Hi All,
I would like to share my recent experience with forum members about my off-the-plan buying experience. In fact, I haven't bought anything, because both occassions I got stucked at the stage of seeking for the CoS.
1st OTP experience:
During my first meeting with the agent in early March, he was telling me that construction will start next month (April). However, the vendor is still getting the contract in place as they just made the selection on the builder and in the process of getting the contract ready, it should be ready next Tuesday and should not take longer then Friday.
Agent told me that I need to leave $1000 deposit to secure the townhouse that I wanted. So I left a $1000 deposit, agent issued an invoice, nothing was signed.
I followed up with the agent on Tueaday about the contract, but respons was "not there yet", Friday "still not received it"...........last week (still waiting) and I asked if he can let me know company name of the developer so that I can do some dudeligent while waiting but he still told me that the contract isn't ready (but I thought they have already decided on the develper, should be easy to just tell me the name)...I drove to the site a number of times and the old property is still not demolished, no work has been started....so I've decided to email the agent and give a final deadline. Strangly, my email to the agent, for the first time got bounced back, I sent again, same thing happened. At that right moment, I no longer want to give an expiry date, but to terminate immediately. I ended up text messaging the agent and told him that if even the text message via the phone got bounced back too, I may get my lawyer to follow up. Agent text back and told me that he is on leave and will refund the money back to me via bank transfer. Yesterday, agent responded via phone text message that the fund has been transferred to my account and he asked for my "home" address. Well, whatever he is going to send me, I gave him my PO Box address instead.
2nd OTP experience:
Met with the agent to go through the townhouse, everything seems fine and promising and agent agree to email CoS after the meeting.
Recieved the CoS and gone through it then realised that nothing in the contact mentioned about what will be included nor the specification for the townhouse. Contacted agent and agent said he had provided everything, the inclusion list is part of the brochure (not in the contract), specificaiton (which is an A4 page with the design of the townhouse with a watermark "Preliminary" and not council stamp), I raised these points to him and he said he has already provided what he was given by the vendor (which I belive him). I told him that I need those to be included as part of the contract because OTP contacts that I have came across contain those details and stamped by council. He called and tried to talk me into accepting the current form of the contract and was keen to show me exiting townhouses built by the developer.....
I also got my solicitor to review the contract and he urged me not to sign it because the contract was incomplete and nothing has been mentioned about what I am buying (townhouse to be built).
Just my experience to share with those who is thinking of buying OTP, make sure you do your dudeligent and don't just listen to what the agent tells you or even show you what the developer has done. At the end of the day, the contract is the only document that can protect us (buyer). I have decided to move away from OTP now although only twice the experience, but thats enough to put me off.
I would like to share my recent experience with forum members about my off-the-plan buying experience. In fact, I haven't bought anything, because both occassions I got stucked at the stage of seeking for the CoS.
1st OTP experience:
During my first meeting with the agent in early March, he was telling me that construction will start next month (April). However, the vendor is still getting the contract in place as they just made the selection on the builder and in the process of getting the contract ready, it should be ready next Tuesday and should not take longer then Friday.
Agent told me that I need to leave $1000 deposit to secure the townhouse that I wanted. So I left a $1000 deposit, agent issued an invoice, nothing was signed.
I followed up with the agent on Tueaday about the contract, but respons was "not there yet", Friday "still not received it"...........last week (still waiting) and I asked if he can let me know company name of the developer so that I can do some dudeligent while waiting but he still told me that the contract isn't ready (but I thought they have already decided on the develper, should be easy to just tell me the name)...I drove to the site a number of times and the old property is still not demolished, no work has been started....so I've decided to email the agent and give a final deadline. Strangly, my email to the agent, for the first time got bounced back, I sent again, same thing happened. At that right moment, I no longer want to give an expiry date, but to terminate immediately. I ended up text messaging the agent and told him that if even the text message via the phone got bounced back too, I may get my lawyer to follow up. Agent text back and told me that he is on leave and will refund the money back to me via bank transfer. Yesterday, agent responded via phone text message that the fund has been transferred to my account and he asked for my "home" address. Well, whatever he is going to send me, I gave him my PO Box address instead.
2nd OTP experience:
Met with the agent to go through the townhouse, everything seems fine and promising and agent agree to email CoS after the meeting.
Recieved the CoS and gone through it then realised that nothing in the contact mentioned about what will be included nor the specification for the townhouse. Contacted agent and agent said he had provided everything, the inclusion list is part of the brochure (not in the contract), specificaiton (which is an A4 page with the design of the townhouse with a watermark "Preliminary" and not council stamp), I raised these points to him and he said he has already provided what he was given by the vendor (which I belive him). I told him that I need those to be included as part of the contract because OTP contacts that I have came across contain those details and stamped by council. He called and tried to talk me into accepting the current form of the contract and was keen to show me exiting townhouses built by the developer.....
I also got my solicitor to review the contract and he urged me not to sign it because the contract was incomplete and nothing has been mentioned about what I am buying (townhouse to be built).
Just my experience to share with those who is thinking of buying OTP, make sure you do your dudeligent and don't just listen to what the agent tells you or even show you what the developer has done. At the end of the day, the contract is the only document that can protect us (buyer). I have decided to move away from OTP now although only twice the experience, but thats enough to put me off.
