In Singapore, cancelling an Option to Purchase (OTP) that you signed under duress or pressure requires careful consideration and action. Here's what you can do:
1. **Review the OTP Terms Carefully:**
* Check for any clauses related to cancellation or withdrawal. The terms might specify conditions or penalties for cancelling within the option period.
2. **Gather Evidence of Signing Under Duress:**
* Document any evidence that supports your claim of being forced or pressured into signing the OTP. This could include:
* **Witness statements:** Written or recorded accounts from people who witnessed the events leading to you signing the OTP.
* **Messages or emails:** Any communications that indicate threats, coercion, or pressure from the other party.
* **Medical records:** If the duress caused you any physical or emotional distress, obtain relevant medical records.
3. **Inform the Buyer in Writing About Your Intention to Cancel:**
* Send a formal letter to the buyer explaining that you are cancelling the OTP due to signing under duress. Clearly state your reasons and provide any supporting evidence.
4. **Seek Legal Advice:**
* Consult a lawyer specializing in property law or contract law as soon as possible. They can assess your situation, advise you on the best course of action, and represent you in any legal proceedings.
5. **Notify HDB (If Applicable):**
* If the OTP involves an HDB property, inform HDB about your intention to cancel due to signing under duress. They may have specific procedures or requirements you need to follow.
6. **Formalize the Withdrawal Agreement:**
* If the buyer agrees to your cancellation, it's important to formalize the withdrawal in writing. This agreement should clearly state that the OTP is cancelled and outline the terms of returning the option fee (if applicable).
**Important Note:**
* Acting quickly is crucial. The sooner you take action, the better your chances of successfully cancelling the OTP.
* Be prepared for potential legal disputes. If the buyer disagrees with your cancellation, the matter might escalate to legal proceedings. Having a lawyer can be invaluable in such situations.
Remember, this is a complex situation, and seeking professional legal advice is strongly recommended to protect your interests and navigate the process effectively.
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