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Real Estate Contract & Tort

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Elements of a Real Estate Contract

For a real estate contract to be valid and enforceable, it must contain the following elements:

* Intention to create legal relations;
- The court would presume that there is such an intention
- Customers are often strangers to one another until the introduction by an agent

* Offer;
- a financial proposition made by one person to another, with a specific promise that he is willing to be bound by that proposition.

** Difference Between Offer & "An Invitation To Treat"
- When an owner or his agent invites prospects to view a property, he is not making an offer. He is inviting offers.
- The owner is not bound to accept the highest offer at the end of the viewing.
- The same reasoning applies in the case of an auctioneer inviting the audience to put in their bids.

** An Option to Purchase is An Offer
- Where a vendor gives an "option" to a prospective purchaser, he is making an offer to sell his property at a specified price.
- In consideration of the "option money", the vendor agrees to keep the offer open for the purchaser's acceptance, until the option’s expiry.
- Without the payment of the "option money", the vendor is free to revoke his offer, at any time before acceptance by the prospective purchaser.

* Acceptance;
- A contract is formed when there is an unqualified acceptance of an offer.
- A conditional "acceptance" equals to a counter-offer.
- The contract is not formed when there is a counter-offer.

** Mode of Acceptance
- In an OTP, the seller may instruct the buyer to accept the offer in a certain mode or manner, failing which there will be no contract formed.
- However, if the seller accepts a different mode of acceptance, he is deemed to have waived the term.

* Consideration
- For a real estate contract to bind the parties, it requires consideration. The person to whom the promise has been made must have given some benefit or suffered some detriment in return.
- In real estate transactions, consideration must be money.

** Consideration Need Not be Adequate
- It can Be $1.00

** Agreements Under Seal
- Where there is no consideration, for example in a deed of gift, the agreement must be made under seal. Stamp duty is payable in this case.

Legality of A Real Estate Contract
- must be in writing
- must be sufficiently documented and signed by all parties.
- must not be illegal e.g. foreigner buying landed property.
- Special approval is needed from the Law Minister or the sale contract contravenes the Residential Property Act.

Subject to Contract
- Agreements 'subject to contract' do not give rise to a binding contract until the contract is signed. E.g. Option to Purchase
- A Letter of Intent in a rental case signed by both parties do not give rise to a binding contract until a formal Tenancy Agreement (TA) is signed.

Building A Career In Real Estate

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How's life for a Real Estate Specialist?

No more fixed office hours. Work as and when you want, and reach for your dreams. You'll have unlimited freedom and flexibility to achieve your personal goals at a pace that you're comfortable with. With time on your side, you can choose to undertake this business part-time or full-time.

Your Needs

To make it as a Real Estate Specialist you can't just go into the business unprepared. To prepare you, we have designed a tried and proven training syllabus that will teach you most of what you need to know before you actually go out and complete your training with some practical experience. The best thing about CENTURY 21 has to be the fact that we know the difference between training and coaching. Until you have built up enough confidence to work independently, you'll be under the care and guidance of our more experienced mentors. These senior Real Estate Specialists with many years of experience under their belts will inspire and groom you towards your goals and aspirations.

Your Ambition

The truth is there is no limit to how much you can make in this business. But it's useful to set yourself goals so that when you progressively reach them, you'll be able to enjoy the rewards that come with each level of success, and be motivated to take on the next challenge.

Your Future

Your future with us is as bright as you want it to be. What's constant is our ability to multiply your commitment and efforts, to turn you from an employee into a businessperson, where you and nobody else will determine your own income. Step up to the opportunity to be your own boss. Make the call and register to attend our POWER-UP Seminar and find out how you can make S$10,000 a month or more !

Act Now Call or SMS
Teddy Wu
@ 8127-3588

About Century 21 Singapore

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CENTURY 21 Real Estate Corporation is the franchisor of the world's largest residential real estate sales organization with more than 6,600 independently owned and operated franchised broker offices in over 30 countries and territories worldwide. CENTURY 21 Real Estate Corporation is a subsidiary of Cendant Corporation (NYSE:CD). The world headquarters is located at 1, Campus Drive Parsippanny, New Jersey 07054, USA.

CENTURY 21 Singapore Pte Ltd is the Master Franchiser for Singapore and has its member brokers CENTURY 21 CT1 Realty Pte Ltd and CENTURY 21 CPS Properties Pte Ltd to provide real estate services in Singapore.

Our team at CENTURY 21 Singapore believes that it's not just about real estate but about helping real people, with real concerns in their buying, selling or renting a property. We understand that our customers' needs and market conditions are ever- changing, and we aim to always be there to provide a comprehensive and exemplary service. We have Real Estate Specialists for HDB flats, private apartments, condominiums, landed properties, commercial and industrial spaces.

With our global network of offices, comprehensive training and mentoring program for our local real estate specialists as well as the products and services, we are dedicated to providing our real estate consumers with the highest quality services possible.

Contact Us
CENTURY 21 Singapore
490 Lorong 6 Toa Payoh #09-15 HDB HUB Singapore 310490
Mobile: 065-8127-3588
Email: teddywujunyu@gmail.com

My Seller/Landlord Service Pledge

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As an independently operated agent with Century 21 Singapore, I am dedicated to providing you with service that is pleasing, professional, and responsive in helping you market your property. To fulfill this commitment, I agree to perform the following services.

Expose your property to appropriate incoming transferees referred by me through the Century 21 Preferred Client Club.

Review various financing alternatives and assist you in determining those which best enhance the salability/rent ability of your property.

Review marketing culture, conditions and procedures, and make recommendations designed to enhance the marketability of your property.

Have the internationally recognized Century 21 sign installed on your property (with your permission and subject to regulations).

Provide a marketing plan for the property to include, as appropriate, recommended promotion and other activities, along with a "schedule of events' outlining those marketing tips mutually agreed upon.

Feature your property in the At Home With Century 21 Realty Magazine, which is circulated to potential clients and a proven marketing tool of the Century 21 Preferred Client Club.

Provide regular progress reports throughout the marketing period and discuss with you comments received about your property.

Show your property to qualified buyers/Tenants.

Submit to you all offers as presented and assist with negotiations.

Commit to working with other agents to achieve a higher volume of interest in your property.

Upon acceptance of an offer by you, monitor pre-settlement activities throughout the closing process as permitted by law.

Offer the buyer/tenant of your property the Century 21 Deposit Warranty and/or Home Protection Program.

Extend to you an exclusive membership into the Century 21 Preferred Client Club which includes our 'At Home With' magazine, updating you on the latest promotions, news and tips in real estate.

Offer you the services of a Century 21 agent anytime you need assistance in your search for a new property or any latest real estate information's.

Provide you with a survey form allowing you the opportunity to evaluate the services I rendered.

I appreciate your allowing me to help you with the marketing of your property. If you have a question or suggestions, please contact Mr. Teddy Wu at Mobile: 065-8127-3588 your Century 21 Real Estate Specialist.

This Seller/Landlord Service Pledge Certificate applies to an exclusive right-to-sell/rent agreement of not less than 90 days, if any terms or conditions contained herein are prohibited by local law, they shall be considered severed from this pledge and of no force or effect. In the event of any breach under the terms of this Seller/Landlord Service Pledge, the sell/landlord (as a sole and exclusive remedy) may terminate the exclusive right-to-sell/rent agreement, provided that Century 21 agent is given at least fourteen days (14) written notice of the reason for termination and an opportunity to cure the default during the notice period.

My Buyer/Tenant Service Pledge

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Conduct a thorough analysis of your particular real estate needs.

Help you determine your financial ability to purchase/rent and explain to you alternative methods of purchasing/renting and financing.

Familiarize you with the community to help you with your neighborhood and property choices. This may include properties listed with Century 21, as well as those offered through other real estate companies.

Explain real estate procedures, including typical costs and purchase/rental agreements.

To the best of my ability, continuously show you new properties that fit your needs.
Disclose material facts known about the property. Respond accurately to questions concerning the property.

Assist in arranging financing, if necessary.

Assist you with arrangements for variety of relocation services.

Offer you assistance in selling/renting your existing property if you should so require to.

Promptly present all offers to sellers/landlords or their designated representative as prescribed by law.

Upon an acceptance of an offer between you and the seller/landlord, I will monitor all activities throughout the closing process as permitted by law.

Keep you informed throughout the entire real estate process.

Offer you the Deposit Warranty Program and/or Options of our 6-Month/12-Month or 21/2 Year Home Protection Plan.

Provide you with a survey form allowing you the opportunity to evaluate the services I rendered.

I appreciate your allowing me to help you with the marketing of your property. If you have a question, comment or suggestions, please contact Mr. Teddy Wu at Mobile: 065-8127-3588 your Century 21 Real Estate Specialist.

As a prospective Purchaser/Tenant of real estate, you should be aware that the listing broker and, in the absence of a specific "buyer/Tenant agency agreement" to the contrary, the cooperating ("selling/renting) broker are legally considered to be the "agents" of the vendor/landlord, and as such our primary legal duty is owed to the vendor/landlord. Nonetheless fiduciary duties and care are owed to any purchaser's/tenant's and we are obligated to treat you honestly and fairly. Should you feel it necessary or desirable, you may contact me for further clarification.

My Value Added Services

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21/2-Year Home Protection Plan (HPP)
Century 21 HPP covers up to 18 common household items when you
Buy & Sell through us. That's complete Peace of Mind.

12-Month Home Protection Plan (HPP)
Century 21 HPP is provided when you Buy or Sell through us,
Protecting you from breakdowns of any of the 18 common household items.

6-Month Home Shield Plan (HSP)
Century 21 HSP is provided when you Rent through us, Protecting you & the tenant, or you as the tenant, covering up to 18 household items.

Deposit Warranty Program (DWP)
Century 21 DWP protects the Buyer against irrecoverable deposit
Up to an Astounding $8,000.00 after it has been paid.

24 Hours Round-The-Clock Maintenance Service

Call/SMS Teddy Wu

Senior Marketing Director

@
8127-3588

My Profile

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I joined the Real Estate Industry in year 1991, shortly after I finish my National Service (NS) in the Singapore Police Force. I love my job, reason being that I am able to assist customers to locate their perfect Dream Homes and it always make me happy when I see my customers move into their beloved homes. I have the passion and drive to assist all of my customers to find and settle into their home haven. Also, to sell their investment at the most achievable pricing. I also find it rewarding that all of my investors can have good returns on their Real Estate Investment.

I hold a Diploma in Real Estate and Property Management (REPM) from U.K, I finished my real estate agent certification undre the Common Exam for Housing Agent (CEHA) in 1999. Subsequently I was issued Certificated Real Estate Agent (CREA) by The Singapore Institute of Surveyors and Valuers (SISV) in 2000. In 2005 I was awarded the National Skills Certification under the National Skills Recongnition System Singapore (NSRS).