on this extra commission gained as a result of illegal legal fee kick back to the agents. This is illegal under current law as lawyers cannot give out commission from their law fee.
Property agents also push you towards unattractive home loan rates just so as to benefit from the legal fees kick back.
It is always useful to note down the time, date of communication with the property agent. And try to communicate more with Emails and get them to confirm their facts via email. Do not rely too much on verbal conversation.
Attached here is a property agent complaint form which we downloaded from the CEA website. (Please note, you should always check the CEA website to ensure that the form is up to date, we only provide a convenience and are not liable to any losses whatsoever from using the form)A property agent complaint form is available at property buyer. You can contact them at loans (at) propertybuyer.com.sg
CEA Property Agent Complaint Form is available upon request.
Reasonable conveyancing rates guide
For HDB buyers - Buying a HDB in the resale market
$500 mortgage stamp fee is around $1900 to $2300. In fact, $2300 is already at the higher range, you should already start to open your eyes and raise a complaint or lodge a check with CEA if it is at above $2000.
Conveyancing rates for HDB home loan refinance
The estimated legal fees inclusive of Mortgage stamp fee is from $1900 to $2300.
For Private Property Loan- Buying a New Condo under construction
Total (Inclusive of Mortgage Stamp fee) is $2500 (for near to TOP) to $3500 (for those many years later)
Some law firms claim that it will cost them more resources to keep things on file and track condos which are still under construction. And indeed if the completion is far away, the law firm’s responsibility is dragged out longer. If they did not execute according to the letter of instructions from banks, they may become black listed by the banks and be kicked out of the bank’s panel. The cost is also more.
Legal conveyancing for buying Private residential – completed condominium
Total (Include of mortgage stamp fee) is $2500 to $3210.
The price varies a bit, depending on the law firm and the banks. Some banks are deemed more troublesome at the back end, therefore some law firms charge more. But there is a limit to it, so the above prices can be used as a guide.
Conveyance fees for Private Residential Refinance
The legal conveyance fees (including mortgage stamp fee) ranges from $2500 to $2800.
Why do legal conveyance rates differ?
Basically it is up to the law firms when to charge you higher. Perhaps sometimes, we feel it depends on their mood, other times, it depends on whether they are in cahoots with the Dishonest property agents.
Law firms can charge you extra under these situations: -
Last minute appointments such as 1 day before the exercising of option date, law firms may charge more.
Exercise dates falling into public holidays (maybe)
Faster that the normal legal completion date.
Liaising with CPF on expediting payment.
Multiple parties involved in the property.
Involving bridging loans or construction loan.
In illegal partnership with property agents.
Not corrupt, but legal conveyancing is not their core business and hence they charge a higher price.
Some property, usually those above 3m may face higher legal conveyancing fees, due to more potential complexity. (But not always the case)
Involving probate cases and estate issues.
What can you do if you get charged higher fees than normal?
If you have discovered that you get charged a higher fee than what we have described, it is possible that you have been cheated by the property agents, if you have not been cheated by the agents (in that they did not receive a commission), it is possible that you have over-paid.
Although the law society fee recommendation stipulates a higher fee, the free market has stabilized on the above fees which we have highlighted and hardly anyone uses the recommended fee.
In case you have paid higher than the highest range there, you can take down your property agent's license number and raise a complaint in case the bank and/or the law firm was referred to you by the property agent.
CEA Property Agent Complaint Form
These guideline fees are what we understand to be correct market rates as at April 2011
In case you do not know if you are cheated, you can tell us your story, we will be able to guesstimate whether you have been cheated.
write to loans at propertybuyer.com.sg perhaps we can go through your case to let us know if you have been cheated.
SMS Property Buyer mortgage consultants at: +65 9782 8606
Showing posts with label Dishonest Singapore property agent. Show all posts
Showing posts with label Dishonest Singapore property agent. Show all posts
Tuesday, April 5, 2011
Monday, August 30, 2010
Invest in Singapore: Career as a Mortgage Consultant
Invest in Singapore: Career as a Mortgage Consultant
Article contributed by: www.PropertyBUYER.com.sg
Attention to all honest property agents out there. If you are financially inclined or if you are an ex-banker, you are welcome to send your resume for our selection.
With the new property agency ruling, those who has are currently employed may not want to continue to be property agents. You can consider a career as Mortgage Consultant.
At Property Buyer Mortgage Consultants, we want people with the right attitudes.
Are you driven? Do you want to make a lot of money?
If the answer is YES, we DON’T WANT YOU!!!
Our Beliefs - Property Buyer Mortgage Consultants
Why Integrity?
At Property Buyer Mortgage Consultants, we want to make money too, and lots of it. But we do not start off thinking about money. We believe that money and income is a consequence of providing a good and honest service.
Integrity also means, we do not engage in illegal legal fee kick-back.
Integrity means, we cannot favour one bank versus another. Some times one bank may give a slightly benefit than the others, we cannot deliberately steer the customer to such banks.
Integrity means that if you become Property Buyer Mortgage Consultants, you cannot engage in private deals and you cannot ask customers for additional fees for doing a job or use whatever means to extort or coerce for such fees.
Do Note that, such behaviour will mean termination and Property Buyer reserves the right to sue you to the maximum amount and extent permissible under the law.
Always uphold the customer’s interest even if it may mean that we lose a deal. We know that it is painful, but we promise you, the rewards are enormous if we can set ourselves apart from all the dishonesty in the market place.
Why Passion?
If you are looking for a lot of money as a start-off point, you will find that there is a cost for observing our Integrity rules. That means that there may be many hungry months.
Such hungry months may mean that many will turn to cheating and deceit to achieve their monetary goals. If you do not have some financial resources and enough passion, you will stray. Therefore Passion to serve and do RIGHT and be the beacon in this industry is the principles we want all of you to have.
With passion, you can last long.
If you think this does not make sense, read no further. We don’t want you in our team.
Why Empathy?
Empathy is important in a service business. We would call it the “in-your-shoe” thinking. Property Buyer Mortgage Consultants cannot assume that they know best. You may have financial knowledge and some of you may have an MBA and a CFP, but that does not mean you know the customer’s own circumstances and situation.
There will be times when customer seems undecided between choices which to you may seem like a straight forward decision, what do you do during these stage?
This is the discovery stage at the customer’s end. They are pondering between the many choices and weighing it with their own career considerations, lifestyle choices, cash flow as well as many other permutations.
It is extremely important to try to see it from their point of view. Be patient and sympathetic to their dilemma. Listen and give them an un-biased view of the various options. Do NOT jump in with what you think is best. Do NOT recommend packages, but instead provide the PROS and CONS of each home loan package for their consideration.
Let the customer discover themselves what packages fits their own needs. This is important so that we do not have any decision blind-sight. This is very important, never assume that you know best!
Why Knowledge?
Www.PropertyBUYER.com.sg mortgage consultants must be financially well read and be in touch with the latest statistics and trends in the market. Most often, a customer do not want to simply compare rates, they want someone to guide them through the Property Buying process to avoid being cheated by Dishonest Singapore Property Agents or sometimes they want someone to guide them to help them to negotiate a fair value for their property.
Customers need someone knowledgeable to guide them through the process of property buying, of refinancing and to intelligently discuss the possible financial implication of each.
As Property Buyer Singapore Mortgage Consultants, we are a Research Focused company, we do not make unsubstantiated statements about the market.
We cannot and should not comment on market sentiments. For example someone says Casinos are built, the properties will increase in value. What do you respond? How do you respond?
You must have the wisdom to research the facts to justify or debunk the statement. Else keep your comments to yourself. Because we are seen as experts in the field, if you cannot say something that makes sense and that is factually correct, then do not say anything.
If what you say has some assumptions, then do also make sure to qualify your statement with the assumptions.
Why Income?
After carrying out a professional job, of course you will be rewarded. And you will find that it will be highly rewarding after you had done a good job. Income is a consequence of all the above. There is no easy money, we are not afraid to say it. We keep to our motto and acting on it and it has paid off.
Integrity, Passion, Empathy and Knowledge is good business. You can cheat a customer once or twice and earn good money, but you will not have repeat customers and not have many valuable referrals.
So by “DOING THE RIGHT THINGS, RIGHT” you will have plenty of income. And let’s face it, the customer will always remember the person, not the company. If you are professional and carry out the 4 values of Property Buyer Mortgage Consultants you will gradually gain a following of customers who trust you with your judgement and who trust that you will take care of their interests. You will have endless streams of business.
Every one customer you serve, you should uphold the 4 principles of Integrity, Passion, Empathy and Knowledge and with that, each customer will tell 10 others how well you have done.
At Property Buyer Mortgage Consultants, we believe in an honest day’s work, as a result, you must NOT give rebate out of your commission to anybody. This practice is NOT acceptable to us and you will be terminated if you do so. An honest day’s work (often several weeks of work), deserves to be paid a salary.
Why become a Property Buyer Mortgage Consultant?
As a person grows in his/her career, age catches up, retrenchments become common. Sometimes jobs are replaced outright with new processes or machines. A mortgage consultant’s career rises with the number of years in the business as more and more customers who have been served professionally grow with the mortgage consultant and refer ever more business.
Will Mortgage Consultant grow rich? Yes, the answer is yes. The more knowledge and contacts accumulated, the more potential income.
About Property Buyer Contact Property Buyer
www.PropertyBUYER.com.sg
We are a Research-focused Singapore Mortgage Consultant which helps you compare Singapore Home loans either for new home loans or Singapore Mortgage refinance home loans, we balance risks versus rewards for each home loan to match your risk profile and financing needs.
Call us if you fit the description.
Not Simply Cheap, but what Fits. We Research, You Save!
Tel: 6100 - 0608
SMS: 9782 - 8606
Email: Career@PropertyBUYER.com.sg
Article contributed by: www.PropertyBUYER.com.sg
Attention to all honest property agents out there. If you are financially inclined or if you are an ex-banker, you are welcome to send your resume for our selection.
With the new property agency ruling, those who has are currently employed may not want to continue to be property agents. You can consider a career as Mortgage Consultant.
At Property Buyer Mortgage Consultants, we want people with the right attitudes.
Are you driven? Do you want to make a lot of money?
If the answer is YES, we DON’T WANT YOU!!!
Our Beliefs - Property Buyer Mortgage Consultants
Why Integrity?
At Property Buyer Mortgage Consultants, we want to make money too, and lots of it. But we do not start off thinking about money. We believe that money and income is a consequence of providing a good and honest service.
Integrity also means, we do not engage in illegal legal fee kick-back.
Integrity means, we cannot favour one bank versus another. Some times one bank may give a slightly benefit than the others, we cannot deliberately steer the customer to such banks.
Integrity means that if you become Property Buyer Mortgage Consultants, you cannot engage in private deals and you cannot ask customers for additional fees for doing a job or use whatever means to extort or coerce for such fees.
Do Note that, such behaviour will mean termination and Property Buyer reserves the right to sue you to the maximum amount and extent permissible under the law.
Always uphold the customer’s interest even if it may mean that we lose a deal. We know that it is painful, but we promise you, the rewards are enormous if we can set ourselves apart from all the dishonesty in the market place.
Why Passion?
If you are looking for a lot of money as a start-off point, you will find that there is a cost for observing our Integrity rules. That means that there may be many hungry months.
Such hungry months may mean that many will turn to cheating and deceit to achieve their monetary goals. If you do not have some financial resources and enough passion, you will stray. Therefore Passion to serve and do RIGHT and be the beacon in this industry is the principles we want all of you to have.
With passion, you can last long.
If you think this does not make sense, read no further. We don’t want you in our team.
Why Empathy?
Empathy is important in a service business. We would call it the “in-your-shoe” thinking. Property Buyer Mortgage Consultants cannot assume that they know best. You may have financial knowledge and some of you may have an MBA and a CFP, but that does not mean you know the customer’s own circumstances and situation.
There will be times when customer seems undecided between choices which to you may seem like a straight forward decision, what do you do during these stage?
This is the discovery stage at the customer’s end. They are pondering between the many choices and weighing it with their own career considerations, lifestyle choices, cash flow as well as many other permutations.
It is extremely important to try to see it from their point of view. Be patient and sympathetic to their dilemma. Listen and give them an un-biased view of the various options. Do NOT jump in with what you think is best. Do NOT recommend packages, but instead provide the PROS and CONS of each home loan package for their consideration.
Let the customer discover themselves what packages fits their own needs. This is important so that we do not have any decision blind-sight. This is very important, never assume that you know best!
Why Knowledge?
Www.PropertyBUYER.com.sg mortgage consultants must be financially well read and be in touch with the latest statistics and trends in the market. Most often, a customer do not want to simply compare rates, they want someone to guide them through the Property Buying process to avoid being cheated by Dishonest Singapore Property Agents or sometimes they want someone to guide them to help them to negotiate a fair value for their property.
Customers need someone knowledgeable to guide them through the process of property buying, of refinancing and to intelligently discuss the possible financial implication of each.
As Property Buyer Singapore Mortgage Consultants, we are a Research Focused company, we do not make unsubstantiated statements about the market.
We cannot and should not comment on market sentiments. For example someone says Casinos are built, the properties will increase in value. What do you respond? How do you respond?
You must have the wisdom to research the facts to justify or debunk the statement. Else keep your comments to yourself. Because we are seen as experts in the field, if you cannot say something that makes sense and that is factually correct, then do not say anything.
If what you say has some assumptions, then do also make sure to qualify your statement with the assumptions.
Why Income?
After carrying out a professional job, of course you will be rewarded. And you will find that it will be highly rewarding after you had done a good job. Income is a consequence of all the above. There is no easy money, we are not afraid to say it. We keep to our motto and acting on it and it has paid off.
Integrity, Passion, Empathy and Knowledge is good business. You can cheat a customer once or twice and earn good money, but you will not have repeat customers and not have many valuable referrals.
So by “DOING THE RIGHT THINGS, RIGHT” you will have plenty of income. And let’s face it, the customer will always remember the person, not the company. If you are professional and carry out the 4 values of Property Buyer Mortgage Consultants you will gradually gain a following of customers who trust you with your judgement and who trust that you will take care of their interests. You will have endless streams of business.
Every one customer you serve, you should uphold the 4 principles of Integrity, Passion, Empathy and Knowledge and with that, each customer will tell 10 others how well you have done.
At Property Buyer Mortgage Consultants, we believe in an honest day’s work, as a result, you must NOT give rebate out of your commission to anybody. This practice is NOT acceptable to us and you will be terminated if you do so. An honest day’s work (often several weeks of work), deserves to be paid a salary.
Why become a Property Buyer Mortgage Consultant?
As a person grows in his/her career, age catches up, retrenchments become common. Sometimes jobs are replaced outright with new processes or machines. A mortgage consultant’s career rises with the number of years in the business as more and more customers who have been served professionally grow with the mortgage consultant and refer ever more business.
Will Mortgage Consultant grow rich? Yes, the answer is yes. The more knowledge and contacts accumulated, the more potential income.
About Property Buyer Contact Property Buyer
www.PropertyBUYER.com.sg
We are a Research-focused Singapore Mortgage Consultant which helps you compare Singapore Home loans either for new home loans or Singapore Mortgage refinance home loans, we balance risks versus rewards for each home loan to match your risk profile and financing needs.
Call us if you fit the description.
Not Simply Cheap, but what Fits. We Research, You Save!
Tel: 6100 - 0608
SMS: 9782 - 8606
Email: Career@PropertyBUYER.com.sg
Monday, June 21, 2010
Invest in Singapore: Be careful of tricks property agents play on Option to purchase
Invest in Singapore: be careful Tricks agents play on Option to purchase in Singapore
Option to purchase OTP in Singapore. An option to purchase is a prelude to buying a property in Singapore. An option to purchase gives the purchaser the right to buy a property within a given time window at an agreed price, but not the obligation to do.
Bad Property deal Practices by dishonest Property agents regarding OTP Option to purchase
We treat any act that puts the interest of the buyer and seller last as unethical and bad practices.
Some Bad Singapore Property agents want the seller to sign an Option to Purchase document leaving out the date and the price unfilled. This puts the seller at risks of selling accidentally below cost and gives a potential dishonest property agent a chance of a quick sale which could costs the Owner hundreds of thousands of dollars.
On the buying side , the unethical property agents trick the property buyers into making an offer, believing that the price is agreed.
In this scenario , Dishonest agent dupes buying into believing that the deal is sealed at $1.23m, and this is the agreed asking price.
So the Property buyer makes an offer and pays a deposit for the option to purchase of $12,300 for the property. The Dishonest property agent then banks this cheque into the property owner bank account . He/she forces or sweet talk the Seller into agreeing to the deal.
In case the Property seller refuses, the property buyer is stuck while his/her cheque is already cashed by the property seller. Then the Property agent uses delay tactics to delay returning the money.
This causes buyers much worry. When they are most anxious , the dishonest property agent will offer a solution to help negotiate with the seller.
Be really angry if you will because , during this time, the crooked property agent may ask for some fee for "doing you a favour".
In case this does not work, he/she may come back telling you that the property selling wants $1.31m instead of $1.23m. And since your Option to purchase money is stuck and the Dishonest property agent has no intention of returning you the money easily (even if it is not them who kept the money), some buyers may be tricked into paying more. BINGO, the deal is done! The deal is closed!!!
We are no match for the Dishonest Singapore Property agent, they are smooth
The common man or woman on the street is usually no match for the dishonest property agents as even very senior executives get cheated. Nothing to be ashamed of, because these people have an innocent face and are genuinely cunning. But of course, there are a small fraction of honest singapore agents out here, you just have to look very hard.
A new bad development in our opinion. This practice stems from a botched deals where smart buyers discovered last minute that something is not quite right and cancelled the cheque.
Since these buyers actually do outsmart the property agents and agencies, something needs to be done to protect the interests of the Property agencies and property agents.
So they came up with a document called OFFER TO PURCHASE. An offer to purchase may hold legal weight or it may simply function more like an acknowledgement slip. But the terms of the offer needs to be carefully evaluated.
Do check through on the terms and make sure that they are reasonable for an Offer to purchase and that you have the right to rescind the offer should it not be accepted within 3 days. If possible, post date your cheque. And that you must also specify your rights such as "the offer is valid upon a reasonable and satisfactory terms stated within the Option to purchase" or words to that effect.
What if a Buyer offers to purchase and it is accepted and the subsequent Option to purchase comes, but with terms that are UNFAIR and not acceptable? Does that mean that the Property Buyer has also accepted the terms and conditions of the Option to Purchase?
Will Dishonest property agents show you an Option to purchase OTP document for your review?
Try asking them to provide you a copy of the Option to purchase, 9 out of 10 will be most reluctant to show you. Since the agencies drafted the Option to purchase documents, it usually favours the agencies and the agents and sometimes to the detriment of the Property seller and buyers. Those rare agent who may be willing to show you may be new to the trade.
So if a Singapore Property agent asks you to offer a cheque and sign an OFFER to purchase, ask them to send you both documents for your review first. And have the terms and conditions of an Option to purchase included in the offer to purchase. Otherwise you may be signing a blank cheque.
If worried , you can sms Property Buyer Singapore Mortgage Consultants at +65 - 9782-8606 in Singapore or email them at loans@propertybuyer.com.sg to guide you through the minefield of Dishonest Singapore Property agents. They have crossed swords with property agents in protecting buyer's and seller's interests in many occasions.
Should the Property Buyer sign the Option to Purchase?
Only the rightful sellers needs to sign the option to purchase. There is no need for property buyers to sign the Option to purchase. The property buyer only needs to have the original signed copy of the option to purchase in their possession. Do not leave the original copy with the Property agent!!!
Beware of letting your agent handle your original option to purchase document. They can easily sub-sale your property without you knowing about it, simply by filling in the name of the buyers if it is not filled in.
During property hype , we have heard that some agents who held copies of the original option to purchase managed to flip the properties for higher price making the difference. When the original buyers wanted to exercise option, they did not want to HAND OVER the ORIGINAL option to purchase. The buyers have no recourse as they do not have the original OTP and cannot exercise the option.
Some of the option to purchase contains a section called "And / or nominees". If the names of the buyer and the and /or nominee section is NOT filled up, then the BUYER needs to hold the original copy of the option to purchase OTP.
Some crooked Singapore Property agents may take your original OTP , make copies and then submit it to many banks to try and secure property loans from their favourite bankers and lawyers from which they have an under-table deal. These rogued lawyers then over-charge you and pay the dishonest agent a commission , which is illegal.
Is your Singapore Property agent too eager to introduce to you a bank, a banker to you? RUN for your life.
Is your property realtor too eager to recommend a lawyer or law firm? RUN for your life.
Is your Singapore property agent too keen to recommend you a contractor? RUN for your life.
Singapore property agents don't do things for free, just try asking them to give you some comparisons and some paperwork, they will try all ways to turn it away. Many are lazy and yet want to make money. If they are too keen, something's fishy. Just tell them firmly, NO thank you. We will find our own contractors, our own bankers, our own mortgage consultants and our own lawyers. Check with your close friends who are not agents to find out.
Many people in Singapore do not buy property regularly , so naturally, you may need a Singapore Mortgage Consultant at loans@propertyBuyer.com.sg who has no stake and no commission in property buying. Propertybuyer.com.sg offers free mortgage advice and property buying guidance for free. They offer their services for free to property buyers in selecting home loans as they fill the role of independent and unbiased outsourced bankers. Banks would need to incur staffing cost if not for mortgage consultants, therefore this service is offered to you free of charge at sms (text) +65 9782 8606.
Option to purchase OTP in Singapore. An option to purchase is a prelude to buying a property in Singapore. An option to purchase gives the purchaser the right to buy a property within a given time window at an agreed price, but not the obligation to do.
Bad Property deal Practices by dishonest Property agents regarding OTP Option to purchase
We treat any act that puts the interest of the buyer and seller last as unethical and bad practices.
Some Bad Singapore Property agents want the seller to sign an Option to Purchase document leaving out the date and the price unfilled. This puts the seller at risks of selling accidentally below cost and gives a potential dishonest property agent a chance of a quick sale which could costs the Owner hundreds of thousands of dollars.
On the buying side , the unethical property agents trick the property buyers into making an offer, believing that the price is agreed.
In this scenario , Dishonest agent dupes buying into believing that the deal is sealed at $1.23m, and this is the agreed asking price.
So the Property buyer makes an offer and pays a deposit for the option to purchase of $12,300 for the property. The Dishonest property agent then banks this cheque into the property owner bank account . He/she forces or sweet talk the Seller into agreeing to the deal.
In case the Property seller refuses, the property buyer is stuck while his/her cheque is already cashed by the property seller. Then the Property agent uses delay tactics to delay returning the money.
This causes buyers much worry. When they are most anxious , the dishonest property agent will offer a solution to help negotiate with the seller.
Be really angry if you will because , during this time, the crooked property agent may ask for some fee for "doing you a favour".
In case this does not work, he/she may come back telling you that the property selling wants $1.31m instead of $1.23m. And since your Option to purchase money is stuck and the Dishonest property agent has no intention of returning you the money easily (even if it is not them who kept the money), some buyers may be tricked into paying more. BINGO, the deal is done! The deal is closed!!!
We are no match for the Dishonest Singapore Property agent, they are smooth
The common man or woman on the street is usually no match for the dishonest property agents as even very senior executives get cheated. Nothing to be ashamed of, because these people have an innocent face and are genuinely cunning. But of course, there are a small fraction of honest singapore agents out here, you just have to look very hard.
A new bad development in our opinion. This practice stems from a botched deals where smart buyers discovered last minute that something is not quite right and cancelled the cheque.
Since these buyers actually do outsmart the property agents and agencies, something needs to be done to protect the interests of the Property agencies and property agents.
So they came up with a document called OFFER TO PURCHASE. An offer to purchase may hold legal weight or it may simply function more like an acknowledgement slip. But the terms of the offer needs to be carefully evaluated.
Do check through on the terms and make sure that they are reasonable for an Offer to purchase and that you have the right to rescind the offer should it not be accepted within 3 days. If possible, post date your cheque. And that you must also specify your rights such as "the offer is valid upon a reasonable and satisfactory terms stated within the Option to purchase" or words to that effect.
What if a Buyer offers to purchase and it is accepted and the subsequent Option to purchase comes, but with terms that are UNFAIR and not acceptable? Does that mean that the Property Buyer has also accepted the terms and conditions of the Option to Purchase?
Will Dishonest property agents show you an Option to purchase OTP document for your review?
Try asking them to provide you a copy of the Option to purchase, 9 out of 10 will be most reluctant to show you. Since the agencies drafted the Option to purchase documents, it usually favours the agencies and the agents and sometimes to the detriment of the Property seller and buyers. Those rare agent who may be willing to show you may be new to the trade.
So if a Singapore Property agent asks you to offer a cheque and sign an OFFER to purchase, ask them to send you both documents for your review first. And have the terms and conditions of an Option to purchase included in the offer to purchase. Otherwise you may be signing a blank cheque.
If worried , you can sms Property Buyer Singapore Mortgage Consultants at +65 - 9782-8606 in Singapore or email them at loans@propertybuyer.com.sg to guide you through the minefield of Dishonest Singapore Property agents. They have crossed swords with property agents in protecting buyer's and seller's interests in many occasions.
Should the Property Buyer sign the Option to Purchase?
Only the rightful sellers needs to sign the option to purchase. There is no need for property buyers to sign the Option to purchase. The property buyer only needs to have the original signed copy of the option to purchase in their possession. Do not leave the original copy with the Property agent!!!
Beware of letting your agent handle your original option to purchase document. They can easily sub-sale your property without you knowing about it, simply by filling in the name of the buyers if it is not filled in.
During property hype , we have heard that some agents who held copies of the original option to purchase managed to flip the properties for higher price making the difference. When the original buyers wanted to exercise option, they did not want to HAND OVER the ORIGINAL option to purchase. The buyers have no recourse as they do not have the original OTP and cannot exercise the option.
Some of the option to purchase contains a section called "And / or nominees". If the names of the buyer and the and /or nominee section is NOT filled up, then the BUYER needs to hold the original copy of the option to purchase OTP.
Some crooked Singapore Property agents may take your original OTP , make copies and then submit it to many banks to try and secure property loans from their favourite bankers and lawyers from which they have an under-table deal. These rogued lawyers then over-charge you and pay the dishonest agent a commission , which is illegal.
Is your Singapore Property agent too eager to introduce to you a bank, a banker to you? RUN for your life.
Is your property realtor too eager to recommend a lawyer or law firm? RUN for your life.
Is your Singapore property agent too keen to recommend you a contractor? RUN for your life.
Singapore property agents don't do things for free, just try asking them to give you some comparisons and some paperwork, they will try all ways to turn it away. Many are lazy and yet want to make money. If they are too keen, something's fishy. Just tell them firmly, NO thank you. We will find our own contractors, our own bankers, our own mortgage consultants and our own lawyers. Check with your close friends who are not agents to find out.
Many people in Singapore do not buy property regularly , so naturally, you may need a Singapore Mortgage Consultant at loans@propertyBuyer.com.sg who has no stake and no commission in property buying. Propertybuyer.com.sg offers free mortgage advice and property buying guidance for free. They offer their services for free to property buyers in selecting home loans as they fill the role of independent and unbiased outsourced bankers. Banks would need to incur staffing cost if not for mortgage consultants, therefore this service is offered to you free of charge at sms (text) +65 9782 8606.
Thursday, June 18, 2009
Invest in Singapore property: Strange things happen when property buying
Singapore Property Investor: Seller is different person
www.propertyBUYER.com.sg
Tel: 6100 - 0608 sms: 9782 - 8606
Email: loans@propertyBUYER.com.sg
http://www.propertybuyer.com.sg/contactus.php
Strange things do happen in property investment in Singapore.
The property buyer has decided to bid on the property which they liked.
What happens during this phase, the property agent usually tries to convince
the buyer that a loan is obtainable and valuation can be matched.
This raises the price and the cost for the buyer.
What is the risk to property buyer if he/she does not check the valuation?
Because if the buyer does not check the valuation prior to committing to a
property, there may be just 1 bank which can support the high valuation.
The property investor may be left with only one choice for their home loan.
They end up paying for a more expensive home loan.
When placing Option to purchase, should I simply give a cheque?
Giving a cheque without first checking who you are paying to is a common
industry practice. However this exposes the property investor to risks.
How do you know the cheque you pay out is indeed the property seller?
You won't know unless you insist on seeing their name and NRIC on the
option to purchase. And you should consider asking the agent to show you
the prove of ownership.
Here is a True story
Our client came to us and they wanted to place an option to purchase. We
helped them to check who the owner was.
On 08th June 2009, we check: -
Owner Name search
We found that the person is a person, XXX. As you can see above, the
instrument of change of proprietor and address was due to "Transfer xxxx
registered on xxxx 2003"
1 day later
1 day later our client was ready to sign on the option to purchase. When
they saw the property owner name does NOT TALLY.
Then our client asked the Singapore property agent to prove that the person
is indeed the rightful owner.
The property agent went to check, we can see it's done on the 9 June 2009.
The name on the certificate of title is indeed the correct person.
But if you check the instrument, it states "Transmission upon Death, registered on 09
June 2009." Wow, we are amazed at the coincidence.
On the 8th June 2009, it is one owner and once our client have decided to
purchase the property, on the 9th June 2009, it is another owner.
This got us worried!!! It was only a casual and routine check and we found something...
We then realized that the previous owner had died last year in 2008.
The previous owner had died. And the place of death was also clearly
stated.
So we now know the truth
The previous owner had died and his/her assets was transferred to the
current owner. We felt that the property agent was not upfront with it and we
did not feel comfortable with it. The cause of death was not stated, but it was
rumoured that the previous owner had died of unnatural death
circumstances upon checking with our friends.
What did www.PropertyBUYER.com.sg do?
We duly informed our client about this. We told them that we don't mind if
they change their minds about investing in the property. But ultimately the
choice is up to them.
Depending on what religion they believe in, they may want to check with
their respective authority on spiritual matters to bless the property.
Our client has decided not to continue the deal. And we lost a mortgage
deal. But we are glad we did it.
www.PropertyBUYER.com.sg is research-focused mortgage advisory. We do not emphasize Cheap loans, but help property buyers get home loans or refinance home loans that fits.
http://www.propertybuyer.com.sg/contactus.php
Tel: 6100 - 0608 sms: 9782 - 8606
Email: loans@propertyBUYER.com.sg
Contact us
http://www.propertybuyer.com.sg/contactus.php
Property Checklist
http://www.propertybuyer.com.sg/viewnews.php?article=39
Read More articles
http://www.propertyBUYER.com.sg/articlesnews.php
Understand Property Investing and Sub-prime
http://astore.amazon.com/httpwwwpro0ad-20?%5Fencoding=UTF8&node=55
Refinance and Mortgages DIY steps
http://www.squidoo.com/Singapore-homeloan
www.propertyBUYER.com.sg
Tel: 6100 - 0608 sms: 9782 - 8606
Email: loans@propertyBUYER.com.sg
http://www.propertybuyer.com.sg/contactus.php
Strange things do happen in property investment in Singapore.
The property buyer has decided to bid on the property which they liked.
What happens during this phase, the property agent usually tries to convince
the buyer that a loan is obtainable and valuation can be matched.
This raises the price and the cost for the buyer.
What is the risk to property buyer if he/she does not check the valuation?
Because if the buyer does not check the valuation prior to committing to a
property, there may be just 1 bank which can support the high valuation.
The property investor may be left with only one choice for their home loan.
They end up paying for a more expensive home loan.
When placing Option to purchase, should I simply give a cheque?
Giving a cheque without first checking who you are paying to is a common
industry practice. However this exposes the property investor to risks.
How do you know the cheque you pay out is indeed the property seller?
You won't know unless you insist on seeing their name and NRIC on the
option to purchase. And you should consider asking the agent to show you
the prove of ownership.
Here is a True story
Our client came to us and they wanted to place an option to purchase. We
helped them to check who the owner was.
On 08th June 2009, we check: -
Owner Name search
We found that the person is a person, XXX. As you can see above, the
instrument of change of proprietor and address was due to "Transfer xxxx
registered on xxxx 2003"
1 day later
1 day later our client was ready to sign on the option to purchase. When
they saw the property owner name does NOT TALLY.
Then our client asked the Singapore property agent to prove that the person
is indeed the rightful owner.
The property agent went to check, we can see it's done on the 9 June 2009.
The name on the certificate of title is indeed the correct person.
But if you check the instrument, it states "Transmission upon Death, registered on 09
June 2009." Wow, we are amazed at the coincidence.
On the 8th June 2009, it is one owner and once our client have decided to
purchase the property, on the 9th June 2009, it is another owner.
This got us worried!!! It was only a casual and routine check and we found something...
We then realized that the previous owner had died last year in 2008.
The previous owner had died. And the place of death was also clearly
stated.
So we now know the truth
The previous owner had died and his/her assets was transferred to the
current owner. We felt that the property agent was not upfront with it and we
did not feel comfortable with it. The cause of death was not stated, but it was
rumoured that the previous owner had died of unnatural death
circumstances upon checking with our friends.
What did www.PropertyBUYER.com.sg do?
We duly informed our client about this. We told them that we don't mind if
they change their minds about investing in the property. But ultimately the
choice is up to them.
Depending on what religion they believe in, they may want to check with
their respective authority on spiritual matters to bless the property.
Our client has decided not to continue the deal. And we lost a mortgage
deal. But we are glad we did it.
www.PropertyBUYER.com.sg is research-focused mortgage advisory. We do not emphasize Cheap loans, but help property buyers get home loans or refinance home loans that fits.
http://www.propertybuyer.com.sg/contactus.php
Tel: 6100 - 0608 sms: 9782 - 8606
Email: loans@propertyBUYER.com.sg
Contact us
http://www.propertybuyer.com.sg/contactus.php
Property Checklist
http://www.propertybuyer.com.sg/viewnews.php?article=39
Read More articles
http://www.propertyBUYER.com.sg/articlesnews.php
Understand Property Investing and Sub-prime
http://astore.amazon.com/httpwwwpro0ad-20?%5Fencoding=UTF8&node=55
Refinance and Mortgages DIY steps
http://www.squidoo.com/Singapore-homeloan
Thursday, June 4, 2009
Dishonest Singapore property agent: Wants your money
Dishonest Singapore property agent wants your money
Article by: http://www.PropertyBUYER.com.sg
We are looking for articles and contributors, if you contribute your article, we will put a link back to your site.
Call Them
Tel: 6100 - 0608
sms: 9782 - 8606
Email: loans@propertyBUYER.com.sg
http://www.propertybuyer.com.sg/contactus.php
What some Singapore Property agents claim they do for you (FICTION)
- Help you sort through your priorities and concerns
- Assist in review purchase documents
- Loan counseling / qualifying
- Assist with home inspections
- Estimate closing costs, down payment and incidentals
- Check through Schools / areas / neighborhoods
- Property Appraisal
- Valuation
- And finally getting Banker Approval
Article located at: -
http://www.propertybuyer.com.sg/viewnews.php?article=108
What Singapore Property Agents actually do (REALITY)
Singapore property agents are always rushing to close deals. If you are a
foreigner, you will probably not know that. In Singapore, Singapore property
agents get their commission from the property seller. But if you are a
foreigner whose home country has a practice to pay the buying agent, they
will ask for a commission from the buyer as well.
* YOU SHOULD NEVER PAY THAT buyer commission.
The agent is hard pressed to close deals and to close it fast. It's a hit-and-run
industry and there is no reward for being honest in the Singapore property agent
business.
Most of the time, the agents claim to represent the sellers and the property seller's interests. In the very next moment, they claim to represent the Buyers and take care of the buyer's interests.
Property Seller
The best way for Singapore Property agent to get a commission is to ask
you to sell your property through them.
Property Buyer
Due to the dynamics of the market, the Singapore Property agent will only
get a split of the commission when he/she brings a buyer to see and
eventually buy a property.
Do Singapore Property agents get you the best Home Loan mortgage?
The faster they close the property purchase the better. The property agent
has no interest in dragging out the deal.
They are not dishonest in any way, it is just that they only tell you what you
want to hear to close deals. And they are just economical with the truth.
If they tell you too much, you may change your mind and decide not to
proceed. If you don't proceed, they don't get a commission. It's that simple.
So what Singapore property agents do with Mortgage home loans is the
same. They will find the higher valuation and ask you to check with the
banks. Singapore property agents will arrange the bank loans for you from
the banks that MAY NOT give the best rates and terms. Because they can
match the seller valuation.
WHY Singapore Property agents wants banks to match seller valuation?
Singapore property agents wants banks to match seller valuation
BECAUSE, this will close the gap between buying and selling price. And
when you are willing to pay much HIGHER, he/she can earn commission
from the property seller or he/she shares his/her commission with the seller's
agent.
Property agents can help you get banker approval???
The Singapore property agent is willing to bring you the bank forms to fill in
and even get in-principle approval. Why? This way, they can quickly make
sure you have a bank loan in hand and willing and ready to bid for a
property. And very possibly you have a bank approval-in-princple at a really
high valuation that will tend to lead you to over-pay for your property.
And... You will have a bank who is very very happy to match the
seller's asking price, not what they really think the property is worth.
(Banks can stretch valuations, within reason and sometimes reason can be elastic)
You are the person paying for the loan for years, if you overpay.
Property Buyer overpays for Singapore Property
The property agent pushes up the buying price to match the seller's asking
price, this way, the deal is easier to close and he/she makes the
commission.
Surely there are trust worthy and honest Singapore property agents, right?
Yes, there are. But because in Singapore, Property agents participate in
both buying and selling activities, there is a clear conflict of interests
between upholding your best interests and that of their commission.
On the one hand they say they will take care of the seller's interest and
moments later, they say they will take care of the buyer's interest. So who do
they really work for? They take care of their own interests we're afraid.
Property agents want to close deals quickly for fear of losing the deal. And this is a valid fear. Many Singapore property agents are not inherently dishonest, but the nature of the business and the lack of proper and effective regulation makes them this way.
So we would say, Singapore Property agents dishonesty is systemic in nature.
If you are willing to over-pay for your property, they are happy to close it for
you. As long as they do not give any outlandish comments, they are not
dishonest.
So Dishonest Singapore property agent don't really want you to go to a
Singapore mortgage advisor like us to help you go through many valuations
and recommend a SAFE price to bid for your property. That drags out the
buying time.
Why work through www.PropertyBUYER.com.sg for mortgage home loans?
We help property buyers to look through each property's valuation to
establish a valuation range for any given unit. And based on that, we
recommend a bid price for the buyer.
Are we www.PropertyBUYER.com.sg not afraid of losing the deals?
Yes, of course we are afraid of losing deals, but that cannot be helped. But
we strongly believe in integrity and word of mouth.
For us, we are very conservative, many times we advise our clients not to
proceed or bid at the lower range due to certain underlying factors. In which
cases, the chances of closure is small and we don't close the mortgage
home loan deal.
Why our clients come back to us the next round?
Simple, we could have done the deal but we did not because we felt the deal
was a bad deal for the buyer. That alone means a lot to many of our clients
as we saved them from over-paying for their properties.
Will the Buyers miss the boat if the market swings upwards?
Yes, there is a potential that the buyer may miss the boat on the upswing.
However we still err on the side of caution while we warn the property buyer
that they may have to bid higher than our recommended bid price if they are
in a hurry to buy the property. We also warn that If property buyer wait
longer, there is a chance they may miss out on the upswing, while there is
also a chance that they benefit from their patience by being able to buy lower.
Buyers are aware of the risks of each option.
Why we rank overpaying for Property as more serious than Missing the
upswing?
We consider overpaying for Singapore property as more serious than
missing the upswing.
Fear of Missing Upswing
The fear of missing out on a property upswing tends to be GREED DRIVEN
(though circumstances vary) and prone to emotional and irrational decision
making.
Fear of Overpaying
The fear of overpaying is conservative investing and while it is also a fear,
this fear is more prone to rational decision making. And people who are in
this category is more likely to make better decisions.
-------------------------------------------------------------------------------
www.propertyBUYER.com.sg is a research-focused Mortgage Advisor that
helps individuals get the best fit Singapore Home loans or to refinance their
properties, not simply the cheapest Singapore Home loans.
You can come to us for your Singapore Home Loan needs and we will do the
research work to compare all the bank's packages as well as assess the
best fit for you.
Article by: http://www.PropertyBUYER.com.sg
We are looking for articles and contributors, if you contribute your article, we will put a link back to your site.
Call Them
Tel: 6100 - 0608
sms: 9782 - 8606
Email: loans@propertyBUYER.com.sg
http://www.propertybuyer.com.sg/contactus.php
What some Singapore Property agents claim they do for you (FICTION)
- Help you sort through your priorities and concerns
- Assist in review purchase documents
- Loan counseling / qualifying
- Assist with home inspections
- Estimate closing costs, down payment and incidentals
- Check through Schools / areas / neighborhoods
- Property Appraisal
- Valuation
- And finally getting Banker Approval
Article located at: -
http://www.propertybuyer.com.sg/viewnews.php?article=108
What Singapore Property Agents actually do (REALITY)
Singapore property agents are always rushing to close deals. If you are a
foreigner, you will probably not know that. In Singapore, Singapore property
agents get their commission from the property seller. But if you are a
foreigner whose home country has a practice to pay the buying agent, they
will ask for a commission from the buyer as well.
* YOU SHOULD NEVER PAY THAT buyer commission.
The agent is hard pressed to close deals and to close it fast. It's a hit-and-run
industry and there is no reward for being honest in the Singapore property agent
business.
Most of the time, the agents claim to represent the sellers and the property seller's interests. In the very next moment, they claim to represent the Buyers and take care of the buyer's interests.
Property Seller
The best way for Singapore Property agent to get a commission is to ask
you to sell your property through them.
Property Buyer
Due to the dynamics of the market, the Singapore Property agent will only
get a split of the commission when he/she brings a buyer to see and
eventually buy a property.
Do Singapore Property agents get you the best Home Loan mortgage?
The faster they close the property purchase the better. The property agent
has no interest in dragging out the deal.
They are not dishonest in any way, it is just that they only tell you what you
want to hear to close deals. And they are just economical with the truth.
If they tell you too much, you may change your mind and decide not to
proceed. If you don't proceed, they don't get a commission. It's that simple.
So what Singapore property agents do with Mortgage home loans is the
same. They will find the higher valuation and ask you to check with the
banks. Singapore property agents will arrange the bank loans for you from
the banks that MAY NOT give the best rates and terms. Because they can
match the seller valuation.
WHY Singapore Property agents wants banks to match seller valuation?
Singapore property agents wants banks to match seller valuation
BECAUSE, this will close the gap between buying and selling price. And
when you are willing to pay much HIGHER, he/she can earn commission
from the property seller or he/she shares his/her commission with the seller's
agent.
Property agents can help you get banker approval???
The Singapore property agent is willing to bring you the bank forms to fill in
and even get in-principle approval. Why? This way, they can quickly make
sure you have a bank loan in hand and willing and ready to bid for a
property. And very possibly you have a bank approval-in-princple at a really
high valuation that will tend to lead you to over-pay for your property.
And... You will have a bank who is very very happy to match the
seller's asking price, not what they really think the property is worth.
(Banks can stretch valuations, within reason and sometimes reason can be elastic)
You are the person paying for the loan for years, if you overpay.
Property Buyer overpays for Singapore Property
The property agent pushes up the buying price to match the seller's asking
price, this way, the deal is easier to close and he/she makes the
commission.
Surely there are trust worthy and honest Singapore property agents, right?
Yes, there are. But because in Singapore, Property agents participate in
both buying and selling activities, there is a clear conflict of interests
between upholding your best interests and that of their commission.
On the one hand they say they will take care of the seller's interest and
moments later, they say they will take care of the buyer's interest. So who do
they really work for? They take care of their own interests we're afraid.
Property agents want to close deals quickly for fear of losing the deal. And this is a valid fear. Many Singapore property agents are not inherently dishonest, but the nature of the business and the lack of proper and effective regulation makes them this way.
So we would say, Singapore Property agents dishonesty is systemic in nature.
If you are willing to over-pay for your property, they are happy to close it for
you. As long as they do not give any outlandish comments, they are not
dishonest.
So Dishonest Singapore property agent don't really want you to go to a
Singapore mortgage advisor like us to help you go through many valuations
and recommend a SAFE price to bid for your property. That drags out the
buying time.
Why work through www.PropertyBUYER.com.sg for mortgage home loans?
We help property buyers to look through each property's valuation to
establish a valuation range for any given unit. And based on that, we
recommend a bid price for the buyer.
Are we www.PropertyBUYER.com.sg not afraid of losing the deals?
Yes, of course we are afraid of losing deals, but that cannot be helped. But
we strongly believe in integrity and word of mouth.
For us, we are very conservative, many times we advise our clients not to
proceed or bid at the lower range due to certain underlying factors. In which
cases, the chances of closure is small and we don't close the mortgage
home loan deal.
Why our clients come back to us the next round?
Simple, we could have done the deal but we did not because we felt the deal
was a bad deal for the buyer. That alone means a lot to many of our clients
as we saved them from over-paying for their properties.
Will the Buyers miss the boat if the market swings upwards?
Yes, there is a potential that the buyer may miss the boat on the upswing.
However we still err on the side of caution while we warn the property buyer
that they may have to bid higher than our recommended bid price if they are
in a hurry to buy the property. We also warn that If property buyer wait
longer, there is a chance they may miss out on the upswing, while there is
also a chance that they benefit from their patience by being able to buy lower.
Buyers are aware of the risks of each option.
Why we rank overpaying for Property as more serious than Missing the
upswing?
We consider overpaying for Singapore property as more serious than
missing the upswing.
Fear of Missing Upswing
The fear of missing out on a property upswing tends to be GREED DRIVEN
(though circumstances vary) and prone to emotional and irrational decision
making.
Fear of Overpaying
The fear of overpaying is conservative investing and while it is also a fear,
this fear is more prone to rational decision making. And people who are in
this category is more likely to make better decisions.
-------------------------------------------------------------------------------
www.propertyBUYER.com.sg is a research-focused Mortgage Advisor that
helps individuals get the best fit Singapore Home loans or to refinance their
properties, not simply the cheapest Singapore Home loans.
You can come to us for your Singapore Home Loan needs and we will do the
research work to compare all the bank's packages as well as assess the
best fit for you.
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