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I have already exercised OTP for a 5rm resale flat. I have paid 5k deposit to the seller. And i've completed the online resale application. But i have not gone for the 1st appointment yet. I have decided to break the contract because i just found out that the resale flat is haunted by loansharks. Deposit will be lost right? Apart from lost of deposit can the seller sue me further?
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2 Answers

Mike Lim
Replied
Afternoon Sue,

Your salesperson should be best person for you to turn to. He should have being able to pick up the tell-tale signs during the viewings and advice you accordingly.
As the contract have being inked, it's unlikely that you can back out from the agreement without the seller's consent. They do have the rights to bring legal action against you. There are other terms during the price negotiation which can be helpful to you though, which only your salesperson can assist you on.

All the best

Regards
Mike Lim
 96929209 
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Bernard Tan
Replied
Hi Sue,

It would be difficult to break the contract unless the seller also agrees. Is the current owner borrowing from loansharks, or has the problem been way before the current owner?

Do email me at bernard.tan@yahoo.com.

I have come across similar case and I might be able to share with you how the problem was settled.

Regards,
Bernard Tan
 81800030 
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