Asked by Bran
I accepted a cheque for 1% payment with an "Offer to Purchase". The OTP has not been signed but can I change my mind, return the cheque and walk away?
3297 views
3 Answers
Morning Bran,
I would believe you understand the purpose and meaning of issuing an OPTION, as I would assume you to be a 'DIY Seller'.
Issuing an OPTION means that you are agreeable with the selling price hence you cannot backup until your OPTION period ends. You cannot backup unless your buyers agree else they have all right to request for specific performance.
FYI
Mike Lim
96929209
ERA Read More
I would believe you understand the purpose and meaning of issuing an OPTION, as I would assume you to be a 'DIY Seller'.
Issuing an OPTION means that you are agreeable with the selling price hence you cannot backup until your OPTION period ends. You cannot backup unless your buyers agree else they have all right to request for specific performance.
FYI
Mike Lim
96929209
ERA Read More
Dive into HomerAI by Ohmyhome and revolutionize your property experience! With features like home e-valuations, neighborhood comparisons, and DIY calculators, we empower you to make informed decisions with confidence. And when it comes to selling, trust our agents with a proven track record to deliver results at an unbeatable 1% commission rate! Read More
in Singapore, an Offer to Purchase (OTP) is a legally binding contract once it is signed by both the buyer and seller. However, before the OTP is signed, you are still within the "option period" and have the right to change your mind and walk away from the deal.
In your case, you have accepted a 1% cheque as an option fee along with the OTP, but the OTP has not yet been signed. This means you are still within the option period and are free to:
Return the Cheque and Withdraw: You can return the cheque to the buyer and inform them that you are withdrawing your offer to sell. This effectively ends the negotiation process, and neither party is bound by the OTP.
Negotiate Further: You can also use this opportunity to negotiate further with the buyer. Perhaps you want to change the terms of the sale, such as the price or completion date. If the buyer agrees to your new terms, you can then sign the OTP.
Important Considerations:
Option Period: The standard option period in Singapore is 14 days, but it can be shorter or longer depending on the agreement between the buyer and seller. Check the OTP to confirm the specific option period in your case.
Option Fee: The 1% option fee is typically non-refundable once the OTP is exercised (i.e., signed by both parties). However, since the OTP has not been signed, you are free to return the cheque without penalty.
Communication: It is always advisable to communicate clearly and promptly with the buyer about your decision. This will avoid any misunderstandings or potential disputes.
Disclaimer:
This information is provided for general guidance and should not be taken as legal advice. If you have specific concerns or questions, it is recommended to consult with a qualified legal professional.
WhatsApp me at: ABLE Toh (65) 98 56 92 55 or through this link.:https://wa.me/6598569255
----------------------------888--------------------------------888--------------------------->>>
"If you need more assistance with property matters:
like renting / selling, buying / or investing, I'm here to help!
WhatsApp me at: ABLE Toh (65) 98 56 92 55 or through this link.:https://wa.me/6598569255
(Unfortunately, this platform doesn't allow direct contact, but you can easily reach me )
(***) You can check out my reviews here: https://www.propertyguru.com.sg/agent/able-s-k-toh-61591.
For buyers, I offer solutions for sourcing resale and new private homes at no charge.
I can connect you with reputable bankers for private housing loans free of charge and with no obligation.
I also have partners to assist with mortgage home insurance matters.
Let's seal this affinity by technology; please PM me your contact for assistance with your real estate needs. So, I believe in Affinity (Chinese word: 缘份） :), let's SEAL this AFFINITY Not by blood but by Technology > Please PM, Private Message your contact so that I CAN BE (EXTRA) PAIR OF HANDS / BRAIN and LEGS to Assist you NOW or FUTURE REAL ESTATE NEEDS!
*** You can reach me at my Singapore mobile: (65) 98 56 92 55 or email me at Able.selling@gmail.com.
From: ABLE Toh- Your Property ASSISTANT : ）
“ i am ABLE to Help As Much As You are ABLE To PM (Private Message) me ”
XXXXX The End XXXXXXX Read More
In your case, you have accepted a 1% cheque as an option fee along with the OTP, but the OTP has not yet been signed. This means you are still within the option period and are free to:
Return the Cheque and Withdraw: You can return the cheque to the buyer and inform them that you are withdrawing your offer to sell. This effectively ends the negotiation process, and neither party is bound by the OTP.
Negotiate Further: You can also use this opportunity to negotiate further with the buyer. Perhaps you want to change the terms of the sale, such as the price or completion date. If the buyer agrees to your new terms, you can then sign the OTP.
Important Considerations:
Option Period: The standard option period in Singapore is 14 days, but it can be shorter or longer depending on the agreement between the buyer and seller. Check the OTP to confirm the specific option period in your case.
Option Fee: The 1% option fee is typically non-refundable once the OTP is exercised (i.e., signed by both parties). However, since the OTP has not been signed, you are free to return the cheque without penalty.
Communication: It is always advisable to communicate clearly and promptly with the buyer about your decision. This will avoid any misunderstandings or potential disputes.
Disclaimer:
This information is provided for general guidance and should not be taken as legal advice. If you have specific concerns or questions, it is recommended to consult with a qualified legal professional.
WhatsApp me at: ABLE Toh (65) 98 56 92 55 or through this link.:https://wa.me/6598569255
----------------------------888--------------------------------888--------------------------->>>
"If you need more assistance with property matters:
like renting / selling, buying / or investing, I'm here to help!
WhatsApp me at: ABLE Toh (65) 98 56 92 55 or through this link.:https://wa.me/6598569255
(Unfortunately, this platform doesn't allow direct contact, but you can easily reach me )
(***) You can check out my reviews here: https://www.propertyguru.com.sg/agent/able-s-k-toh-61591.
For buyers, I offer solutions for sourcing resale and new private homes at no charge.
I can connect you with reputable bankers for private housing loans free of charge and with no obligation.
I also have partners to assist with mortgage home insurance matters.
Let's seal this affinity by technology; please PM me your contact for assistance with your real estate needs. So, I believe in Affinity (Chinese word: 缘份） :), let's SEAL this AFFINITY Not by blood but by Technology > Please PM, Private Message your contact so that I CAN BE (EXTRA) PAIR OF HANDS / BRAIN and LEGS to Assist you NOW or FUTURE REAL ESTATE NEEDS!
*** You can reach me at my Singapore mobile: (65) 98 56 92 55 or email me at Able.selling@gmail.com.
From: ABLE Toh- Your Property ASSISTANT : ）
“ i am ABLE to Help As Much As You are ABLE To PM (Private Message) me ”
XXXXX The End XXXXXXX Read More