Asked by Anonymous
2 days ago buyer verbally offered to buy my condo unit and I verbally agreed although a little reluctant due to the price way below my expectation. Today agent passed me buyer's 1% cheque and the OTP which I have signed but not yet passed to buyer as I have not decided on the date of completion.I asked agent whether I can change my mind about selling as I feel the price is way below my expectation and can I just return the cheque to buyer and don't give him the original OTP? Agent said once verbally agreed between buyer and seller, its legally binding and also he has given a photocopy of the signed OTP albeit without with the date of completion indicated. Is it true that I can't change my mind and cannot don't sell to this buyer and return him the cheque? Will I be liable for any legal suit by buyer?
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We are facing the same situation. Did you already managed to cancel the purchase?
BR JT