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I am a seller of HDB 5 room flat. I have already received the $1000 option fee from my buyer, but now having second thoughts about selling my HDB. Is it possible to stop the sales process now and buyer forfeits the option fee?
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6 Answers

YT Tan (陈永达)
Good morning,

If you had received option fee and issue OTP, only buyer have the legal rights to void the deal by not exercising.

If you dont wish to proceed, do speak to the buyers nicely and explain your situation. Probably have to compensate them to back out from the deal.

Hope my sharing aids in your property needs. Do contact me if you need any assistance.

Best regards,

YT Tan
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Hi, appreciate your sharing. Only buyer decide not to proceed. If not private settlement for the above case, as once buyer exercise consider legal issue.
Looking forward to assist you at 9696 4398  or email me at stewartlim96964398@gmail.com

Cheers
Stewart-PropNex Read More
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Hi,

Legally, it is not possible but you could only negotiate with the buyer by compensating them and hopefully they be kind enough to let it go since there is a monetary compensation.

Regards
Aaron
 9730 8455 
aaronchong2774@yahoo.com.sg Read More
0
You wish to stop the sale and also want to keep the $1000? Am afraid not. Since you have granted an Option to Purchase, you are now legally binded to sell to the buyer based on the terms and conditions as set out in the Option To Purchase. Should buyer decide not to exercise the Option To Purchase within the option period, then this deal will be called off and you get to keep the $1,000. Otherwise the buyer can claim you for damages.

I have been in the real estate business since 2009, with more than 14 years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

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My Answer with regards to your Question:

Once you've received the option fee and issued the OTP, the buyer holds the legal right to terminate the deal by not exercising it. Should you opt not to proceed, it's important to have a polite conversation with the buyers, explaining your circumstances. Return the $1K and Consider compensating the buyers if you decide not to proceed with the deal.

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Tan Pei Cheng (Pei)
I would be glad to assist you.
Feel free to contact me at wa.me/6597100155 .
Hope to hear from you soon.
Pei
Mobile: (65) 9 7 1 0 0 1 5 5.
Email: peicheng.tan@propnex.com
Associate Group Director
Propnex Realty Pte Ltd

https://linktr.ee/peiproperty
https://r011838b.propnex.net Read More
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