Dear owner,
Exercising the Option To Purchase puts both sellers and buyers into legal binding situation to complete the transaction, unless the resale application is rejected by the HDB due to proper reasons like ineligibility to purchase or sell.
As Aaron has mentioned, in such scenario, should buyer decide to back out of transaction, you have every right to seek damages via proper legal channel and express your stand to the purchaser progress from there. The above is 1 option you can take potentially, however, the setback of this option is that the legal option can be a long affair before anything is settled.
The 2nd option is to move on from this buyer and look for another purchaser who is willing to accept the UML issue and complete the transaction.
In handling such matters, there are always at least 2 options, the legal means and the practical means. Not taking the legal means doesn't mean you are wrong but simply because this option can be extremely draining and dragging.
Hope the above helps.
I have been in the real estate business since 2009, with more than 10years of experience serving the Singapore real estate market.
I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.
Over the years, I have also established a network reaching out to more than 8,500 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my clients’ portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.
With an evolving market, where change is the only constant, I have also been investing in upgrading of my knowledge and skills sets to improve myself and meet the demands of current and future market.
Please feel free to reach me from my website www.geryllim.com or connect with me directly on my mobile phone at
81577565
.
I look very much to hear from you soon.
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Regards,
Geryl LIM
Consultant - Director
Century 21
CEA Reg R014783H
www.geryllim.com
Mobile:
+65-81577565
/+65-92787772
Email: geryl7772@gmail.com
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