Can Seller Cancel Sale

[mahjong7777 0]

Hi all,

Seeking advise for a friend of mine?

Can a seller back out of a deal if he does not find the buyer trustworthy?

a. Cheque bounced during exercise of option

b. Have not received 1st appointment date though it is is around a mth for the sale.

Do share any feedback.

[therat 18]

does the seller inform the agent that the CHQ bounced?

Had the buyer exercise the OTP within 2 wks?

For my understanding, If CHQ bounce. Deal Off.

If buyer didn't exercise the OTP within 2 wks time frame. Deal Off.

What is the agent doing?

[berry_surprise 0]

Hi all,

Seeking advise for a friend of mine?

Can a seller back out of a deal if he does not find the buyer trustworthy?

a. Cheque bounced during exercise of option

b. Have not received 1st appointment date though it is is around a mth for the sale.

Do share any feedback.

@mahjong7777: I kena this kind of seller before, anyhow threaten to cancel deal.

I got so fed up becuase alot of time wasted. i even consulted lawyers and wanted to press charges with the agents.

however becuase of the lousy law, agents can get away scott-free and most of the laws protecting the sellers!

as long from the date u OTP, u have a 2 wks time frame, as long u pay the max 5k within this period, the house is still yours.

but i tell u, there will be many stupid things happening from now till 1st appt.

....

if the seller want to get away, make sure u get back whatever u paid (1000+4000+180+80),

even if u want to engage a lawyer, u have to bear with some of the legal fees (provided u win the case).

if u lose, u pay all.

pester ur agents to submit the exercise to option to hdb resalenet asap, if not take back your 80 and do it yourself and throw away your agent (provided u have not signed commission of sale)

[GSXR~RACER 0]

I think he is asking as a seller's side...

my opinion to thread starter is, instead of cancelling blindly which is still arguable for breach of contract, u should make some effort to notify the buyer about bounced cheque and ask him to follow up/rectify, and if buyer still continue to do sh** then write to HDB to cancel it. That way, you do due effort to stick to contract, yet have to cancel because of buyer's shortfalls.

because bounced cheque could be argued due to genuine mistakes, not as buyer's willingness to cheat. If he knows that cheque bounced, he could still pay by other means. U should open chances for him first before nullify the contract, else he may sue u for breach of contract.

@mahjong7777: I kena this kind of seller before, anyhow threaten to cancel deal.

I got so fed up becuase alot of time wasted. i even consulted lawyers and wanted to press charges with the agents.

however becuase of the lousy law, agents can get away scott-free and most of the laws protecting the sellers!

as long from the date u OTP, u have a 2 wks time frame, as long u pay the max 5k within this period, the house is still yours.

but i tell u, there will be many stupid things happening from now till 1st appt.

....

if the seller want to get away, make sure u get back whatever u paid (1000+4000+180+80),

even if u want to engage a lawyer, u have to bear with some of the legal fees (provided u win the case).

if u lose, u pay all.

pester ur agents to submit the exercise to option to hdb resalenet asap, if not take back your 80 and do it yourself and throw away your agent (provided u have not signed commission of sale)

Edited November 16, 2009 by GSXR~RACER

[berry_surprise 0]

I think he is asking as a seller's side...

my opinion to thread starter is, instead of cancelling blindly which is still arguable for breach of contract, u should make some effort to notify the buyer about bounced cheque and ask him to follow up/rectify, and if buyer still continue to do sh** then write to HDB to cancel it. That way, you do due effort to stick to contract, yet have to cancel because of buyer's shortfalls.

because bounced cheque could be argued due to genuine mistakes, not as buyer's willingness to cheat. If he knows that cheque bounced, he could still pay by other means. U should open chances for him first before nullify the contract, else he may sue u for breach of contract.

forget to add, when i OTP, i issued 1k chq and 4 days later, i was told it bounced because or irregularities in signature. so the next day when i exercise to option, i withdraw cash for the seller.

as long the 14days is valid, there will be no cancellation of contract.

[yoongf 11]

Hmm.. if chq bounce.. and the OTP period is over, then seller has no obligation to sell, as considered buyer did not exercise.

Like that.. can sue the buyer for the forfeited amount. Whether is worth it is another matter.

[mahjong7777 0]

Hmm.. if chq bounce.. and the OTP period is over, then seller has no obligation to sell, as considered buyer did not exercise.

Like that.. can sue the buyer for the forfeited amount. Whether is worth it is another matter.

The buyer paid the $4k submission fee where the cheque bounced earlier from the buyer. This happened a mth ago.

Till now, seller has not received 1st appointment yet.

Deal is handled by seller's agent.

Does the seller has any grounds to backout now?

Cheers!

[wolflet 1]

The buyer paid the $4k submission fee where the cheque bounced earlier from the buyer. This happened a mth ago.

Till now, seller has not received 1st appointment yet.

Deal is handled by seller's agent.

Does the seller has any grounds to backout now?

Cheers!

you should first contact the agent and buyer informing that the cheque bounce and ask them to follow up. make sure u keep records of the correspondence. Email and sms works best in this case. word of mouth is very hard to verify in case of contest.

After doing that and the buyer/agent did not do anything, contact HDB to cancel the deal with the records of correspondences. This is to cover yourself in case the buyer suddenly decides to sue for damages due to cancellation of sale.

In any case, without the option fee, the OTP should not be considered valid

[purecat 0]

The buyer paid the $4k submission fee where the cheque bounced earlier from the buyer. This happened a mth ago.

Till now, seller has not received 1st appointment yet.

Deal is handled by seller's agent.

Does the seller has any grounds to backout now?

Cheers!

I told my agent that after the buyer for my existing 4 room pays the $4k, he can only submit docs after the cheque clears.

We have 30 days to do so I think ( written on the option form ). Where possible may have to delay submission abit to give more time gap between buying flat and selling flat 2nd appointment to space out for renovation time.

why not call the seller agent to check when he submitted to HDB . Now normally done via e method... so agent choose the 1st appointment date actually.

[forgotten 1]

I told my agent that after the buyer for my existing 4 room pays the $4k, he can only submit docs after the cheque clears.

We have 30 days to do so I think ( written on the option form ). Where possible may have to delay submission abit to give more time gap between buying flat and selling flat 2nd appointment to space out for renovation time.

why not call the seller agent to check when he submitted to HDB . Now normally done via e method... so agent choose the 1st appointment date actually.

The 2nd appt completion will be 5 months (May) from now if u pick the earliest first appt (Mar). Think 5 months should be enough for yr renov.

Edited December 3, 2009 by forgotten

[purecat 0]

The 2nd appt completion will be 5 months (May) from now if u pick the earliest first appt (Mar). Think 5 months should be enough for yr renov.

So confirm now the earliest appointment is in March already ? How about latest available ? ( I know it sound silly )

my buying flat 1st appointment is mid Feb. So that means estimated 1 Apr ( 2nd appointment ).

Hopefully we can get a end March 1st appointment , then will push for 8 weeks max for the 2nd appointment. Then we will surely have at least two months . fingers crossed.