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Seller signed the otp & buyer agreed in verbal after seller discuss with family with price not agreed then seller return cheque or buyer has to up the cov. Seller collected a cheque of $1k but did not bank-in, nxt day reject to sell. What is the winning case to the seller ?
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3 Answers

Ander Ang
Replied
Hi,

I presume you are referring to a resale HDB flat.

As long as the seller grant the option to the buyer in exchange for 1k deposit, within the 14 days exercise period, the seller CANNOT back out. Seller cannot use the 'I never bank in cheque' reason to back out.

If the buyer choose not to exercise and let the option expires after 14 days, then the seller's obligation to sell is lifted.

Thanks.
Ander Ang
DTZ Read More
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Geryl Lim
Replied
Dear sir/madam,

On top of what Ander has mentioned, the other way seller can back out is when the cheque has bounced.

Regards,
Geryl LIM
Real Estate Consultant
CEA Reg R014783H
Mobile: +65-81577565 
Email: lim.geryl@yahoo.com.sg Read More
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Mike Lim
Replied
Afternoon,

Upon receiving the cheque and issuing of Option, seller/s have no rights to refuse to sell. It's clearing stated within the OTP that sellers have granted 14 days Option period to buyer upon granting of Option. If you choose to back out, your buyer have all the rights to exercise their rights of specific performance.

FYI
Mike Lim
 96929209 
CEA Reg No: R026708F
Email: m52i@yahoo.com
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