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Intending to buy a resale HDB flat but decide to back out during HDB 1st appt. (Have yet to sign anything in HDB) Seller request $5k as compensation. Is that too much? If seller decides to sue us, what will be the worst case scenario?
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2 Answers

Good afternoon,

Do note that prior exercising of OTP, you would have gone throug the buyer checklist. Once the OTP had been exercise, it becomes a legal bidding contract between the buyer and seller. Your seller have the legal rights to engage private solicitor to request for specific performance. This would include compensation on financial loses and time wasted throughout the process.

Do communicate with your agent for further details.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA

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Hi, if seller decides to sue you, the compensation is definitely going to be more than 5k being awarded to them.

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