Price Increase While Waiting For 1st Appt, Any Problems?

[GSXR~RACER 0]

Hi, I signed to purchase a flat at early july, and the first appt is sickeningly too long, till end of this sept. This f-ing HDB delay makes me worry the seller might back off for higher price.

I know we can go legal cause if he breaches, but thats a whole lot of hassle, money and time involved, yet in the end, will have some compensation but no flat. I asked HDB what they can do to curb of that possible scanerios, but says they can't help as OTP is meant for private contract between sellers & buyers. they can foresee the number of this problem will increase, but all they can do is to advice for mediation.

I feel that, should there be any of this kind happened, HDB also is liable in contribution the environment to cause the seller to have motive to breach the OTP contract. (in the other wayround in downtrend time). but they denied. WTH..

any bro/sis here have same worry? any of those happened? any advices?

[davidbslee 1]

Me too worry, I today just got my 1st appointment day which is on the mid DEC Got to wait for 12weeks. Sad.

[zirhk3355 1]

I feel that, should there be any of this kind happened, HDB also is liable in contribution the environment to cause the seller to have motive to breach the OTP contract. (in the other wayround in downtrend time). but they denied. WTH..

There is no such liability; maybe you go US of the A then got, but not in Singapore because we have common sense here.

Sorry, pun intended...

[GSXR~RACER 0]

There is no such liability; maybe you go US of the A then got, but not in Singapore because we have common sense here.

Sorry, pun intended...

ya lor.. thats what i feel what it should be, although i know HDB won't take this bite. at least i mentioned it to them, so that they can impose some special control over this issue to discourage the 'might be' defaulters. i wish my previous owner do not do it, but i've heard many others about voices here and there, and seeing potential of more cases. I've sent HDB about the possible scanerios and the suggestions to curb these things, so the 'would be' dafaulters will think twice before doing it.

more sellers wanted to try this out, and it is worthwhile for them if the buyer do not wish to persue further after a few fights and arguements, with the deposit returned (or even twice or 3 times the deposit is fine for them). but for me, i won't back off, and i courage others also do not back off, and fight till you win, either to hornour, or get big compensation.. Definitely buyer will win for some extent, but the battle is the hassle. So, buyers, do not give in and water this poison plant. once we give in, they will be more couraged.. lets just discourage them, and lets pressure HDB to do something to curb this situation..

Edited September 26, 2009 by GSXR~RACER

[rachel.ho 0]

I might have missed out some points here but if you have paid deposit along with the option to purchase, isn't the seller is legally bind to this selling contract?

[JustMortgage 0]

I might have missed out some points here but if you have paid deposit along with the option to purchase, isn't the seller is legally bind to this selling contract?

Both the buyer and seller are legally bound by the contract. Yes.

[GSXR~RACER 0]

Both the buyer and seller are legally bound by the contract. Yes.

legally bound as a contract. but not as an enforcement that you will get the flat. you can sue for long long time for damages. definitely whoever default contract will loose la, but its a big hassle, IF happened.

HDB says either side can write in to cancel before the first appt. After the 1st appt, transaction will still be cancelled if seller do not follow up the things like mortgage payment, property tax, or bankrupt. HDB do not take any role to make the transaction forced through. Outside of their scope is legal proceeding between seller and buyer only.

Edited October 7, 2009 by GSXR~RACER