AskGuru Q&A Community

Morning Maria,

Once your buyers have exercised the OTP, neither parties are allowed to default. If either party decide to withdraw from the contract, it must be agreed upon by all parties involved. Let's say the buyers insist to continue with the S&P, you will have to follow through as they have the rights to request for specific performance if you don't or request for compensation on their possible loses.

As for your salesperson, you are bring it up to CASE or CEA, along with the objective evidence on your claims.

FYI
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More

Dear Ms Tang,

An Option To Purchase is a contract and once you have signed, it is legally bind. The buyer has to right to sue you for the difference in price between the current price and the next purchase (if there is). Unless the buyer has not exercised the option and willing to withdraw the sale, it is unlikely for you to back out of this deal.

If you think the agent has not performed his/her duty diligently and professional, you may report the case to CEA.

Warmest regards,
Nicholas Fong
Senior Team Director
CBRE Realty Pte Ltd
H/P: 9048-7447 
Email: nicholasfong168@gmail.com Read More

Hi Ms Tang,

I am afraid that legally speaking you are bound to sell the place to the buyer unless the buyer does not exercise the option to purchase. What Zhiwei has mentioned could be an alternative to resolve the situation by returning the deposit or even topping up an amount to be returned to the buyer to see if they are agreeable to void the deal.

I am perplexed about how did you derive that unit has been sold below market price and on what basis have you referred upon to make a decision to sign on the Option to Purchase then? You may refer to the CEA to feedback about this incident which you feel that the salesperson you have engaged did not act in the interest of you.

Regards,

Geryl LIM
Real Estate Consultant
CEA Reg R014783H
Mobile: +65-81577565  /+65-92787772
Email: geryl7772@gmail.com
Dynamic Alliance Group @ www.DAG.com.sg
We Sold More Than 100 Landed Homes
Check out our latest Landed Dynamic Alliance 7772 mobile application on iOS or Android @ "Landed 7772" in Mobile Apps Store or Play Store now!

**Aspiring to be your preferred partner in real estate**

Catch our next landed homes sales exhibition in July 2013. Register your interest to attend this function with me now! Read More