To Avoid Conflict Of Interest

[aida81 0]

Hi all!!!I'm a newbie here.. Am actually negotiating with my agent with regards to his commission, hes actually the sellers agent, so I have these questions to ask. , anyone knows whether the rule above has been announced and advise me when the effective yr or date pls? My agents says its not effective yet.

can I represent myself on the 1st appt, after agent has submitted the application on my behalf?

Thanks in advance!

[asoon88 0]

Hi all!!!I'm a newbie here.. Am actually negotiating with my agent with regards to his commission, hes actually the sellers agent, so I have these questions to ask. , anyone knows whether the rule above has been announced and advise me when the effective yr or date pls? My agents says its not effective yet.

can I represent myself on the 1st appt, after agent has submitted the application on my behalf?

Thanks in advance!

It is up to you. If you are comfortable with his services and willing to pay his comm, no one is stopping you.

However, if you want to save some money, as you mentioned, you can do everything yourself. Just don't sign anything with him. He will not be happy. It is typical of agents trying to cream both sides.

[aida81 0]

It is up to you. If you are comfortable with his services and willing to pay his comm, no one is stopping you.

However, if you want to save some money, as you mentioned, you can do everything yourself. Just don't sign anything with him. He will not be happy. It is typical of agents trying to cream both sides.

Thanks Asoon!!

he just drafted on a psc of paper stating the amt we are suppose to fork out inclusive of the commission. I only remember signing various forms, and not abt the commission part. Oh really, then I can tell that I wish to represent myself during the 1st appt, but he did submit the docs to hdb.felt guilty but more heartpain to come out with the commission.

[chronograph 0]

Offer him a few hundreds, want take don't want better still you save.

[bepgof 20]

Offer him a few hundreds, want take don't want better still you save.

Frankly speaking, in HDB resale, I completely found no sense for buyer who "walk-in" and closes the deal, owe seller's agent any amount, not even a cent!

Seller agent has to settle the basic paper work and do some coordination in between. Let's do it and make it a norm.!

If buyer engages agent to search for home is another story.

Edited March 11, 2010 by bepgof

[aida81 0]

Thanks all for the response,, i really appreciate it..

I emailed to him to negotiate his commission, which i think its unfair, Im first time buyer, and Im ignorant abt the policies all that, and so far we have not even meet hdb for 1st appt. Im told him I admitted I was wrong coz I didt negotiate abt comission, i was so excited abt the hse that I forgot to talk abt it, which he didnt even open it up for discussion. and then blaming me that I shd bargain before not after, pls see his reply.. anyone can advise me further, can I stop him then present myself during hdb appt.. pls advise.

it is the agent's right to claim his commission as the client which is the seller is his exclusive seller and being the exclusive agent whom in this case is myself, brought you up to the unit with you not mentioning that you are not willing to pay any commission at all in the first place. Even if you are being serve by an agent whom wanted to bring you to view any unit which is not their exclusive seller, the buyer agent will have to seek permission to CO-BROKE from the seller agent. Which means that the buyer agent is telling the seller agent that he/she will be taking commission from the buyer if he/she were to bring them up and close the case. It is also up to the seller agent willingness to Co-Broke the case. Should the seller agent not willing to co-broke and the buyer really wanted to buy the house, then it is still the exclusive seller agent's right to his commission. But i always mentioned to my associates, it is healthier to co-broke in order to get the best price for the seller.

Put it in this manner. Our practice is, we always negotiate everything upfront before we come to conclusion.We even allow Co-Broke unlike most agent nowadays don't. But everything is mention from the beginning and not after.I don't blame you for not knowing the regulation but i am pretty sure even if you do buy things at any shop,you will negotiate for the things before you step out of the shop and not after.Which i would say nowadays people don't negotiate as much as they do last time. Price are stated on the item,people just pay and go .Unlike for some cases where even items are not tag with price, people will still ask for the price, they consider, they pay and go. It is therefore a mutual contract that they agree to the price when they see the tag, they therefore go to the counter to make payment. For this case you may say that you do not know the real estate regulation that you didn't mention to us from the moment you met us that you will not pay or pay just partial of the buying commission. But even when you met us the 2nd time with to look at the house and finally when it is close, there wasn't any qualms with regards to the commission agreement that you sign.

Edited March 12, 2010 by aida81

[bepgof 20]

Thanks all for the response,, i really appreciate it..

I emailed to him to negotiate his commission, which i think its unfair, Im first time buyer, and Im ignorant abt the policies all that, and so far we have not even meet hdb for 1st appt. Im told him I admitted I was wrong coz I didt negotiate abt comission, i was so excited abt the hse that I forgot to talk abt it, which he didnt even open it up for discussion. and then blaming me that I shd bargain before not after, pls see his reply.. anyone can advise me further, can I stop him then present myself during hdb appt.. pls advise.

it is the agent's right to claim his commission as the client which is the seller is his exclusive seller and being the exclusive agent whom in this case is myself, brought you up to the unit with you not mentioning that you are not willing to pay any commission at all in the first place. Even if you are being serve by an agent whom wanted to bring you to view any unit which is not their exclusive seller, the buyer agent will have to seek permission to CO-BROKE from the seller agent. Which means that the buyer agent is telling the seller agent that he/she will be taking commission from the buyer if he/she were to bring them up and close the case. It is also up to the seller agent willingness to Co-Broke the case. Should the seller agent not willing to co-broke and the buyer really wanted to buy the house, then it is still the exclusive seller agent's right to his commission. But i always mentioned to my associates, it is healthier to co-broke in order to get the best price for the seller.

Put it in this manner. Our practice is, we always negotiate everything upfront before we come to conclusion.We even allow Co-Broke unlike most agent nowadays don't. But everything is mention from the beginning and not after.I don't blame you for not knowing the regulation but i am pretty sure even if you do buy things at any shop,you will negotiate for the things before you step out of the shop and not after.Which i would say nowadays people don't negotiate as much as they do last time. Price are stated on the item,people just pay and go .Unlike for some cases where even items are not tag with price, people will still ask for the price, they consider, they pay and go. It is therefore a mutual contract that they agree to the price when they see the tag, they therefore go to the counter to make payment. For this case you may say that you do not know the real estate regulation that you didn't mention to us from the moment you met us that you will not pay or pay just partial of the buying commission. But even when you met us the 2nd time with to look at the house and finally when it is close, there wasn't any qualms with regards to the commission agreement that you sign.

Wow, very lengthy paragraph, very "standardised" format, 1st sentence applies to seller noy u/why seller's agent still leave it there? Before answering u , questions:

1. U viewed the unit with your agent or walk in yourself? If with yr agent, just pay your agent.

2. Have u signed the commission agreement with seller's agent? If u have signed and now step back, it would be wrong on you.

3. Have u paid 1K for deposit and 4K for exercising the OTP? If yes, the deal is considered legally bind (actually still subject to 1st appointment)

Legal contract = offer + consideration, the "offer" could later become a "counter-offer". Consideration=1K +4K, in this case(if u have done). "Exclusive" means "the one and the only", anyway, I doubted seller has signed exclusive agreement with his agent, "usually" has to pay the agent 2% comm. This does not apply to u.

You are legally, absolutely need not to pay seller's agent even a cent, if u have not signed commission agreement with him/her. If you need the valuation report for bankloan purpose, just pay him $180, or you can ask for a seperate valuation to be done and absorb the cost.

In Singapore, there is not "legislation/regulation" as to buyer must pay comm to seller's agent in a transaction, this is especially true and practiced in the resale private property transaction. In HDB resale, it is up to buyer whether to pay comm to seller's agent - walking case applied. I guessed, most "walk-in" buyers engaged seller's agent to represent buyer's and therefore pay 1% comm to seller's agent, mostly due to uncertainties of procedures.

PM me if you wish, very lengthy to write here. Anyway, just let you know:

1. In 2006, I entered an exclusive agreement with agent to sell my 1st hdb unit, paying 2% comm. I happened to meet the buyer only during 2nd appointment.

2. In 2009, again, I engaged an exclusive agreement with agent to sell away my private prty. Paid 2% comm

3. In 2009, I engaged seller's agent to represent me (walk in for viewing) and paid 1% comm.

Edited March 12, 2010 by bepgof

[aida81 0]

Very lengthy eh, thank u so much Terence, I really appreciate that. why don’t just reply here, so in future, homeseekers like me wld be more aware.

Im so naive, my hubby is non citizen so he cannot advise me, but I still remember he said those guys are sneaky. Its just me who tot they are nice.

1. U viewed the unit with your agent or walk in yourself? If with yr agent, just pay your agent.

I saw the add in the newspaper and contact him directly, I don’t have an agent.

2. Have u signed the commission agreement with seller's agent? If u have signed and now step back, it would be wrong on you.

He ask me to sign a lot of stuff, but explain to us which doc is for what, and I seriously don’t remember one of them is the commission agreement, therefore, I just smsed him that I require all the docs that I signed and added if these are goin to add to the cost of his commission, I can personally pick it up. I think he knows Im furious. And till now he have not replied me.

3. Have u paid 1K for deposit and 4K for exercising the OTP? If yes, the deal is considered legally bind (actually still subject to 1st appointment)

Yes I paid both.

Legal contract = offer + consideration, the "offer" could later become a "counter-offer". Consideration=1K +4K, in this case(if u have done). "Exclusive" means "the one and the only", anyway, I doubted seller has signed exclusive agreement with his agent, "usually" has to pay the agent 2% comm. This does not apply to u. I see, if they signed that means this guys earns another 1%.

You are legally, absolutely need not to pay seller's agent even a cent, if u have not signed commission agreement with him/her. If you need the valuation report for bankloan purpose, just pay him $180, or you can ask for a seperate valuation to be done and absorb the cost. I just paid him the valuation report and HDB registration fees.

In Singapore, there is not "legislation/regulation" as to buyer must pay comm to seller's agent in a transaction, this is especially true and practiced in the resale private property transaction. In HDB resale, it is up to buyer whether to pay comm to seller's agent - walking case applied. I guessed, most "walk-in" buyers engaged seller's agent to represent buyer's and therefore pay 1% comm to seller's agent, mostly due to uncertainties of procedures. Well, Im waiting for him to pass me the necc docs and take a look as he so called “commission agreement”

PM me if you wish, very lengthy to write here. Anyway, just let you know:

1. In 2006, I entered an exclusive agreement with agent to sell my 1st hdb unit, paying 2% comm. I happened to meet the buyer only during 2nd appointment.

2. In 2009, again, I engaged an exclusive agreement with agent to sell away my private prty. Paid 2% comm

3. In 2009, I engaged seller's agent to represent me (walk in for viewing) and paid 1% comm. (It looks like die die have to pay hor)

[bepgof 20]

Ever asked agent or seller abt seller's next accomodation issue? In progress to buy hdb unit/pte unit?, renting? already got place to stay? VERY IMPORTANT issue to BUYERS. Hope seller already settled his next accomodation, if not u have to wait long, long, long...

Get a copy of these from seller's agent asap, you are entitled to, pay him/her photostate fee if he/she asks:

1. Yr $5k receipt. Receipt for valuation report & resale submission fee are negligible.

2. OTP document, see pg 4/10, clause 11. How many "day" agent has filled in- if "90", then "good luck to you". Most seller agents don't explain this buyer. 90 days is the maximum, meaning agent has 90 days to "play with" before submitting the resale application! I have repeated these many times in my postings. Wait for submission(90day), wait for 1st appointment(11 wk), wait for 2nd appointment(8wk), renovation, move in - Merry Christmas and Happy new year.

3. Commission letter, if u have signed.

OTP is a very important doc(10 pages only), should be read & undestand with due attention. By right seller should sign first (who gives u an option to exercise) the decision to buy or not. Then u sign, follow by agent as witness signed. Again, most agents will ask the buyer to sign first - it is wrong!!!!!

If u are interested I can send u those docs which I've kept over the years, for yr ref only. Drop me a mail from my profile.

Edited March 12, 2010 by bepgof

[chronograph 0]

Standard reply from your agent.

Tell him u r buying from the seller and not him. You represented yourself and doesn't required his service.

Scrap thing like "brought u up the unit" is he is acting for his seller, providing service to his seller.

Scrap thing like common practice to co-broke is between agents but not individual buyer. They can always adviced his client not to sell to you if u refused to pay him comms and why didnt he asked u before signing OTP? So he assumed you r paying comms and why can't you made assumption you r not paying him comms?

As for paper submission to HDB for 1st appointment, I tot it is seller that does it not buyer. Then again, he is serving his client not u.

The most important of all, make sure u didnot sign any coms letter:

"But even when you met us the 2nd time with to look at the house and finally when it is close, there wasn't any qualms with regards to the commission agreement that you sign."

Edited March 13, 2010 by chronograph

[aida81 0]

Standard reply from your agent.

Tell him u r buying from the seller and not him. You represented yourself and doesn't required his service.

Scrap thing like "brought u up the unit" is he is acting for his seller, providing service to his seller.

Scrap thing like common practice to co-broke is between agents but not individual buyer. They can always adviced his client not to sell to you if u refused to pay him comms and why didnt he asked u before signing OTP? So he assumed you r paying comms and why can't you made assumption you r not paying him comms?

As for paper submission to HDB for 1st appointment, I tot it is seller that does it not buyer. Then again, he is serving his client not u.

The most important of all, make sure u didnot sign any coms letter:

"But even when you met us the 2nd time with to look at the house and finally when it is close, there wasn't any qualms with regards to the commission agreement that you sign."

noted, thanks to the both of you, I'm meeting him soon, already request every single letter docs i've signed. will update again.

[azran 0]

I'm a "walk-in" buyer too. But we managed to negotiate the seller's agent commision to 0.5%. Initially he wanted it to be 0.75% but we bargained till 0.5%.

[bepgof 20]

I'm a "walk-in" buyer too. But we managed to negotiate the seller's agent commision to 0.5%. Initially he wanted it to be 0.75% but we bargained till 0.5%.

Well done clever boy!.

Edited March 29, 2010 by bepgof