Seller Wants To Take Back Otp

[40826084 0]

Hi all:

i am seeking your advice here.....

I am buying a second hand condo, the seller has issue us the OTP and durly signed, we have not excerise it yet and we are planing to excerise it before the expired date indicated in the OTP , and now the seller wants to back out the OTP and get it back from us by ask the agent to called me, now what should we do ? Go ahead to excerise it ignore him or ask the compensation ?

please advice.... thank you.

[chronograph 0]

Buying private property got "cooling" period for seller?

Anyway, willing buyer willing seller = happy for all.

Since you have not signed why go through the hassle, i bet it will not be a problemless buy.

[Jgal 0]

Have you meet the seller after you receive the amended otp?

Are you sure that agents btw the 2 of you converying all the accurate messages ?

I think you need to talk to the seller.

- confirmed that he is the one that want to nullify the deal and not the agents. Remembering that your agent is suppose to pay you 1 mth rental. There may be chance that he/she has presude the seller to backout of the deal. So that he/she can get full commission.

- if seller wants a better price, negotiate with him and see if you could meet midway. To seek compensation, refund may be "costly" and time consuming if he is unwilling.

- if seller does not want to sell the house anymore, then discuss how is he going to pay you back the 1%.

- if seller does not want to sell the house because of the complicated , selling with tenancy probllem. Discuss with them if the agreement could simplify by you giving them a lump sum.

Even if you think that you dun want to pay a cent more for the house, do take some time to talk to seller and find out more what is going on. Who is the liar and the bad guy.

[40826084 0]

Have you meet the seller after you receive the amended otp?

Are you sure that agents btw the 2 of you converying all the accurate messages ?

I think you need to talk to the seller.

- confirmed that he is the one that want to nullify the deal and not the agents. Remembering that your agent is suppose to pay you 1 mth rental. There may be chance that he/she has presude the seller to backout of the deal. So that he/she can get full commission.

- if seller wants a better price, negotiate with him and see if you could meet midway. To seek compensation, refund may be "costly" and time consuming if he is unwilling.

- if seller does not want to sell the house anymore, then discuss how is he going to pay you back the 1%.

- if seller does not want to sell the house because of the complicated , selling with tenancy probllem. Discuss with them if the agreement could simplify by you giving them a lump sum.

Even if you think that you dun want to pay a cent more for the house, do take some time to talk to seller and find out more what is going on. Who is the liar and the bad guy.

We will not pay a single cent more for the house, and I think the seller does not want to talk to us, so we decided proceed to excirse the option before it expires, so what could the seller do ? Can he ask her lawyer not to accpet our check of the 4% ?

[therat 18]

base on what the lawyer told me before.

Once seller issue OTP, the ball is at buyer side,

Seller cannot U-turn and say don't want to sell.

But better ask for lawyer advice.

Don't try and error. Then waste ur time and $$

Don't forget abt bank loan.

Once LO sign. If cancel, got cancel fee one.

[blue_skies 3]

We will not pay a single cent more for the house, and I think the seller does not want to talk to us, so we decided proceed to excirse the option before it expires, so what could the seller do ? Can he ask her lawyer not to accpet our check of the 4% ?

Sometimes there's more to it than meets the eye. Seller may have genuine reason for backing out. Personally I would tell the agent that I would like to speak to the seller face to face so that I can understand the actual situation from the seller himself. You can then decide from there whether you want to bulldoze your way through or gallantly take a step back. IMO, I don't believe buying a unit from an unwilling seller. You won't know what he would have done to the place when you get the keys if the deal eventually goes through.

Edited November 24, 2010 by blue_skies

[Jgal 0]

if you dun want to pay anymore for the house, i think you seriously need to speak to the seller. no point continuing thru the lawyer. What if the agent failed to pass the check to the seller on time ? if the seller claim that chk is not pass on time. You may not even get back the 1% deposit. I think you need to talk to seller face to face. See what is happening, tell him that if he dont turn up or pay you back the deposit, you will report to the police for fraud. He will have to meet up with you else you go to the police.

If the agent is not the problem. and with the deposit given is such a funny manner, 50% cash, 50% chk,

i suspect the seller is conning the 1% from buyers. He learn of all the process/ legal loopholes and waiting for you to make the wrong move to makan you.

Remember you need to get back 1% even if you are walking out of the deal. If the rest of 4% not handled/witness that you hand to him in time. you may not be able to get 1% back.

Edited November 24, 2010 by Jgal

[silverfins 0]

Sounds like seller got a better deal and trying to retract his sale to you.

If you like the unit and want to buy, go ahead and exercise the OTP. There's nothing seller can do since the OTP has been issued.

No issue about the cheque not reaching Seller... Seller will not sign OTP in the first place if he did not receive your cheque.

No issue about having to pay more for the unit since the OTP GIVES U THE OPTION TO BUY AT the FIXED PRICE as stated in the OTP.

When in doubt, talk to your own lawyer, not the agent or seller.

[jawskie 0]

Being cynical here.

Sounds like the seller could have found another buyer who's offering a better price.

It's up to you if you really want the property or if you think you can afford the time and effort in looking for another place. Market is supposedly cooling down so you might jolly well find a better place at an even lower price if you back out of the current deal.

So it's really up to you how much you want this place.

[jawskie 0]

Sounds like seller got a better deal and trying to retract his sale to you.

If you like the unit and want to buy, go ahead and exercise the OTP. There's nothing seller can do since the OTP has been issued.

No issue about the cheque not reaching Seller... Seller will not sign OTP in the first place if he did not receive your cheque.

No issue about having to pay more for the unit since the OTP GIVES U THE OPTION TO BUY AT the FIXED PRICE as stated in the OTP.

When in doubt, talk to your own lawyer, not the agent or seller.

I absolutely second this.

[Jgal 0]

No issue about the cheque not reaching Seller... Seller will not sign OTP in the first place if he did not receive your cheque.

1. we are talking abt pte property. 1% is 10 of thousands.. not 1k.

2. to complete the otp process, buyer need to handover the 4% to seller. And seller needs to "see" it , else he could "assume" that buyer didnt not exercise the option and "makan" the 1%.

[therat 18]

1. we are talking abt pte property. 1% is 10 of thousands.. not 1k.

2. to complete the otp process, buyer need to handover the 4% to seller. And seller needs to "see" it , else he could "assume" that buyer didnt not exercise the option and "makan" the 1%.

For private property, the 4% is pass to your own lawyer and he will pass to seller lawyer.

Don't need to handover to seller one.

[Jgal 0]

For private property, the 4% is pass to your own lawyer and he will pass to seller lawyer.

Don't need to handover to seller one.

but if seller want to play tricks , he could interrupt the process and stall the process right ? e.g. change lawyers or even worst dun appoint 1. ultimately, if he has a intention to cheat the $, there is high chance he has pre-arrange a scenoro that is to his advantage.

In the pretext that he has ask for 50% cash and 50% check, he may have something up his sleeves..

May not be a straight-forward seller has a higher offer.

Edited November 24, 2010 by Jgal

[therat 18]

that's why I say.. ask lawyer.

Now what we say basically is base on what we know. But our understand on law and other might be limited by our knowledge and experience.

[40826084 0]

Thanks to you all, based on what ytou guys suggested, i am pretty sure than i have a upper side when goes to legal, IMO the seller just listend to his agent that he could get a higher offer and they were trying their luck, (I did an internet research on the seller based on his position and education level i am pretty sure he is not a liar ^^) anyway i will talk to my lawer tomorrow.

P.S : does anyone of you has knowledge about "The Law Society's Conditions of Sale 1999" , what is that ?