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Hi Guru, I have exercise the OTP for purchase a HDB flat, the Owner had signed and agreed for the selling price, but latter he change his mine because another agent offer him a better price. I have issue a cheque of 1000 for the deposit but the cheque still not en cash yet. Pls advice if the seller still had the right to refuse to sell the HDB.
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1 Answer

Dear buyer,

You have not exercised the OTP but rather you have been granted the Option To Purchase for this HDB unit by giving the $1000. As long as the Option To Purchase is on hand, it is legally binding on the seller's end to only sell this property to you and not others, otherwise the seller will get into severe legal consequences. Have your salesperson not advised you on this? If you have not appointed any salesperson for yourself, I would think that it is a good time to do so.

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