When buying a property, an agreement needs to be signed by the buyer and seller. The agreement is called the Sales & Puchase Agreement. The agreement will state the common understanding, the unit price, what fittings/furniture is included and what's not. Besides, all government regulations is mentioned as well.
Ok, first hurdle of finding a place is settled.
Now, second hurdle is getting the S&P, Loan, etc.
Agent: Do you have your lawyer?
Me: No, you recommend. Must be efficient, work fast type
Owner: Yes, we choose the same lawyer so easy to work and must work fast.
The next day, 3rd July, a law firm calls me up.
Lawyer girl: Do you agree we become your lawyer
Me: Send me the quotation first
Guess what !@#$%% very sneaky lawyer
The next day, he prepares the S&P Draft and email to ME AND THE SELLER without quotation. Wah-lau-eh.."its like I (lawyer) already done the work, you cant reject me now"
And me being soft-hearted, I really must give him a good punch right! How to reject him? So I ask for discount. Luckily he gave 40% off lawyer fees. I was hoping for 50%. But 40% is close enough and at least hei-sek-jor.
However after consulting my cousin (a corporate lawyer), I should had turned him down and go for another lawyer cos he did not demonstrate professionalism (by right, quotation first, agreed, then send draft to me first before seller).
Anyway the entire process Ding Dong for more than dunno how many days! After the agreed stipulated S&P time-frame, both me and Seller have not come to a conclusion to our agreement cos I wanted to protect myself and Seller also have different views.
At the end, Seller appointed her own lawyer. I stuck with this lawyer. We exchange feedbacks and comments only the "Land Title" issue. Sigh! Everyone want to cover their own a$$.
So how? The final S&P signed on Aug 21. From July 3-Aug 21. By right, each of us (seller and buyer) can charge ourselves interest! Anyway deemed settled
Next: Securing a Bank Loan
Note: It is very important for you to read through the S&P. Although most S&P is standard, but you really need to read the fine prints to protect yourself and not the other way round. The reason for the delay is because I wanted to protect myself and not the seller. But at the end, I compromise otherwise there is no way we can settle the agreement.
Friday, May 14, 2010
Tuesday, May 11, 2010
Choosing the Unit - Part 3
That Saturday afternoon, I was so sad. I was really looking forward as the unit I saw was the BEST among the ones I have seen. Then I locked myself and I prayed. This time I prayed differently. Remember I used to pray only 1 sentence?
I prayed differently this round and it went:
- Pray for the owner to remember me and have a special feeling towards me
- Pray for the other prospects that come and the prospects wont like the place
- Pray specifically that it will be $A-40k
I prayed this everyday since Saturday until....
On Monday 29th June
Agent: Rachel, u sure u want to let go?
Me: Holding to my principles..yes. I am only willing to go at the said price
Agent: If you really like it, why not compromise nearer to the owner's price?
Me: Nah... its ok la. You let go
Agent: ok la. alright.
I still continued praying cos as long as it is NOT sold, I have a chance right?
Then on 2nd July, Thur
Agent: Rachel, the unit is yours
Me: Huh?
Agent: Owner said particularly sell to you only
Me: Really?
Agent: There are others whom offered the owner at higher price than you. but Owner said, sell to you
Me: Oh Thank you thank you. Tonight I pass you CASH.
Agent: No need la. Cheque..
Me: Ok. See you at the owners place.
After putting down the phone, I was so happy and in fact disbelief cos how come God answered my prayer. Then I asked God for forgiveness and thank Him again and again!
At night.... went to the owner's place
We did the transaction and signed some forms.
The owner's wife then related how she felt comfortable with me, and how cute Philip was and that we are genuine good people whom will take good care of the place..
... Then talk talk talk... found out that the daughter study in Sri Nobel (fyi, we have special relationship with Clarine Chun), then found out the owner work in Sime Darby XXX (fyi, my mom worked in Sime Darby for 25 yrs)...the more we talk, the more we got excited! Some more church-goers to Calvary Church, Damansara Heights.
Ok, first hurdle done
Now, second hurdle is getting the S&P, Loan, etc.
I prayed differently this round and it went:
- Pray for the owner to remember me and have a special feeling towards me
- Pray for the other prospects that come and the prospects wont like the place
- Pray specifically that it will be $A-40k
I prayed this everyday since Saturday until....
On Monday 29th June
Agent: Rachel, u sure u want to let go?
Me: Holding to my principles..yes. I am only willing to go at the said price
Agent: If you really like it, why not compromise nearer to the owner's price?
Me: Nah... its ok la. You let go
Agent: ok la. alright.
I still continued praying cos as long as it is NOT sold, I have a chance right?
Then on 2nd July, Thur
Agent: Rachel, the unit is yours
Me: Huh?
Agent: Owner said particularly sell to you only
Me: Really?
Agent: There are others whom offered the owner at higher price than you. but Owner said, sell to you
Me: Oh Thank you thank you. Tonight I pass you CASH.
Agent: No need la. Cheque..
Me: Ok. See you at the owners place.
After putting down the phone, I was so happy and in fact disbelief cos how come God answered my prayer. Then I asked God for forgiveness and thank Him again and again!
At night.... went to the owner's place
We did the transaction and signed some forms.
The owner's wife then related how she felt comfortable with me, and how cute Philip was and that we are genuine good people whom will take good care of the place..
... Then talk talk talk... found out that the daughter study in Sri Nobel (fyi, we have special relationship with Clarine Chun), then found out the owner work in Sime Darby XXX (fyi, my mom worked in Sime Darby for 25 yrs)...the more we talk, the more we got excited! Some more church-goers to Calvary Church, Damansara Heights.
Ok, first hurdle done
Now, second hurdle is getting the S&P, Loan, etc.
Saturday, May 8, 2010
Choosing the Unit - Part 2
Thank God, I found another agent and I am so happy to know she is an experience one. When I meet her, I can sense she is mature and experience. She took me to see 2 units. (Unit-x, Unit-y)
About a week later, I called her.
Me: I want to buy unit-X
Agent: Sorry. Just sold. Before you called me, I just sold. Collecting the cheque in the evening
Me: bump. Heartache.
Agent: There is another seller. U interested to view? The seller just contacted me. I myself have not even seen the unit. The seller said her unit is very nice and priced at $A.
Me: Wah Piang. $A? same price as a duplex already wor...
Agent: I have not seen the place yet. Normally seller will say their unit is very nice, well maintain to jack the price. But we see the place first ok?
Me: ok
~~ At night.. ~~
Agent: We see the place first then comment/discuss the price ok?
Me: ok
Me: Wah......... really nice. Better than Unit-x. (Unit-x is $A-80k)
Agent: its really nice. really very well maintained and well-kept
Me, Agent, Owner all talk talk about place. But no price talk cos need to be ethical as any pricing negotiation must go through Agent
We left the place
Me: through ur many years of experience, tell me, how much you think is worth for this unit?
Agent: $A-40k
Me: ok. that's the price you offer the owner. I trust your judgment
Friday-morning
Agent: Rachel, owner said $A-30k is the best
Me: I think first, but we go Saturday again to see
Saturday-afternoon
Agent: Rachel, the owner said $A-30k is the lowest he will go
Me: Heartache. Burden. Ok la. You tell him I am willing to "let-go". I wont compromise.
Agent: ok. I will open this opportunity to my other clients
That Saturday afternoon, I was so sad. I was really looking forward as the unit I saw was the BEST among the ones I have seen. Then I locked myself and I prayed. This time I prayed differently. Remember I used to pray only 1 sentence?
I prayed differently this round like this:
- Pray for the owner to remember me and have a special feeling towards me
- Pray for the other prospects that come and the prospects wont like the place
- Pray specifically that it will be $A-40k
I prayed this everyday since Saturday until....
About a week later, I called her.
Me: I want to buy unit-X
Agent: Sorry. Just sold. Before you called me, I just sold. Collecting the cheque in the evening
Me: bump. Heartache.
Agent: There is another seller. U interested to view? The seller just contacted me. I myself have not even seen the unit. The seller said her unit is very nice and priced at $A.
Me: Wah Piang. $A? same price as a duplex already wor...
Agent: I have not seen the place yet. Normally seller will say their unit is very nice, well maintain to jack the price. But we see the place first ok?
Me: ok
~~ At night.. ~~
Agent: We see the place first then comment/discuss the price ok?
Me: ok
Me: Wah......... really nice. Better than Unit-x. (Unit-x is $A-80k)
Agent: its really nice. really very well maintained and well-kept
Me, Agent, Owner all talk talk about place. But no price talk cos need to be ethical as any pricing negotiation must go through Agent
We left the place
Me: through ur many years of experience, tell me, how much you think is worth for this unit?
Agent: $A-40k
Me: ok. that's the price you offer the owner. I trust your judgment
Friday-morning
Agent: Rachel, owner said $A-30k is the best
Me: I think first, but we go Saturday again to see
Saturday-afternoon
Agent: Rachel, the owner said $A-30k is the lowest he will go
Me: Heartache. Burden. Ok la. You tell him I am willing to "let-go". I wont compromise.
Agent: ok. I will open this opportunity to my other clients
That Saturday afternoon, I was so sad. I was really looking forward as the unit I saw was the BEST among the ones I have seen. Then I locked myself and I prayed. This time I prayed differently. Remember I used to pray only 1 sentence?
I prayed differently this round like this:
- Pray for the owner to remember me and have a special feeling towards me
- Pray for the other prospects that come and the prospects wont like the place
- Pray specifically that it will be $A-40k
I prayed this everyday since Saturday until....
Wednesday, May 5, 2010
Choosing the Unit - Part 1
Every-time after seeing the units, I would try to visualized if I would to stay there, where I would put the furniture, TVs and such.
When I saw a particular unit that I liked, my visualization would be even deeper. I will keep thinking about it for a few days. During the few days, I will also pray asking God, "God, if that place is for me, means its for me". I prayed this sentence over and over again.
There was 1 unit that I particularly liked. I made an offer, but the agent refused it. I really didn't like young agents because I think they are there to make $. By right, when I make an offer, the agent must revert to the owner. That why if I had a chance to speak to the owner, I believe I will win in my negotiation skills!!!!
Once I went for viewing. This another young agent had the chic to bring another 8 prospects at the same time. Talking about professionalism!!
At the meantime, someone wanted to rent my house in USJ and paid good money. I was very gan-cheong as they wanted to move in asap. So how? move back to my parents?
Thank God, I found another agent (This is Chooi Kuan) and I am so happy to know she is an experience one. When I meet her, I can sense she is mature and experience. She took me to see 2 units. (Unit-x, Unit-y)
When I saw a particular unit that I liked, my visualization would be even deeper. I will keep thinking about it for a few days. During the few days, I will also pray asking God, "God, if that place is for me, means its for me". I prayed this sentence over and over again.
There was 1 unit that I particularly liked. I made an offer, but the agent refused it. I really didn't like young agents because I think they are there to make $. By right, when I make an offer, the agent must revert to the owner. That why if I had a chance to speak to the owner, I believe I will win in my negotiation skills!!!!
Once I went for viewing. This another young agent had the chic to bring another 8 prospects at the same time. Talking about professionalism!!
At the meantime, someone wanted to rent my house in USJ and paid good money. I was very gan-cheong as they wanted to move in asap. So how? move back to my parents?
Thank God, I found another agent (This is Chooi Kuan) and I am so happy to know she is an experience one. When I meet her, I can sense she is mature and experience. She took me to see 2 units. (Unit-x, Unit-y)
Monday, May 3, 2010
Agent Type #4
This is what I call Professional..or is it meeting my standards/expectation?
There are 2 agents which I want to comment.
Firstly is Chooi Kuan - she is the one who found me my unit.
Secondly is Rose - she is the one who sold my USJ unit.
Both of them are very experience and the way they talk, you know they have been in the field long enough. They take passion of what they are doing. They take initiative to get to know you better. They take initiate to know your requirements.
I will blog in detail about the 2 properties later.
There are 2 agents which I want to comment.
Firstly is Chooi Kuan - she is the one who found me my unit.
Secondly is Rose - she is the one who sold my USJ unit.
Both of them are very experience and the way they talk, you know they have been in the field long enough. They take passion of what they are doing. They take initiative to get to know you better. They take initiate to know your requirements.
I will blog in detail about the 2 properties later.
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