| The Freshman |
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| The promise of gift may not materialise, and the gift may not be worth it |
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 Recently the real estate market is dominated by the first sale of residential flats. Estate agents promoting such flats for developers, in order to win over purchasers, have been quite resourceful. Common promotional techniques include offering gifts, vouchers, discount coupons or even cash awards.
Mr and Mrs Ling had the following experience. After viewing the display unit in a new development, they were informed by an estate agent that if they bought a flat through his agency, they would receive a cash award of $20,000. The couple were already interested in purchasing a unit in the development, and the agent's offer made them even keener. They finally decided to make a purchase and signed the necessary papers. However, the agent's promise of a cash award was only made orally.
Having gone through the formalities of making a purchase, Mr Ling took up the matter of cash award with the agent. The agent procrastinated time and again, and finally said that it was company policy to offer only cash vouchers equivalent to the amount promised. Mr Ling could do nothing but to accept the vouchers.
After the transaction was concluded, the agency sent Mr Ling a pile of vouchers. On seeing them, Mr Ling did not know whether to laugh or cry because most of the vouchers were in fact discount coupons. Some of them had nothing to do with the occupation of a new flat, for example, coupons for buying diamonds or overseas trips. Besides, the coupons were all subject to time limits, and some of those for furniture and decoration would have already expired before they moved into the flat. Mr and Mrs Ling felt cheated on receiving those worthless vouchers.
Before a purchaser makes a commitment to purchase a flat, he should consider carefully whether the flat was suitable to his use, the financing, and his own repayment ability. His decision should not be swayed by any side benefits. If the developer or the agent offers any benefit, he should insist on a written offer so as to avoid future disputes.
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