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Inheritance and Legacy Planning

Asked by SG Ao 30 Aug 2010

I have exercised the option to purchase an unit, placed a deposit, and lodged the caveat. The completion is not due, but I saw the unit still being advertised on propertyguru website, posted after the date of option has been exercised. What if the agent has been collecting deposits from various interested buyers and abscond before the date of completion? What is protecting us buyers from losing our deposits?

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3 Answers

Previously Asked Questions

Lee Chun Peng Adnic · Answer 1 · 2010-08-30T20:04:17+08:00

Lee Chun Peng Adnic

Replied 30 Aug 2010

Hi,

Since you have exercised and caveat lodge,
that means your lawyer has checked the validity of owners and e.t.c. Therefore it should be a safe case.

The agent may forget to take out the the units as advertisement. Therefore you should inform the seller about this so he can inform his/her agent accordingly.

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Jennifer Loh · Answer 2 · 2010-09-04T16:52:35+08:00

Jennifer Loh

Replied 4 Sep 2010

Dear Mr SG Ao,
Congratulations in your procurement. Its part of sales & marketing strategy for all agents to do revolving sales within same property compound as already incurred so much labor, marketing costs and time. Agents will not want to jeopardizse their precious "license to operate" to earning dishonest living. The 1% "cheating" option money is not worth the sacrifice going to jail and losing life long ricebowl. In fact, iron rice bowl as no retiree restriction in this line! He may be attracting spillover clients to promote other unsold units. Hope this will give you an ease mind. God bless and good day. Jennifer Read More