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My parent and I are seller and had signed the OTP.Can I back out now? I am the third owner and agent just booked the 1st appointment with HDB. What are the consequences involved in my backing out?If I disagreed,can my parent go ahead with the deal?
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2 Answers

Mike Lim
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Afternoon,

I would believe that your salesperson have briefed to you that once the OTP is completed, it's legal binding. Your buyers have the right to take legal actions against all of you, the sellers, if any of you choose to back off from the contract.
They can either force you to go through the transaction legally or request for all necessary compensation, if they choose to buy another similar unit at higher price.
You are right in the aspect that your parents cannot complete the deal without you which would also result in the buyer's right to bring legal action against you as the seller.
I believe your salesperson would be able to advice further.

Regards
Mike Lim
 96929209 
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OHMYHOME PTE LTD
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