As long as owner has granted the OTP, he is not able back out within the option period usually 14 days from OTP issuance date.
There are 2 common senerio that seller can back out the deal.
1) Incomplete OTP
did the seller sign on every page of the OTP including amendments. The apmt is owned by how many owners? If more than 1,did all the owners sign on the OTP.
2) Your 1% option fee cheque bounced.
seller can claim that your 1% cheque bounced and refuse to proceed with the sale. Btw, there are many ways to make the chq bounced. Did you or your appointment agent took a photocopy of the chq and request the seller to sign as receipt of the chq.
You have mentioned that you (the buyer) has signed on the OTP. Does that mean that you have exercised the OTP at the law firm and has paid the 4% exercise fee? Leave it to the lawyer to handle.
It is always advisable to engage an experience realtor to handle a purchase and sale transaction. The role of an agent is not only helping the client the buy/sell their property. But also to ensure that their interests are being protected.
Regards
John Ong
SLP Realty (SRI5000)
81288160
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