AskGuru Q&A Community

Get answers from PropertyGuru experts in 24 hours

Asked by
I was presented a Offer to purchase from a direct buyer stating all the terms including to present a draft OTP within three days. A cheque of 1% was also enclosed.
Does the seller have any way to back out after having signed. Can the seller return the cheque?
0 •
652 views
Upvote Upvoted
Want this question answered?
Get faster responses from our experts by upvoting.
Be the first to upvote this question.

2 Answers

Mike Lim
Replied
Afternoon Bran,

Having sign the OTP means that you have agreed to the offered price. Being a Seller, you should be aware of this before you inked it.
Try talking to your buyer and work things out. Do note that your buyer has the upper hand.

Good luck
Mike Lim
 96929209 
ERA Read More
0
Upvote Upvoted
Geryl Lim
Replied
Bran,

The question you have posted is not very specific to my understanding. Being offered with the Offer to Purchase with 1% of purchase price with the terms and conditions stated, have you accepted this and issued out the Option To Purchase? If yes, for the above, Mike has given you the best answer in summary.

Otherwise, if you have not accepted anything and issue out the Option To Purchase, technically you have not sold your unit and will not be obliged to sell to this buyer.

Correct me if I am wrong in my interpretation of your situation.

Regards,
Geryl LIM
Real Estate Consultant
CEA Reg R014783H
Mobile: +65-81577565 
Email: lim.geryl@yahoo.com.sg Read More
0
Upvote Upvoted

Still looking for answers?

Get answers from PropertyGuru experts in 24 hours

Ask Your Question
Previously Asked Questions