AskGuru Q&A Community

Hi,

It is legally binding for both parties once buyer exercises the OTP, you have the right to sue for specific performance and/or potential losses incurred. If you are pursuing this option, its best to seek legal advice.

In practice, usually its due to a unforeseen event such as a sudden drastic change in buyer's eligibility or financial situation, hence the best option is to quickly market the flat again after informing HDB.

May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,
Ivan Ng ERA ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude

Email: Ivanng10@gmail.com
Contact: (+65) 97432395 
Facebook Page: www.facebook.com/ASAProp
Website: http://www.ivanng10.com/clientreviews
(Client's Testimonials) Read More

Hi,

You can seek to claim damages from the other party. However, do weigh the legal cost involved in such legal disputes to see if it's worth taking it to the courts.

On the other hand, you are free to confiscate the option and exercise fee paid by the Buyer.

Should you need any further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More