When the seller grants you an OTP, it gives you the right to buy.
In order for the right to arise, you must do the following:
1. Pay the seller the option money (usually an option fee at an amount not exceeding $1,000 for HDB resale transactions)
2. Within the stipulated Option period (usually within 21 days of the Option) exercise the right by signing the ‘acceptance copy’ of the Option form, and pay the balance of $4,000 of the sale price.
You can either sue to seller to compel him to sell or you can you take back the cheque and counter offer. A new OTP has to be issued.
We advise you to engage an agent if you are unsure of the procedures.
Hope this answers your question.
Team PropertyGuru Read More
1) Shifting of sellers' expectations happened from time to time.
2) We also don't like to see this happened.
3) You have 2 choices:
(a) Don't accept the returned cheque and sue for damages.
(b) Accept the returned cheque and look for a better unit.
Hope the above answer to your main concerns, but if there are more query, please feel free to contact me at 90110636, or email: email@example.com if more information is needed.
I'll be glad to assist.
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Question is, do you have the OTP in your hands? If yes, Seller cannot back out. If no, then it's probably advisable for you to accept the refunded cheque and walk off from the deal, unless you're willing to match the Seller's new price.
The way I look at it, there may be some ways where you could have done better to secure this deal, perhaps with the help of a professional agent. Being a DIY buyer, you may not have the experience to handle a tricky deal like this, especially in today's seller's market.
I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans. Please get in touch with me for a more in-depth discussion.
Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305. I will be happy to assess and share with you the possibilities for you in the current market.
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