Bros who are buying subsale, please do be reminded that you should get your own lawyer and different from the one representing the seller. Even if it costs more.
That way, the lawyer will act in your best interest. Also, there are people who wants the 10% before state consent. State consent is normally granted after a few months but could take a while, 2-4 months typically and some sellers could be needing money before that hence there are some who asks for 10% prior to the state consent.
This is not that rare a request but best to get everything documented in black and white before you commit.
1. If a seller persists in delaying signing the S&P, its a bad sign.
2. If an agent offers to return you your cheque the very next day.
3. Always appoint your own lawyer even if it costs you more. Do not listen to agents asking you to use theirs or
only theirs can handle it.
4. Soft negotiations can be done sometimes, instead of disbursing 10%, ask for 5% or the right to move in early
to the house.
5. Where a deal goes south or even after a deal concludes well, you have the right to ask for a discount from the
lawyers if you find that the service was tardy or slow.
6. Don't be afraid to seek legal advice, there are reputable ones such as Syed Alwi, Ng & Co*.
7. Where possible, buy direct from developer or from direct owners if you really cannot get it direct.
8. Agents* should normally only be getting the comms direct from the seller unless somehow that agent saved you
a ton of money.
*Wuqi256 is not in any way related to agents or any law firms.
I want to reiterate that every point shared by Wuqi above is absolutely true! My friends and I bought our house from sub-sale and we have experienced some of the above events in one way or another. Buying from sub-sale is not as easy as from developers so please heed the advice given, or shared by all the good bros here. As reminded by Wuqi, it is imperative to get ur own lawyer - a good one for that matter; someone who can and will protect ur interest (instead of the seller, or even worst the agent's). Don't believe everything the housing agent tells u. Go into a deal with both eyes wide open and u will be fine. Note point 6, if still in doubt, check with ur lawyer before taking the next step. That's what u r paying them for. Thanks Wuqi once again, for these timely reminders! One can never be too careful when buying from sub-sale. One truly bad incident can really dampen and spoil ur plan in living in JB.
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