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What sort of liability do i have?

I am buying a hdb flat. I entered into an greement to allow if 3 months extension

HDB has approved the application which is die to complete in September WITHOUT approving the Extension of Stay

Does it mean i take over flat upon completion? Am i liable for anything since HDB is the party that did not approve the private arrangement from being executed

Can the sellers withdraw from the sales? What should i do if sellers did not endorse the application to resale by deadline? Sue for performance and daily interests?
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1 Answer

Ling CK
Replied
Hi Mr. Adrian,

1) HDB will only approve the extension when the seller is able to provide an exercised OTP of the next purchase or key collection notice for BTO.
2) Legally you can takeover without granting an extension of stay to the seller.
3) You are not liable for anything legally.
4) Seller can withdraw from the sale because they have difficulties in securing the next staying place.
5) You may sue for anything that is spelled under the OTP agreement signed. Just ask yourself whether you want to drag this on or better to move on.
6) You may of course simply return the option and exercise fees, compensation for the penalty imposed by the bank if there is any, fees used for going through the process, etc, and move on to search for a better place.

Hope the above answer to 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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