Parc Life EC

[pelangi15]

I mean giving cheque without any signed document has risks. With payee as developer can still cash in and transfer.

If it's only a small amount, why need to give cheque in order to know the best discount that will be given. It's not a business to business deal. Why need to have this procedure? Who sets this rule or enforces this? Housing agencies or developer? Or it's just a way to show the agents or developer is above the buyer. Buyer has to listen to whatever they want

 

[jouhyo]

I mean giving cheque without any signed document has risks. With payee as developer can still cash in and transfer.

If it's only a small amount, why need to give cheque in order to know the best discount that will be given. It's not a business to business deal. Why need to have this procedure? Who sets this rule or enforces this? Housing agencies or developer? Or it's just a way to show the agents or developer is above the buyer. Buyer has to listen to whatever they want

The amount is large amount to you but small to the developer. Your 5% to 10% deposit is probably less than 0.1% relative to the whole property development, if you are referring to Parc Life here, or Frasers. Why they want to take yr small $$ away puting their whole project or reputation at risk.

Submitting cheque before signing any document is a practice used by buyers as an intention to buy the property from developers from eons ago, not only in Singapore, in Hong Kong etc.

http://www.straitstimes.com/business/property/10000-people-turn-up-at-tanah-merah-condo-show-flat

Tats why you see those leaftlets in your mailbox from interested property buyers giving you $5k upfront after verbal commitment.

 

[pelangi15]

The amount is large amount to you but small to the developer. Your 5% to 10% deposit is probably less than 0.1% relative to the whole property development, if you are referring to Parc Life here, or Frasers. Why they want to take yr small $$ away puting their whole project or reputation at risk.

Submitting cheque before signing any document is a practice used by buyers as an intention to buy the property from developers from eons ago, not only in Singapore, in Hong Kong etc.

http://www.straitstimes.com/business/property/10000-people-turn-up-at-tanah-merah-condo-show-flat

Tats why you see those leaftlets in your mailbox from interested property buyers giving you $5k upfront after verbal commitment.

In this case, he is giving the cheque for discount request. This is even before he has confirmed buying the unit. So this is normally practised as well?

 

[vangelis]

In this case, he is giving the cheque for discount request. This is even before he has confirmed buying the unit. So this is normally practised as well?

Dear experts,

Need some advices here. I already "secured" a unit by giving blank cheque (5%) for 1 week to source for funding. All documents signed. Suppose if I cannot get funding, will I be penalized with the 1/4 deposit?
What will happen here?

 

[notti_me]

If u can't fund the 5%, dun buy...

Dear experts,

Need some advices here. I already "secured" a unit by giving blank cheque (5%) for 1 week to source for funding. All documents signed. Suppose if I cannot get funding, will I be penalized with the 1/4 deposit?
What will happen here?

 

[kelvinangsw]

In this case, he is giving the cheque for discount request. This is even before he has confirmed buying the unit. So this is normally practised as well?

The deal is if the agent can get the discount for the buyer, the buyer must confirm to buy le and the cheque will be used immediately to pay the 5% with the discount. If not, then it will be returned.. This is to weed out those who suka suka ask for discount then in the end back out...

 

[vangelis]

If u can't fund the 5%, dun buy...

I can fund up to 20% in cash actually if I liquidate my short term investment. I am asking coz i am thinking I could have bought it in a rush. Would I be penalize if I don't buy?

 

[Solidus_GZ]

Then wait till you liquidate your investment then you buy, now still have many units left if you check the ura transactions for Parc life

 

[vangelis]

thanks bro. So means i will be penalise with 1/4 deposit? I signed all documents but gave a "blank" cheque to secure the unit only.

 

[Zopizz]

Gave a blank cheque To secure choice unit?
How did your deal go?

 

[pelangi15]

thanks bro. So means i will be penalise with 1/4 deposit? I signed all documents but gave a "blank" cheque to secure the unit only.

http://www.parclife.sg/pdf/ParcBooklet_FA%20for%2021042016.pdf, Part 1, section 6

25% of the booking fee which is 5% of selling price.

Because of the signed docs, you can only get back the 75% of the booking from the developer's law firm.

 

[pelangi15]

The deal is if the agent can get the discount for the buyer, the buyer must confirm to buy le and the cheque will be used immediately to pay the 5% discount. If not, then it will be returned.. This is to weed out those who suka suka ask for discount then in the end back out...

I guess I'm the only one couldn't figure out the logic behind this procedure.

 

[jouhyo]

I guess I'm the only one couldn't figure out the logic behind this procedure.

This is effective a booking fee. It is to protect the developer from fickle-minded buyers before signing anything. If someone give the cheque, the developer will not let go off the unit to potential buyers. Is the same when u pay a deposit to book a place for an event or to pre-order something.

 

[YuoriFighter]

Hahaha.. Duno wat to comment..

 

[Zopizz]

http://www.parclife.sg/pdf/ParcBooklet_FA%20for%2021042016.pdf, Part 1, section 6

25% of the booking fee which is 5% of selling price.

Because of the signed docs, you can only get back the 75% of the booking from the developer's law firm.

Bank loan has penalty too? How's the damage?

 

[pelangi15]

Bank loan has penalty too? How's the damage?

If you have signed the Letter of Offer from the bank... and as stated in the LO, it's 0.75% of the loan amount (I'm not sure if this is different for each bank or loan)

 

[Solidus_GZ]

wonder if anyone think of hacking the wall and rebuild the wall to make it a compete room.
thinking of using this as better Laundry cum store room

 

[yuriais28]

Just heard from agent that the developer will be increasing the prices of those units facing the pool by 1% from this Friday onwards.

Those interested in such units will need to act fast.

 

[pelangi15]

wonder if anyone think of hacking the wall and rebuild the wall to make it a compete room.
thinking of using this as better Laundry cum store room

Interesting... have to check if the wall is hackable first

 

[Zopizz]

Non structural load bearing wall can be hacked.
But whether need to inform developer, I am not sure. May need to. Who has experience on this?