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We are going to pay the 2% deposit by cheque, but the agent say have to write check under his name instead of the company. The reason behind is because if write to the company , they will charge us 16% base on the cheque amount. Is it true?? And how should we know is the agent trustable??
Please advise , thank you.
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2 Answers

David Wong Lai Kwong
Replied
Hi Vivian,
When buying a property in the secondary market, it is better to have the earnest deposit paid to a licensed real estate agency in Malaysia as a stakeholder while waiting for the S&PA to be signed. This way you can hold the licensed agency accountable. You may conduct your due diligence on whether the agency firm is licensed or not (and not blacklisted.You can also check whether the individual agent or negotiator you are dealing with is hired by the agency firm or not. All names are required to be declared with the Board of Valuers, Appraisers & Estate Agents, Malaysia www.lppeh.gov.my

David Wong
Principal
QUANTUM Real Estate
Licensed No.E(3)1320
Tel:+60193330573
www.quantumrealestate.com.my Read More
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Yuki Sit
Replied
Earnest deposit should be payable to the agency company's account under (client account) which the agency has the right to hold the earnest deposit as stakeholder (as good as lawyer does). Paying under personal name is very risky and you should check this agent with his company about this to clarify the matter. 16% charges is not a common practice of license real estate agent. Please be careful before paying the earnest deposit. You can reach me at yukispy1019@gmail.com if you need further assistance. Read More
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  • VL
    Replied
    Thank you for the advice. Now we have settled with the deposit problem by our own lawyer.And we do paid to the agency instead of the agent, the only things is he increase the property price for RM 500. But we think tat is a safer way rather save for RM500 and take the risk.

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