Agent Ask Me To Pay 1% For "paperwork"

[tropmixxer 1]

Hi I am looking for advice on my purchase.

I've been looking around myself for a resale condo to buy.

I have found one that I really like.

All this while I have not engaged any agents at all.

So now I'm ready to commit to buy the property,

I checked with an agent if their services are required to complete the purchase.

The agent told me there is "paperwork" and quote me 1% of my purchase price.

When I ask him what is it that he will do for me,

he gave me answers that don't have details or contain information that I don't understand.

Please... can the good people here let me know if it is necessary to engage the services of an agent to complete my resale condo purchase.

If it is not necessary, what are the "paperwork" that I have to do myself?

[yoongf 11]

Absolutely no paperwork for the buyer.

OTP is drafted and issued by the seller.

Seller take OTP to own lawyer, and lawyer will do the rest.

Talking to bank for bank loan, also dun need agent.

If dun have own lawyer, ask the bank to intro. They usually have a panel of lawyers who are very pro in property deals.

[therat 18]

For condo, only seller pay agent commission.

Buyer no need to pay a single cents.

I thought that is standard market practice for years?

Has the rule change?

Or

This agent is trying to "eat" both side $$$.

[gap9699 0]

There is only the OTP which seller's agent will raise and the rest both sides lawyers will handlle

[tropmixxer 1]

Thank you for the quick advice guys.

Really appreciated.

Property agent trying to pull a fast one...

[therat 18]

He's not just trying to pull a fast one.

He's trying to drink your blood aka $$

[gap9699 0]

Thank you for the quick advice guys.

Really appreciated.

Property agent trying to pull a fast one...

U can let him know as you do not have an agent representing you, he should arrange to have 25% of his comms back to you.

If $1mil condo , he would be sponsoring your LED TV

[magiz 0]

It is against the cea rules for the agent to take commission from both the seller and buyer