Need Help Badly

[40826084 0]

Hi all:

I am buying a private with tenancy, we had make the 1% deposit and today we received the OPT from the owner, but he changed the terms and clauses which indicated as "The seller shall transffer the tenant 's security deposits to purchasser" , he deleted the para and write "the purchaser shall refund the securit deposits to the tenant when the teancy is expired" by himself, in this case if we refused to excerise the option can we get back our 1% deposit ? or any other action we can take against it? I appreciate that you spent your time to read my case and thank you in advance if you can provide me some advice.

[40826084 0]

Hi all:

I am buying a private with tenancy, we had make the 1% deposit and today we received the OPT from the owner, but he changed the terms and clauses which indicated as "The seller shall transffer the tenant 's security deposits to purchasser" , he deleted the para and write "the purchaser shall refund the securit deposits to the tenant when the teancy is expired" by himself, in this case if we refused to excerise the option can we get back our 1% deposit ? or any other action we can take against it? I appreciate that you spent your time to read my case and thank you in advance if you can provide me some advice.

[watchthewaves 0]

Why don't you contact the buyer or his agent (whoever you are in touch with) to discuss and clarify. It might just be a misunderstanding or miscomm. Probably what is meant is that the buyer will transfer the security deposit to you and so you will be responsible to refund that to the tenant. That makes sense, doesn't it.

Edited November 17, 2010 by watchthewaves

[muffin 2]

have you checked with any property agent or any authorities on this? They might be able to help you solve the problem.

[Jgal 0]

Hi all:

I am buying a private with tenancy, we had make the 1% deposit and today we received the OPT from the owner, but he changed the terms and clauses which indicated as "The seller shall transffer the tenant 's security deposits to purchasser" , he deleted the para and write "the purchaser shall refund the securit deposits to the tenant when the teancy is expired" by himself, in this case if we refused to excerise the option can we get back our 1% deposit ? or any other action we can take against it? I appreciate that you spent your time to read my case and thank you in advance if you can provide me some advice.

hmm... how come you pass the deposit to him without getting the opt at the same time or settling the terms.

Terms shld be negotiated and agreed before the deposit is handover. Is there any witness /agent that was aware of the agreed terms before the change.

[forgotten 1]

I don't know if this is workable? Draft another tenancy agreement between you and the tenant, which will make the tenant pay the security bond to you. This will allow you to bypass the seller.

[Jgal 0]

Why don't you contact the buyer or his agent (whoever you are in touch with) to discuss and clarify. It might just be a misunderstanding or miscomm. Probably what is meant is that the buyer will transfer the security deposit to you and so you will be responsible to refund that to the tenant. That makes sense, doesn't it.

i dun think so .. since seller purposely deleted the clause and add in his clause..

I tot as in any legal agreement, terms are to be agreed and signed before $$ is handed over. Aniway.. for pte pty, you need to seek legal advise, dun think authority will get involve in such cases.

Check with your agent what is happening? did he agree anything on your behalf with the seller.

[everton 0]

Hi all:

I am buying a private with tenancy, we had make the 1% deposit and today we received the OPT from the owner, but he changed the terms and clauses which indicated as "The seller shall transffer the tenant 's security deposits to purchasser" , he deleted the para and write "the purchaser shall refund the securit deposits to the tenant when the teancy is expired" by himself, in this case if we refused to excerise the option can we get back our 1% deposit ? or any other action we can take against it? I appreciate that you spent your time to read my case and thank you in advance if you can provide me some advice.

In the first place, I think your agent should not have given him the one percent deposit without checking with you first if the seller intended to change the terms of the option form. You should check with your agent as to why he handed your cheque over to the seller without first checking with you. Also, any amendment to the option form must be initialed by both you and the seller.

[40826084 0]

Thanks for all the suggestion you provided, my understanding is that he already agreed the Price and then he regreted , he intended to get some more from us, so he does not wanna transfer the deposit to us which the tenant alsready paid to him 1 year before, in between ,we have not sign on the OTP and what i am worrying is after 14 days this issue has not settle , my 1% will be forfeited. my agent is lack of experiences , she does not know this kind of things, so do you guys suggest me to meet my laywer?

thnak you!

[everton 0]

Thanks for all the suggestion you provided, my understanding is that he already agreed the Price and then he regreted , he intended to get some more from us, so he does not wanna transfer the deposit to us which the tenant alsready paid to him 1 year before, in between ,we have not sign on the OTP and what i am worrying is after 14 days this issue has not settle , my 1% will be forfeited. my agent is lack of experiences , she does not know this kind of things, so do you guys suggest me to meet my laywer?

thnak you!

As long as you ahve not initialed on the amendments that the seller has made, then those amendments are not legally binding. if he cashes your cheque of 1 percent, then he is accepting the terms of the option without any amenendment unless you have both endorsed those changes which is done by initialing next to the ammendments. If the seller feels the price is too low, then he should not accept your cheque and return it to you. Has he cashed your cheque?

[kardtoon 0]

Thanks for all the suggestion you provided, my understanding is that he already agreed the Price and then he regreted , he intended to get some more from us, so he does not wanna transfer the deposit to us which the tenant alsready paid to him 1 year before, in between ,we have not sign on the OTP and what i am worrying is after 14 days this issue has not settle , my 1% will be forfeited. my agent is lack of experiences , she does not know this kind of things, so do you guys suggest me to meet my laywer?

thnak you!

Normally when someone makes a change to terms on a printed contact, they will have to sign where they make amendments and have the receiver countersign, right? If that's the case and you didn't sign there, won't that make the change not valid? If that's the case, perhaps you can make this point.

I think it also boils down to how much you want this property. If you really want it, get your lawyer to fight for you. Otherwise you might want to ask nicely for your money back if they regret the sell price.

[everton 0]

Thanks for all the suggestion you provided, my understanding is that he already agreed the Price and then he regreted , he intended to get some more from us, so he does not wanna transfer the deposit to us which the tenant alsready paid to him 1 year before, in between ,we have not sign on the OTP and what i am worrying is after 14 days this issue has not settle , my 1% will be forfeited. my agent is lack of experiences , she does not know this kind of things, so do you guys suggest me to meet my laywer?

thnak you!

I find it quite unusual that your agent would not know something as fundamental as this. I imagine the seller is simply not agreeable to the option that the agt has presented him and is simply making ammendments to it as he deems fair or favourable to him. The next step is for you to go back to the seller to state wheter you agree with his amendments. If u dont then ask for your cheque back or counter propose something else. Perhaps splitting the security deposit. although I think the norm is that it should go to the buyer to hold on behalf of the tenant when he moves out. The security deposit belongs to the tenant and not the buyer or seller of the property. Its returned to tenant minus deduction ot rectify any damages caused by tenant. The seller is simply trying his luck if you ask me and being ab obvious opportunist. Not very ethical.

[jawskie 0]

I don't know enough to help out but I wish you all the best. I'd really hate to find myself in such a predicament. Good luck!

[40826084 0]

As long as you ahve not initialed on the amendments that the seller has made, then those amendments are not legally binding. if he cashes your cheque of 1 percent, then he is accepting the terms of the option without any amenendment unless you have both endorsed those changes which is done by initialing next to the ammendments. If the seller feels the price is too low, then he should not accept your cheque and return it to you. Has he cashed your cheque?

Hi all thanks again !!!

Actually we gave him the 1% deposit by half cash and half cheque) when he received the 0.5% cash he signed on the Offer to Purchase made to him and he wrote that "will issue the Option To Purchase once received the 0.5% " then second day we passed him the cheque, and in the OTP he also indicated he received the the sum of 1% of option money, i don know wehter it is workable? can he claim that he has not cashed the money yet so not agreed? but he received the cash...

[everton 0]

Hi all thanks again !!!

Actually we gave him the 1% deposit by half cash and half cheque) when he received the 0.5% cash he signed on the Offer to Purchase made to him and he wrote that "will issue the Option To Purchase once received the 0.5% " then second day we passed him the cheque, and in the OTP he also indicated he received the the sum of 1% of option money, i don know wehter it is workable? can he claim that he has not cashed the money yet so not agreed? but he received the cash...

sounds like he could be trying to pull one over on you, since he already took half the cash. I suppose what you might consider doing is to send him in writing that you do not agree to his amendments and request that the cash and cheque be returned to you. Ultimately since you did not initial on the amendment it ought not to be legally binding. The written request to him will also indicate to a lawyer or judge that you have expressed, in no uncertain terms, that you reject his amendments and do not wish to purchase the unit under those amended terms. if he proceeds to cash the cheque despite your written notice, then I imagine he is implying that he accepts the original terms (ie minus his amendments). In addition, since he has indicated in the OTP that he had received the one percent, then he is liable to return the entire sum to you if the deal does not proceed. Perhaps the first thing you should consider doing is to have your agt tell him that you dont accept his amendment and see what he says. He may very well agree to rescind it and stick with the original option, or return the 1 percent to you. If he decides to cash the cheque, then i don't think he has a case to keep the tenants security deposit. In the meantime, you should probably speak with a conveyancing lawyer first thing tomorrow. I'm very curious to know what he advises you as well.