Hi Eileen,
1) You have to understand the concept of a contract.
2) The 3 basic elements must be present in a contract; offer, acceptance & consideration (money).
3) In your case, all 3 elements are all present. This means that a contract had been set up. Your action of issuing an OTP is an acceptance.
4) If you back up, it means you are violating the terms and conditions of a contract.
5) The buyers have the right to sue you in court, and the court must issue an order to force you to proceed to sell.
6) In this case, you will have to pay for the legal fees, court fees, and possibly damages caused to the buyers in this process, and yet to sell your condo at the same price.
7) The only possible way is to ask your agent to negotiate with the buyers whether they are willing to back out with minimum damage (in terms of money) to you. This is not limited to the 1% they had paid.
Hope the above answer your main concerns, but if there are more query, please feel free to contact me at
90110636
, or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.
Best regards
Ling CK
90110636
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer
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