Asked by Anonymous
We're a couple, first time home buyers. We did not engage an agent and are purchasing a resale flat on our own. We made an offer knowing that the seller needed 90 days extension as they have yet to secure their next home purchase. We were told by their agent that they need the cash proceeds from the sale to finance their next home.
The flat is owned by an elderly lady. Her two adult children who are currently living in the flat are handling the transaction for her. Not sure if the elderly lady is still around or has passed on.
The children would like to hand over the keys only in October. We were told by their agent that HDB would not approve their request for extension as the children are not the owners, and are just the 'executors' who are acting on their mother's behalf. Therefore, the agent wants us (buyers) to privately agree on the side to start the transaction process in August so that it will be October by the time the whole transaction is completed.
The agent wants us to sign a private agreement stating that we have agreed on a price. And from now to 1 August, we will not purchase any other flat and in turn, the sellers will not market the property any further and will not accept any other offers even if they are to receive higher offers than our agreed price. There are no lawyers involved. Just us and the seller's agent.
Just wanted to find out if this arrangement is unusual? The agent asked us to prepare the private agreement although we have no legal background.
The flat is owned by an elderly lady. Her two adult children who are currently living in the flat are handling the transaction for her. Not sure if the elderly lady is still around or has passed on.
The children would like to hand over the keys only in October. We were told by their agent that HDB would not approve their request for extension as the children are not the owners, and are just the 'executors' who are acting on their mother's behalf. Therefore, the agent wants us (buyers) to privately agree on the side to start the transaction process in August so that it will be October by the time the whole transaction is completed.
The agent wants us to sign a private agreement stating that we have agreed on a price. And from now to 1 August, we will not purchase any other flat and in turn, the sellers will not market the property any further and will not accept any other offers even if they are to receive higher offers than our agreed price. There are no lawyers involved. Just us and the seller's agent.
Just wanted to find out if this arrangement is unusual? The agent asked us to prepare the private agreement although we have no legal background.
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