Asked by Mr. Siva Thiagarajah
Hi,
If a seller does not submit his portion of the resale application after 30 days of the OTP exercise date, can the buyer claim further compensation for time lost as well as the $5k total deposit that has been paid?
The current system favors the seller too much and puts the buyer at risk of losing out on good deals. Plus a lot of sellers and seller agents are purposely delaying to the max 30 days in order to benefit the sellers who want 3 month extensions.
Why does HBD not make rule that regardless of the party that submits the resale application, the second party has 7 days to submit their portion or face a fine and legal obligation to submit within the next 24 hours and proceed with the sale?
If a seller does not submit his portion of the resale application after 30 days of the OTP exercise date, can the buyer claim further compensation for time lost as well as the $5k total deposit that has been paid?
The current system favors the seller too much and puts the buyer at risk of losing out on good deals. Plus a lot of sellers and seller agents are purposely delaying to the max 30 days in order to benefit the sellers who want 3 month extensions.
Why does HBD not make rule that regardless of the party that submits the resale application, the second party has 7 days to submit their portion or face a fine and legal obligation to submit within the next 24 hours and proceed with the sale?
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