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Have I been had?

 
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nidusmas



Joined: 14 Nov 2005
Posts: 13

PostPosted: Wed Nov 16, 2005 4:18 pm    Post subject: Have I been had? Reply with quote

I would like to relate my recent experience in selling my first house. Before signing all those papers presented by the agent, I did ask the agent whether I would be able to claim RPGT exemption even though at that time the CF was yet to be issued..the answer was no problem...so the agent got a buyer and we both intended to use the same lawyer for selling and buying...subsequently I was informed by the lawyer that I could not claim RPGT exemption since the CF was not yet issued...so as I way out I signed a paper that we would sign the S&P once I got the CF....in the meantime the agent kept the 2% deposit and I didn't get my 10% ...months passed while waiting for the CF ......I got into this mess because the agent misled me...

I got fed up and subsequently aborted the agreement and I paid the buyer half the deposit which is quite substantial ( while the agent returned the earnest deposit). All these were of course covered by some paperworks.
The agent is claiming some compensation of which I'm not willing to pay since I feel that they are not professional in carrying out their duties..

Comments and views are highly appreciated.
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empsun



Joined: 26 Jun 2005
Posts: 153

PostPosted: Thu Nov 17, 2005 7:32 am    Post subject: Re: Have I been had? Reply with quote

nidusmas wrote:
... I paid the buyer half the deposit which is quite substantial ( while the agent returned the earnest deposit)....


Just to clarify, the agent returned all the earnest deposit to the buyer and you paid the buyer an additional half the deposit? Why did you need to pay the buyer extra?
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nidusmas



Joined: 14 Nov 2005
Posts: 13

PostPosted: Thu Nov 17, 2005 8:39 am    Post subject: Reply with quote

Written on the agent's 'Offer to Purchase' paper signed by both purchaser and vendor (that's the naive me ) -... [quote] in default of signing the S&P agreement within the above validity date: by the vendor , the vendor shall refund the said earnest deposit sum to the purchaser together with a compensation sum of equivalent amount which shall be shared equally between the Purchaser and (the real estate co.)....

The agent returned the earnest deposit to the purchaser and the purchaser agreed to abort after receiving his portion of the compensation.
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Noor713



Joined: 15 May 2005
Posts: 507
Location: Sri Hartamas

PostPosted: Thu Nov 17, 2005 8:51 am    Post subject: Reply with quote

Hi nidusmas!

This is what I meant by `unknowledgable' real estate agents...giving wrong info just to make some quick bucks!!

Question is why did the agent return the 2% earnest deposit to you and in return you paid 1% of it to the buyer? Was there an agreement between you , the agent and the buyer for such an arrangement? If affirmative, why is the agent asking for a compensation from you?

Cheers!
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Noor713



Joined: 15 May 2005
Posts: 507
Location: Sri Hartamas

PostPosted: Thu Nov 17, 2005 8:57 am    Post subject: Reply with quote

Oh dear..I missed that post above...

well..what else can I say, nidusmas, except engage your own lawyer to protect your interest next time.

Cheers!
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nidusmas



Joined: 14 Nov 2005
Posts: 13

PostPosted: Thu Nov 17, 2005 11:02 am    Post subject: Reply with quote

lesson learnt... I guess. Embarassed

..thanks
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