Terminate Exclusive Right To Sale Of Property

[doraemon88 0]

Dear all,

I need help for infor on this.

Two weeks ago, I signed an Exclusive right of sale for my HDB. The agent

told me I need to sign first before she will do the valuation for my flat,

which she said she would bear the cost. She said she would not fill in the

selling price until the valuation is done (and I can decide the price then).

So my wife and I signed on it.

However, I wish to terminate the so-called 'Exclusive right of sale' now due to

some problems with the buying of another flat.

What costs do I need to bear besides the valuation cost of about $180?

There is a clause that state seller (owner) need to pay the 2% if he voluntary

withdraw the sale of property. Does that mean that I still need to pay the 2%?

Actually no advertisment or whatever has been done yet. She claimed she

requested for the valuation already but I've not received any calls from the

valuator yet.

Appreciate any help or info. Thank you.

[chia90 0]

Dear all,

I need help for infor on this.

Two weeks ago, I signed an Exclusive right of sale for my HDB. The agent

told me I need to sign first before she will do the valuation for my flat,

which she said she would bear the cost. She said she would not fill in the

selling price until the valuation is done (and I can decide the price then).

So my wife and I signed on it.

However, I wish to terminate the so-called 'Exclusive right of sale' now due to

some problems with the buying of another flat.

What costs do I need to bear besides the valuation cost of about $180?

There is a clause that state seller (owner) need to pay the 2% if he voluntary

withdraw the sale of property. Does that mean that I still need to pay the 2%?

Actually no advertisment or whatever has been done yet. She claimed she

requested for the valuation already but I've not received any calls from the

valuator yet.

Appreciate any help or info. Thank you.

I am no expert in this.

But if you genuinely cannot buy another flat, and therefore decided not to go ahead with selling your flat. I think you can explain this to the agent and pay the cost incurred so far, eg valuation and adverts if any. I believe you should be able to withdraw without paying the 2%.... BUT, if you withdrawn and then sell your flat later within a short span of several months, I think they can claim the 2% from you...

so really depends on how geniune is the case... and how you talk to the agent... make a friend and when you are able to buy a flat in future, you will give him/her the biz or something to that effect...

Good luck

[bepgof 20]

Dear all,

I need help for infor on this.

Two weeks ago, I signed an Exclusive right of sale for my HDB. The agent

told me I need to sign first before she will do the valuation for my flat,

which she said she would bear the cost. She said she would not fill in the

selling price until the valuation is done (and I can decide the price then).

So my wife and I signed on it.

However, I wish to terminate the so-called 'Exclusive right of sale' now due to

some problems with the buying of another flat.

What costs do I need to bear besides the valuation cost of about $180?

There is a clause that state seller (owner) need to pay the 2% if he voluntary

withdraw the sale of property. Does that mean that I still need to pay the 2%?

Actually no advertisment or whatever has been done yet. She claimed she

requested for the valuation already but I've not received any calls from the

valuator yet.

Appreciate any help or info. Thank you.

1. Exclusive contract has only 3-month validity.

2. However, if without writing to void it, 2 weeks before expiration, it will "auto" in force again.

3. So, wirting in to agent to cancel it, 2 wk before it ends.

4. Put the selling price high high, so nobody can buy. Important. Don't let agent fill in this field.

5. If you put low low and someone wants to buy and you don't want to sell, agent can ask for "compensation". Impoortant.

6. Can tell agent straight yr intention, and destroy original agreement in front of both party.

7. If agent insists to sell, close yr door when viewers come.Ok?

Edited October 28, 2010 by bepgof

[manutd1972 1]

take it step by step.

but most importantly, dun get tricked by ur agent into paying anything. the only thing tt u're liable for, at the moment, is the cost of the valuation report. if the valuer has not come to see ur unit yet, i think u still can cancel the valuation request without incurring any cost. but if it has already been "inspected", then wait until u receive the valuation report before u pay the agent for it.

as for the exclusive right to sell, just inform ur agent tt some complications had arisen in ur purchase of the other unit and u are not able to sell ur unit already. tell her to cancel the agreement. i dun think she'll agree to it though. she'll probably tell u to just leave it and let it lapse.

but u need to knw tt if u do sell ur flat during the next 3 mths, even if it's thru another agent, this current agent is still entitled to her commission. so u'll end up paying 4% comm of the eventual selling price, 2% to her, and 2% to the agent u sold the unit through.

if u are sure u wun be selling within the next 6mths (just to be safe), den u can just let the agreement lapse if she's not willing to void it.

but if u're not sure, den the only way to "protect" urself, is to tell her to KIV first. and if ur situation changes and u decide to sell, den just engage her back to sell ur unit for u.

[titanax 0]

also make sure to explicitly terminate it after 3 mths instead of just letting it lapse - there are some cases of "auto-renewal" somewhere in the fine print

[edenstrauss 3]

For such cases, will it help if you report the matter to HDB?

And see if they could advise on how to proceed from where you are now?

[cleong 1]

My feeling is that it is a legal but private matter between the TS and the agent, so HDB may only just advise, without coming in to be an arbitrator.

[bepgof 20]

My feeling is that it is a legal but private matter between the TS and the agent, so HDB may only just advise, without coming in to be an arbitrator.

Confirmed, this has nothing to do with HDB yet at this point of time.

Edited October 29, 2010 by bepgof

[mel77 1]

All this fine prints of "Auto Renewal" is the underhand tactics of the agreement. Agents will never tell you this.....when question on this, the common answer is "don't worry, your unit sure can sell within the period".

Never believe that the valuation report is at the cost of the Agent. The agent will claim back from the buyer. Tested with agents when i was searching for a flat. (understand that if you are not taking a loan, you don't need the valuation report)

Only requested to see valuation report to determine the price and i was asked to pay for the report.

[bepgof 20]

1. The one who submitted request for valuation, only needs to pay. Your name not there can always don't pay.

2. I've entered exclusive agreement twice, so far. One in 2006, another in 2009. Big prints, small prints all have been read liao.

3. Only enter exclusive agreement with agent who you know well and at "mentor" level who has vast contacts and experience.

4. You are at upper hand since the "selling price" portion has not been filled up.

[Warrior88 0]

Exclusive right is established by contractual obligation, but the scope of enforceability will depend upon the extent to which are bound by the terms established in the exclusive right agreement. Thus in the case of contractual rights, only persons that are parties to a contract will be affected by the exclusivity. (Seller & Agent)

Agent may prohibit others from entering any sales during the terms of agreement. However, an exclusive right is not necessarily absolute, it does not constitutes the rights of agent to excercise any sales terms. It is only a rights given to them to sell.

It is very hard for agent to sue you if even you are not in favour of selling for whatsoever reason. This ... they don't have the rights. You only only breach this contract if you have enter any sales agreement during this terms. This .... they have the rights.

[mel77 1]

Also go straight to the agency to check....don't base on the agent's words.

A lot of agents are not sure of their work. Always use the famous phase "standard practice". Challenge the XXX agency before on the commission payment. Even before 1st appt, i was asked to make payment for agent's commission. Tell me it is "standard practice".

Then when u meet the crook ones, they'll twist and turn to make u blur!

[doraemon88 0]

Thanks for all your inputs. Really appreciate that!