Dear sir/madam,
In a scenario where Option To Purchase has been exercised, both Sellers and Buyers have entered into a legal binding agreement to proceed with the transaction. As HDB has already approved the resale application, the seller in this transaction can seek to claim damages from the buyers for backing out of the transaction by engaging a lawyer.
You can actually check with your agent who is handling this transaction to see if he has any contacts of experience lawyers handling this case if you decide to proceed to claim damages. Important consideration is to understand why the buyer intends to back out of the transaction. In cases where buyer backs out due to financial issues that arises, you need to decide if you should carry out the legal actions to claim for damages or not since even if you succeed in claiming against the buyer for backing out, they may also not have the necessary finances to pay as compensation, while there will be legal fees on your end to pay off to carry out the legal action.
Warmest regards,
Geryl Lim
Associate Deputy Group Director
Salesperson Registration No. R014783H
Email: geryl.lim@orangetee.com / geryl7772@gmail.com
OrangeTee & Tie Pte Ltd 430 Lorong 6 Toa Payoh #01-01 OrangeTee Building Singapore 319402
Estate Agent Licence No. L3009250K
[main]
+65 6471 8888
[mob]
+65 81577565
[LDA]
+65 92787772
www.geryllim.com
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