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I backed out of a HDB transaction after signing the OTP. The HDB transaction was cancelled. Now the buyer has lodged a caveat on my home. Can someone please help me answer the following
1. What are the consequences of having a caveat on my home?
2. Will the caveat be lifted if the buyer eventually finds another HDB home?
3. Any advice on how to go about this?

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2 Answers

David Tan
Replied
Please contact you buyer ASAP.
After you sign the OTP you are legally bind! At this point only the buyer can back out. So I don't know how you cancel the deal.
Also caveat is done by Lawyer..... So you might want to check with your buyer did he exe the OTP.

Seller, buyer sign OTP - Seller legally binded(but buyer still can back out but will have to forfeit the option money)
Buyer exe OTP - both are legallly binded
And at this point the buyer lawyer will logde a caveat.

So it's better for you to contact the buyer and ask.
Or contact a lawyer to seek advise from them. Read More
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  • SH
    Replied
    Thank you for your guidance. The deal was not cancelled but the HDB transaction was cancelled.
    The option money was returned to the buyer and im willing to pay for the incidental costs plus the difference between this and his new apartment if the latter is more expensive. But as prices soften, he's probably happy that the deal didnt go thru as he can get it cheaper.
    Any idea on my Q2?
Koh Zhen Hon
Replied
Hi,

Regard to your question. Why not you just drop me an email at ot1984pierre@gmail.com or Contact me @ 82798327  -

Why Should HDB Sellers engage me? Contact me @ 82798327 

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Blessed , Regards
Koh.Z.H
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AAG Team

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