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Home | Real Estate Blog | Articles | Video | Forum | Success Goal | 中文
Reason 61 - Your Real Estate Agent Alerts You On the Need to Tap a Lawyer
Once a transaction is closed, formal signing of purchase agreement expectedly follows. This stage of the deal means that the sale of the property has effectively been made. However, things are not as simple as ordinary minds see they are. There must be certain actions that should solidify the buyer’s hold on the transaction—tapping the services of a lawyer.
In the run up to the drafting of the agreement, the buyer should a formal, written offer to document his intention to buy and propose a win-win. There is nothing unusual with this. In fact, this is becoming a standard industry practice.
The formal written offers are usually made after the buyer obtained the signed contract of sale through a real estate agent. This is merely one side of the transaction. From the time the vendor puts his signature to the contract, the whole draft is up to the buyer’s consideration too. This is where the real estate agent of the buyer enters the picture. He’d assist you in wrapping the sales process. The standard contract prepared by real estate agent should contain the section on vendor’s statement. This will be incorporated in the complete contract document.
A purchaser can also obtain a contract in many ways, either by calling the real estate agent’s office or having it send his way through email or via fax machine. Then the realtor should provide a copy to the purchaser’s lawyer.
This activity is not already new to real estate players who have been previously engaged in similar sale or acquisition activities in the past. Although, this procedure is deemed improper, there had been times when real estate agents get in the way of the final transaction in behalf of either buyer or seller. Generally, this can create conflict. Thus, in most instances, the buyer gets a lawyer on his side for the final to complete the transaction.
While it is easier to for a purchaser to fill out the contract and to submit it as a formal offer, all buyers are strongly advised to obtain independent legal advice, apart from the legal service offered by the vendor. This is recommendable in order to avoid future conflict. Some buyers sidestep the need of hiring a lawyer on account of costs, but conflicts arising from flawed transactions are not worth the trouble one has to face later.
A proposal is tendered by surrendering the finished contract of sale to the real estate office. A buyer can do this by delivering it to their realtor’s officer in person; sending it to their real estate agent by post, email or fax; or may be having their lawyer send it the realtor via different medium such as post, email or fax.
Before accepting an offer, a vendor needs advice on the meaning of any terms and condition stipulated in the contact. The purchaser may have added some details that will affect the vendor’s interest.
In cases when the vendor does not agree with some of the terms and conditions, the real estate agent can properly and professionally initiate another negotiation process. Usually, realtors do not require payment of the deposit at the time an offer is submitted. The obligation to pay a deposit is arises only after an offer is accepted, thus locking a contract.
Some contracts will emphasize the details of the payment scheme, such as 10 percent deposit of the agreed purchase price that will be payable in three to five days before the sale. Realtors, on the other hand, operate audited trust accounts in accordance with the provisions of the Legal Professional Act and are entitled to act as “stakeholder” on behalf of both parties.
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Billy Chen
CEA Registration Number : R029372I
Tel: (+65) 88689999
Fax: (+65) 64021826
billy@billychen71.com
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