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I am a single mom with a son. I have recently sign a OTP for a unit in TPY (EA) but realised that the cov was not realistic ($105k)...i am regretting now.My 1st appoint will be end of the month. Can anyone advise me what to do? If i do not attend the first appt, what are the implications for this transaction? My loan has been approved. Seller has also bought a place. Will the seller sue me? and what are the cos involved? What i have to pay?
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1 Answer

Mike Lim
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Morning,

This are one of the issues that arise when you choose to DIY. Prior to purchase, you are required to know the market condition and understand your personal requirements. Since the milk is spill, you have to go through the S&P else your seller have all the rigth to request for specific performance, so that they would not be counter-sued by their seller. If your seller have the liquidity to purchase the unit and agrees to let you back-out and remarket the unit again, you will be liable for any possible lost that they might incurred. Furthermore, having your bank loan being approved, the loan will be dispersed out within 4 months from date which you signed the LO. Legal charges, claims and law suits can drag and it's likely that you stand to lose big time.

All the best

Regards
Mike Lim
 96929209 
ERA Read More
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