Hi Nat,
I have just met an owner earlier and explained that the moment the Option To Purchase is granted to the buyer at the agreed price, the owner is legally binded to sell to that buyer and cannot back out. The buyer has 14 days to decide whether to buy the property or not and if decides against buying, buyer will forfeit the 1% offered to the owner.
Hope this helps. Should you require any further assistance, feel free to contact me.
Regards,
Geryl LIM
Real Estate Consultant
CEA Reg R014783H
Mobile:
+65-81577565
Email: lim.geryl@yahoo.com.sg
ECG Property Pte Ltd - A Boutique Real Estate Company
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