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Hi,

Once you have exercised the Option, a contract is formed and you are legally bound to complete the purchase. Should you decide to back out, there could be legal consequences, ie compensation and/or specific performance (ie compelled to follow through the deal by the Courts or governing authorities). It is not really in your favour as you had the choice and ample time of 21 days to have decided not to exercise the Option. Thanks and hope it clarifies.

Warm regards,
Ivan ERA
 97432395 
ivanng10@gmail.com
www.ivanng10.com Read More

Dear sir/madam,

As what Ivan has indicated, by exercising the Option To Purchase ($4k), you have entered into a legal binding contract between seller and yourself to fulfil this transaction, unless transaction is rejected by the relevant authorities, otherwise the penalties or consequences could be significant. You may wish to speak to the seller to resolve the withdrawal on your part amicably but that does not mean the seller will accept.

Do consider your steps carefully before proceeding, otherwise it is advisable to engage the services of a salesperson to advise you accordingly.

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Afternoon,

I would say that you have done your buyer's checklist prior exercising the Option. You would have also obtain the mortgage documents. By backing out now would have a lot of legal complication. Your seller can ask for compensation or specific performance.

FYI
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More