E  1abc9c small

What if the vendor is lawyer and he insist the purchaser issue 3% earnest deposit under his name instead of agency or lawyer firm. Shall we proceed? Or any way to protect? Anyone experience this kind of cases

Profile pic small

Have face it... but since I know her well so it will not an issues 

148369 10150314431960398 3907517 n small

No, you should not issue to the lawyer's own name (Vendor). Some alternatives I can suggest:-

1. Ask the Vendor who is also a lawyer to prepare the SPA asap and deposit 10% to lock Purchaser & Vendor in.

2. Write a letter of intent to purchase the property and the cheque beneficiary should be in the Law Firm's name as stakeholder. Google "Letter of Intent Real Estate" and sample templates are available. In the event the SPA cannot be perfected, all monies should be refunded.

You should also consult your own lawyer or legal friend because you are facing a lawyer. Some of the time, the SPA will be drafted against your favour, which is not in line with normal industry standard.

P  2c3e50 small

Appoint your own lawyer to prepare the S&P. U can ask yr lawyer to pay booking the vendor on your behalf as stakeholder.

James bond craig junio2006 small

I agree with Edward & PNK. The cheque should be under Law Firm's name. And appoint your own lawyer.

Don't Miss Out On This Offer!