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Hi, I recently sold my HDB flat, buyer exercised the option and I received the full option fee of $5k.

We are now waiting for the first appointment in December.

Unfortunately, we decided not to sell our HDB now. Apparently as long as we do not attend the first appointment, the sale will not go through. Is this true?

What will be implications for us should decide not to sell now? Can the buyer sue us? Any way for the buyer or agent to force the sale through? Also can our agent sue us for the lost commission? We are prepared to compensate them for the 2% fee, can they demand more?

Appreciate honest advice please, thank you.
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3 Answers

Good evening,

Do note that once the OTP have being completed, it is a legal binding contract for the S&P between you and your buyer. Your agent should have advice you on the consequence for breaching of the contract.

Your buyers have the right to request for specific performance. They do also have the right to request for compensation in the event that you do not want to proceed with the S&P.

I would deem that your agent would be able to provide you with more details.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA

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