Separate Property Account for Purchaser and Vendor
Print PDF on 08:24, Dec 10, 2010
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I have posted a similar topic concerning the risk of falling prey to the sweet talk of so called property agents telling you everything is possible, when, you finally discover that what they say and what you read in the letter of appointment of agent is contradictory to each other.

Nowadays, agent charged commission, with or without sale.

In fact, no commission is chargeable, since no work, no pay !

 It would be almost impossible to find, if an agent is not collaborating with an inside person to trick a vendor into believing that he has a genuine purchaser with the purpose that the vendor pays him the commission first, regardless of whether the deal fails.

This is an uninsured risk which unfortunately falls to the vendor as property owner. 

Some even collect a booking fee. In fact, only a nominal fee should be payable towards the defrayment of advertisement fees with the production of receipts as proof of advertisement.

In fact, a separate account for a purchaser and vendor each to keep what is deposit into the account for the vendor and what is commission separate should be encouraged.

This is largely due to the fact that vendors do place a great deal of trust upon an agent to deliver the promise which he made, to find a genuine purchaser who can afford the affordable price.

This is a share responsibility between the purchaser, vendor and the agent which demands this industry to maintain a professional level of duty-care bound responsibility, not for care-free scouts looking for commission at first instance.

 Let those who have ears listen !