To sign or not to sign
I want to buy a house and I am with the agent right now, what should I do next?
This is both an exciting time and also a scary time. The agent would probably have injected fear into you and you are afraid of losing out.
To sign or not to sign, that is the question?
If you sign now, you are not sure what you are signing. There could be hidden traps in the contract.
If you do not sign now, you are afraid of losing out. It's a catch 22.
Here are 3 options and there is no one best answer
Make a deal that the vendor must be in the same room as you. You can exchange there and then. This way, you are assured of an exchange and that you are the buyer. You can always rescind if you are not totally satisfied. You have a 5 business days to do so.
The advantage is you have secured the property.
The disadvantage is, if you rescind, you lose 0.25% of the sales price.
Please remember, you cannot get something for nothing.
Give into the pressure and blindly sign the contract.
The agent will then ask the vendor to come and sign (accepting your offer).
The advantage is, you feel relieved after you have signed.
The disadvantage is: the agent could be accepting other offers. This is done before the vendor come and sign. However, most of the time, you are the only one that gives the offer. So 19 times out of 20 you are the only buyer.
If there were other offers before the vendor accepts your offer, it means the vendor can accept a different buyer. It means there is 1 chance in 20 that you can still lose out.
Get the contract first; get the full contract and not only the front page. Some agents think that you cannot understand it anyway, and only give you 1 page instead of 70 pages.
Make sure you get the full contract. The full contract must first be emailed to you. This way you have full control and can track the progress.
Please note that all agents have the full contract in their office and most agents have fast scanners. It will only take 5 minutes to scan to an email.
You then forward the contract to our email.
We will then point out any burdensome conditions eg land tax payable.
Once you are satisfied with the contract and the conditions, you then can exchange it.
You have full confidence as to what you are signing.
There is a small time delay of a few minutes to a few hours for us to read. In the meantime, the vendor can accept another buyer. This does happen in 1 out of 200 cases.
The other problem, even you agree to buy, there is still a small possibility that the vendor will not accept your offer.
Remember this, you can only be sure that you are the buyer if the vendor will sign and accept your offer. Therefore, if you are afraid of losing out, option one is more superior as you have certainty.