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Hi Jay,

It seems that lately there are quite a number of DIY buyer case put up here seeking for advise, opinions or even solutions. As what my fellow professional Tobby has pointed out, the $1,000 you have transferred to the seller is to secure the Option To Purchase, and you need not sign anything as you have 3 weeks to consider whether to exercise the Option To Purchase or not, where in between, you will also arrange for valuation and bank loan (if you are not taking HDB loan), therefore at this stage, if you back out of the deal, technically speaking your $1,000 will be forfeited.

Of course, you may argue that you have not received the Option To Purchase on the night you transfer the Option money of $1,000, but that will be a case for you to proof if you intend to claim back the $1,000 and in order to do so, you may need to engage the lawyer to assist and legal fees could be in excess of that amount.

Many times, we classify such cases as buyers' remorse stage where after thinking through, you perhaps regretted to make that move and now looking for ways to remedy the situation.

As DIY buyers, these are some of the disadvantages that you will go through, even if you know of the process of sale, from Intent To Buy onwards, but the build up process towards the final completion could have different scenarios surfacing that are not taught or shared by HDB for homeowners or buyers to conduct a DIY transaction.

Practical wise, I'd think that it will probably be better to take this as a lesson learn and lose the $1,000 unless you are firm that agent has misrepresented, have the evidence of so and prepared to file claim against the agent for misrepresentation in order to claim back the $1,000. Read More

Hi Jay,

1) Honestly I don't quite understand what the DIY buyers are thinking.
2) I engaged a sales agent and buying agent to assist in my selling of a flat and buying of the current home before I join the trade.
3) The logic is purely simple, every trade has its own specialties and professionalism. It exists for a reason.
4) The selling and buying involve hundreds of thousands or even millions of dollars, it is not a small sum of money to risk with. I always believed that a professional job leaves it to the professionals to deal with.
5) In your case, the $1k is to offer for an OTP. It is your choice to decide to exercise upon receiving it.
6) If you decided not to go ahead since there are lots of doubts and uncertainty. You might lose more if you go ahead to exercise the OTP.
7) You will not want to sign the OTP until you are firm on the buying.
8) However, once you decided not to proceed with the transaction, you are giving away your option fees of $1k as well. This is a fee for the seller to commit to selling to you.
9) Therefore your $1k will be forfeited as clearly stated under clause 7(a) [pg 2 of the OTP] that the seller is entitled to retain the option fee if the buyer does not exercise this OTP.
10) Clause 7(b) of the OTP also highlighted that neither party will have any claim against the other. This meant that you can't argue or take any legal action against the seller.

Please give me a thumbs-up if the answer provided is relevant to your main concern. Thanks!!!

Hope the above answer your main concerns, but if there are more query, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer

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Hi Jay,

You may try to engage a lawyer too should you decide on one. But the legal fee would definitely be more than what you had paid for.

That is the problem or issue with DIY. If everything goes well as plan, then it be perfect. But if something will to go wrong as per this case, the seller agent will only be protecting the interest of his or her own seller and you will be left in a lurch.

Regards
Aaron
 9730 8455 
aaronchong2774@yahoo.com.sg Read More

Hi,

Based on your description, the Seller is deemd to have issued the OTP to you. Hence, the ball is in your court now. Should you fail to exercise the OTP, the $1k deposit shall be forfeited by the Seller.

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.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More