AskGuru Q&A Community

Morning,

Your salesperson should have gone through the HDB resale checklist with you. You should then be well aware that by issuing an Option and your buyer exercising it, the OTP becomes a legal binding contract for S&P. Your buyer have to right to ask for specific performance, and even if they agree to revoke the OTP, they are liable to ask you for full compensation on the excess amount if they purchase another unit which is more expensive than your current transacted price.

FYI
Mike Lim
 96929209 
ERA Read More

Dear sir/madam,

As Mike has mentioned, you have a salesperson representing you and it is the salesperson's responsibilities to explain to your the various implications and regulations through the resale checklist and before issuing the Option To Purchase.

If you have issued out the Option to Purchase to the buyer and wish to void the transaction, perhaps you may wish to talk to your salesperson and buyer to seek their agreement to the cancellation. Otherwise, be prepared to take on the consequences.

Regards,
Geryl LIM
Real Estate Consultant
CEA Reg R014783H
Mobile: +65-81577565 
Email: lim.geryl@yahoo.com.sg Read More