Asked by Tim John
Dear Gurus,
I already sold my flat and recently signed an OTP for another flat. I paid $1,000 option fee waiting for bank approval for to pay the $4,000 deposit.
The seller, representing themselves, now claims they had not done the seller checklist after signing the OTP. My Agent asked them to perform the prerequisite from HDB, and re-sign the OTP after 7 days, but now they do not wish to sell their flat!
My agent told me we cannot verify if the seller did the HDB Seller's checklist.
Does my OTP (signed by seller and dated) protect my rights if I want to continue to exercise my option? If it doesn't, what is the function of the OTP?
If the seller insist not to sell their flat, will I be able to pursue this matter against them if additional cost is incurred; i.e for purchasing another unit that is higher priced than this unit.
Do I need to hire a lawyer to intervene or can my Agent or HDB help me?
Please kindly advise.
I already sold my flat and recently signed an OTP for another flat. I paid $1,000 option fee waiting for bank approval for to pay the $4,000 deposit.
The seller, representing themselves, now claims they had not done the seller checklist after signing the OTP. My Agent asked them to perform the prerequisite from HDB, and re-sign the OTP after 7 days, but now they do not wish to sell their flat!
My agent told me we cannot verify if the seller did the HDB Seller's checklist.
Does my OTP (signed by seller and dated) protect my rights if I want to continue to exercise my option? If it doesn't, what is the function of the OTP?
If the seller insist not to sell their flat, will I be able to pursue this matter against them if additional cost is incurred; i.e for purchasing another unit that is higher priced than this unit.
Do I need to hire a lawyer to intervene or can my Agent or HDB help me?
Please kindly advise.
3003 views
As far as I know, the seller had been marketing the unit for more than a month, and had signed the OTP.
How is this ruling from HDB going to work against me? Is this a loophole for all sellers to get away from OTP liability?
Who is responsible for my damages?