Hi,
1) Upon exercise of the OTP, the sellers and the buyers enter into a binding contract for the sale and purchase of the flat.
2) Under [Important Notes on Option to Purchase] item (9) [page 3], it only stated that if buyers failed to exercise the OTP within the Option Period will lose the option fee.
3) On page 2 of the [Standard Contract for Resales of HDB flat] clause 3.2: In the event, the seller has not met the requirement from the HDB, the seller will return to the buyer any money paid by the buyer and subject to any claim from the buyer.
4) This implied that if the seller backs out of the contract, the seller will have to return the option & exercise fees and face consequences of legal claims from the buyer.
Hope the above answer your main concerns, but if there are more query, please feel free to contact me at
90110636
, or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.
Best regards
Ling CK
90110636
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer
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