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Friday, October 7, 2022
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PROPERTY AGENT SAID HER FEES CAN PAY BY INSTALLMENT, LATER BACKS OUT & WANTS FULL PAYMENT

Advise on Property Agent backing out on what was said
Hi, I would like to get some advise as above

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When we engaged our property agent (we are buying a resale flat), the agent mentioned that the payment can be done by installment.

Now the completion date is approaching and the agent is asking for payment in full. She denies that she had mentioned installment plan and is now changing the story saying that property agent’s fee are not supposed to be paid by installment.

The thing is, we do not have proof that she said so. Being first time buyer, I did not think of getting it written black and white (I regret it deeply).

We agreed to engage this agent because she said she accepts installment but since it’s a he say she say situation. I would like some advise?

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Thank you in advance.

Info: we are planning to use most of our cash on home renovation therefore we do not want to drop the lump sum on the agent’s fee and the agent had been well aware of that on the first day we signed her agreement

UPDATE!! –> Best outcome that I did not expect. The agent got back to me and was surprisingly nice about getting payment done in installment.

I was initially taken aback because she changed her attitude in a 180 degree manner.. After thinking about it,, I recalled that she had taken a voice recording of our agreement on engaging her as our agent.

Thank you to those who had given constructive advice and different point of views.

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Netizens’ comments

  • Few agents I know willing to accept installment, they live on commission. Property Agents are generally greedy mofos, never trust what they say unless you have it on paper or electronically. Two options for you.
    • Simp: Pay in full, take loan for your Reno
    • Chad: Ask agent to accept installment payment as agreed or pull out of the deal
    • A-hole: Complete the transaction of the house, agree to pay in full, but pay in instalments
  • Usually you have to sign a contract with the agent on the commission, read it carefully, you have to pay in full, but should say when you can pay by and it’s not worth it to them to chase you for commission via litigation especially if you are willing to pay, you can always negotiate payment terms after the deal is done.
    Trump-style: Invite seller and agent for signing of the agreement and option, before signing off, insist the agent take installments. There is pressure on seller and agent to sell, so use that as leverage. But you must be willing to walk away.
    Hope that helps
  • Hi. Property Agent here.
    U can pay partially for as long as u need as long as the company doesn’t initiate legal proceedings against u (they won’t if you don’t take too long to complete the payments) They will generate reminder invoices if the agent asks the company to (she won’t) If it takes too long without payment, the company will ask the agent and his director if they want to initiate legal proceedings.
    But generally, do remember that the agent’s only source of income is commissions from their clients. Will you take your salary on instalments? That said, if the agent did say that she can accept instalments, then she shouldn’t go back on her word.
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