THE report “Buyers Beware” (The Star, March 2) by Chang Kim Loong, the honorary secretary-general of the National House Buyers Association rightly brought up the current practice of most developers in trying to woo buyers with “Free legal fees”.
Whether it is a fact or myth, the buyers normally have no choice even though they understand and are fully aware of the consequences.
The Sale and Purchase Agreements (S&P) are all standard copies prepared by the developers and the legal firms are all in the developers panel.
None of the terms and conditions in the S&P can be amended. No developer would agree to execute any S&P to be prepared by the buyer’s own solicitors.
So if any buyer were to exercise his right in this regard, he would be advised not to buy the property.
I had a specific case in which the S&P clearly stated that the solicitor is representing me, the purchaser, but because the legal fee was paid by the developer, all the terms and conditions were in the developer’s favour.
When I casually asked the lawyer if in the event of dispute, would he be representing the purchaser or developer, his reply was I can always appoint another legal firm if I were not comfortable with his firm (in future disputes).
To add to the myth of so-called free legal fees which is only offered for preparation of the S&P, there is another legal fee that all purchasers have to pay, especially in most cases where during the point of purchase, the individual titles are not out yet.
In subsequent registration of purchaser’s name in the individual title, the purchaser will be required to pay a legal fee equivalent to 25% of the calculated fees.
This part is normally not explained during the signing of S&P and would come as a surprise to the purchaser at a later date.
At the moment, all purchasers practically have very little negotiation or bargaining power as far as the S&P is concerned until hopefully one day the relevant authorities show some interest in this matter.
THE report “Buyers Beware” (The Star, March 2) by Chang Kim Loong, the honorary secretary-general of the National House Buyers Association rightly brought up the current practice of most developers in trying to woo buyers with “Free legal fees”.
Whether it is a fact or myth, the buyers normally have no choice even though they understand and are fully aware of the consequences.
The Sale and Purchase Agreements (S&P) are all standard copies prepared by the developers and the legal firms are all in the developers panel.
None of the terms and conditions in the S&P can be amended. No developer would agree to execute any S&P to be prepared by the buyer’s own solicitors.
So if any buyer were to exercise his right in this regard, he would be advised not to buy the property.
I had a specific case in which the S&P clearly stated that the solicitor is representing me, the purchaser, but because the legal fee was paid by the developer, all the terms and conditions were in the developer’s favour.
When I casually asked the lawyer if in the event of dispute, would he be representing the purchaser or developer, his reply was I can always appoint another legal firm if I were not comfortable with his firm (in future disputes).
To add to the myth of so-called free legal fees which is only offered for preparation of the S&P, there is another legal fee that all purchasers have to pay, especially in most cases where during the point of purchase, the individual titles are not out yet.
In subsequent registration of purchaser’s name in the individual title, the purchaser will be required to pay a legal fee equivalent to 25% of the calculated fees.
This part is normally not explained during the signing of S&P and would come as a surprise to the purchaser at a later date.
At the moment, all purchasers practically have very little negotiation or bargaining power as far as the S&P is concerned until hopefully one day the relevant authorities show some interest in this matter.
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THE report “Buyers Beware” (The Star, March 2) by Chang Kim Loong, the honorary secretary-general of the National House Buyers Association rightly brought up the current practice of most developers in trying to woo buyers with “Free legal fees”.
Whether it is a fact or myth, the buyers normally have no choice even though they understand and are fully aware of the consequences.
The Sale and Purchase Agreements (S&P) are all standard copies prepared by the developers and the legal firms are all in the developers panel.
None of the terms and conditions in the S&P can be amended. No developer would agree to execute any S&P to be prepared by the buyer’s own solicitors.
So if any buyer were to exercise his right in this regard, he would be advised not to buy the property.
I had a specific case in which the S&P clearly stated that the solicitor is representing me, the purchaser, but because the legal fee was paid by the developer, all the terms and conditions were in the developer’s favour.
When I casually asked the lawyer if in the event of dispute, would he be representing the purchaser or developer, his reply was I can always appoint another legal firm if I were not comfortable with his firm (in future disputes).
To add to the myth of so-called free legal fees which is only offered for preparation of the S&P, there is another legal fee that all purchasers have to pay, especially in most cases where during the point of purchase, the individual titles are not out yet.
In subsequent registration of purchaser’s name in the individual title, the purchaser will be required to pay a legal fee equivalent to 25% of the calculated fees.
This part is normally not explained during the signing of S&P and would come as a surprise to the purchaser at a later date.
At the moment, all purchasers practically have very little negotiation or bargaining power as far as the S&P is concerned until hopefully one day the relevant authorities show some interest in this matter.
การแปล กรุณารอสักครู่..