If you’re buying a props through an agency’s agent, this are the few step:
1. Check with the agency by calling the office number and verify the agent’s name with either the branch controller/admin/principal. If valid, then proceed next step. Otherwise, forget it.
2. during payment for the earnest deposit which is from 1-3% or vary, either u issue a cheque or a bank draft under the agency name, not to any personal name include the rightful owner UNLESS you’re dealing with the owner directly and u trusted the owner, again, at your own risk if u issue to personal name.
3. Sign the offer to purchase with the agency letterhead, and correct particular property you’re buying, double check with the address and clause. Add-in additional clause if needed. Photocopy a set of the cheque and the offer to purchase for yourself.
4. Now, wait for the agent to allow the vendor/owner to sign as acceptance. Time frame vary. But if the agent is serious and want to close deal fast, it wil be fast.
5. Once owner signed and accepted the deal, then ask a carbon copy for the offer to purchase.
6. Engaged a lawyer of your choice and pass the photocopied of offer to purchase with your IC to your lawyer, and give the lawyer the agent’s contact. From here, your lawyer will contact the agent and get anything from the agent include the vendor/owner’s contact, lawyer, etc etc.
7. Call up your lawyer for updates or you can ask the lawyer to email you everytime there is a new update.
8. Sign the SPA within 14-15days.
1. If u have a good banker in hand, you can always ask the banker to give you a pre-approve loan before you make any payment or sign anything on a particular property.
2. Otherwise, the day after the vendor/owner has accepted the deal as in signed offer to purchase, then engage a banker of your choice and give them a photocopied of the offer to purchase. To save your time, you can apply few banks once in a day. So at least u use 1 day to do loan submission.
3. Once you’ve confirmed which bank to take, then pass the banker’s contact to your lawyer, or vice versa.