phoenix 0 Report post Posted April 30, 2008 I'm helping my friend to ask... if there is such a thing. Her buyer signed OTP, then placed a $1K deposit. After that, buyer decided to back out, so the 1K deposit was forfeited. Now, her agent says, 50% of that forfeited deposit must go to the agent, its the agents company policy. Got such thing ah? Personally I have not heard of such a thing. Moreover, no agreement was signed regarding this. Sounds like the agent trying to pull a fast one on my friend. Share this post Link to post Share on other sites
Starscream 0 Report post Posted April 30, 2008 Never heard such a thing too Share this post Link to post Share on other sites
yoongf 11 Report post Posted April 30, 2008 Propnex standard OTP form has such a clause.. 50% of booking fee goes to agent if deal is aborted. This is for private apt. But if no black and white.. for example.. the OTP form is not a standard company OTP.. then no deal lor.. company policy dun apply if no black and white mah Share this post Link to post Share on other sites
Zen2008 0 Report post Posted May 2, 2008 since u nvr sign any doc on this.... tt deposit shld be solely urs... no need gv e agent unless u wana gv him/her for kopi lor... Share this post Link to post Share on other sites
raincole 0 Report post Posted May 2, 2008 No such thing one. The agent should work harder in helping your friend to close the deal since the prospective buyer walks off. Share this post Link to post Share on other sites
jeddie 0 Report post Posted May 2, 2008 for era, there is such a rule.... Share this post Link to post Share on other sites
phoenix 0 Report post Posted May 2, 2008 ooh... so for some companies there is such a rule? but if there is... it should be highlighted clearly to the sellers before they sign any OTP right? if not, it amounts to deception. anyways, she did mention that she skimmed though the OTP and didn't remember seeing this clause. anyways, told her not to give in unless she did blindly sign without reading properly then boh pian lor (some agents can be 'dirty' and don't highlight the clause and some owners too trusting liao). Share this post Link to post Share on other sites
jeddie 0 Report post Posted May 2, 2008 hmm..i read that clause lor..and i highlighted to my agent...and he say usually he wont take that 50% forfeited deposit..i wonder how true lor... cant remember where i see that clause though....could be under the form for exclusive agent thingy...dun think its under the OTP form. if ur friend did not engage this agent exclusively, means she will most probably have not signed any agreement, thus, maybe dun have to give that agent 50%... But i need to refer to my agreement to to locate where i have seen this clause before.... Share this post Link to post Share on other sites
Zen2008 0 Report post Posted May 2, 2008 an OTP is a std form from HDB, not the property agent's company form... so i tink u wun see any clause on this... agree w jeddie, unless ur friend sign e exclusive rights to the agent, probably this clause exists, do look thru the agreement... Share this post Link to post Share on other sites
phoenix 0 Report post Posted May 5, 2008 no leh... no exclusive agreement signed. she told the agent she is not agreeable to this since she wasn't aware of such a thing in the first place. so i think the agent can't do anything about it also. Share this post Link to post Share on other sites
zirhk3355 1 Report post Posted May 5, 2008 If private transaction, the agency's OTP is used and such clause are incorporated. But if HDB transaction, you use HDB's OTP and such clause is not inside. Thus the agents will have to make you sign commission agreements or exclusive agency agreements, which will have such clause. If nothing is signed, please go buy a kite and give it to the agent., and recommend him/her to go east coast park or marina south to fly it. Share this post Link to post Share on other sites
CutePinkElephant 0 Report post Posted May 5, 2008 If private transaction, the agency's OTP is used and such clause are incorporated. But if HDB transaction, you use HDB's OTP and such clause is not inside. Thus the agents will have to make you sign commission agreements or exclusive agency agreements, which will have such clause. If nothing is signed, please go buy a kite and give it to the agent., and recommend him/her to go east coast park or marina south to fly it. bwhahahahhahaahah so cute flying a kite. yaaa some agent are VERY bad Share this post Link to post Share on other sites
phoenix 0 Report post Posted May 8, 2008 If nothing is signed, please go buy a kite and give it to the agent., and recommend him/her to go east coast park or marina south to fly it. haha... fantastic idea! Share this post Link to post Share on other sites
coffee - kohi 0 Report post Posted May 13, 2008 is it a norm to sign any agreement w agent???? it seems like signing an agreement with them put us in trouble when dispute happens Share this post Link to post Share on other sites
zirhk3355 1 Report post Posted May 13, 2008 is it a norm to sign any agreement w agent???? it seems like signing an agreement with them put us in trouble when dispute happens Signing of agreement is necessary when comes to protecting the agents from selfish clients, who refused to pay commission after good service is provided. However it seemed like this agreement is more oftenly abused to corner unknowing people into paying comm. But to sign or not, that is the question! Well, I can only say caveat emptor; you need to judge whether the agent is good or not. If so, then its only rightful that you give him/her the due assurance that you will pay for his/her good service. Share this post Link to post Share on other sites
