Should I be resigning a new OTP? What about the option money and what are things I should be careful about?
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Hi, thanks for the reply. Any good suggestions on how to convince a win-win situation?
There is no standard answer or even solution to this issue you have described. Seller has the right to open up the unit to other prospective buyers should the Option To Purchase lapse. In the event that you proceed to exercise the Option To Purchase without having your HLE results approved, resulting in you having to abort the deal, seller also has the right to seek damages from you. Another set of appeal needs to be done to HDB for not following the right procedure in the resale process since HLE should have been granted before entering into the Option To Purchase.
My advise in such situation is to arrange a meet up with the sellers, disclose your situation with the sellers, and hope that seller will be kind enough to grant you a fresh set of Option To Purchase if HLE appeal results do not come before the expiry of the original Option To Purchase.
I had the previous experience where a DIY buyer made an offer to a unit I was marketing, where offer was accepted and Option To Purchase granted. HLE was only applied after they were granted the Option To Purchase, which was not the right procedure, therefore the purchasers had to write in to HDB to appeal and also HLE results and appeal was only given on 1 day before the Option To Purchase was expiring.
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