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If the seller are not in a hurry to move out the flat, can I wait until my flat had been sold & then exercise the option? It is only I had put $5K as option the seller can turn around said he won't honour the sale?
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1 Answer

Kelvin Sim
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Hi, you have to exercise the OTP within 14 calendar days (including Saturday, Sunday and public holidays) from the date of granting the OTP. However, you can agree with the seller on a later OTP submission date (60 days etc), which will buy you time to look for a new flat.

The submission clause is in Pg 4 of the OTP, eg.
The Seller and Buyer will within ________ calendar days from the date of exercise of this Option.

If you have pay the deposit of $5k and exercise the option, the seller cannot back out the deal, else you can take legal action against him.

If you need further info, do get in touch with me for a non-obligatory discussion. Read More
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