gongjin 0 Report post Posted January 9, 2011 Current OTP has no protection for buyers at all!! I signed an OTP to buy a 4-room 20 year old flat at Pasir Ris 4XX. The seller did not submit OTP until 30 days later, and repeatedly delayed delivery date. He knew I am pressed by time and would like to complete as soon as possbile. When I refused to give in his request to further delay the first appointment, he staged a no show at the 1st appointment. A whole 3 months was wasted, causing big financial loss and emotional stress on my side! I was so angry! HDB said they can't do anything and we have to go to a lawyer to settle this. Lawyer said no point to waste money to pursue $5000. I was thinking my head off on how to at least get the money back, eg. write to his company, go to his house...Luckily he eventually returned the deposit. The standard OTP has no protection whatsoever for the buyer. Unless in some other countries (like China), the seller has to return double the deposit if he cancels the deal. This is fair. If buyer backs out, he loses $5000; if seller backs out, he equally has to lose $5000. HDB must revise the standard OTP! CEA should also draw a blacklist of sellers who have done this to protect both potential buyers and its agents. Share this post Link to post Share on other sites
watchthewaves 0 Report post Posted January 21, 2011 I'm not too familiar with how HDB's process works, but in general, I would've thought that once the option is exercised, if the seller tries to back out, the buyer can still get specific performance to complete the transaction. Is it different for HDB apartments? Share this post Link to post Share on other sites
godloveyou 0 Report post Posted January 21, 2011 Current OTP has no protection for buyers at all!! I signed an OTP to buy a 4-room 20 year old flat at Pasir Ris 4XX. The seller did not submit OTP until 30 days later, and repeatedly delayed delivery date. He knew I am pressed by time and would like to complete as soon as possbile. When I refused to give in his request to further delay the first appointment, he staged a no show at the 1st appointment. A whole 3 months was wasted, causing big financial loss and emotional stress on my side! I was so angry! HDB said they can't do anything and we have to go to a lawyer to settle this. Lawyer said no point to waste money to pursue $5000. I was thinking my head off on how to at least get the money back, eg. write to his company, go to his house...Luckily he eventually returned the deposit. The standard OTP has no protection whatsoever for the buyer. Unless in some other countries (like China), the seller has to return double the deposit if he cancels the deal. This is fair. If buyer backs out, he loses $5000; if seller backs out, he equally has to lose $5000. HDB must revise the standard OTP! CEA should also draw a blacklist of sellers who have done this to protect both potential buyers and its agents. Catch no ball of what you said. You said you SIGNED the OTP and yet the seller did not submit OTP until 30 days later, and repeatedly delayed delivery date.?? Seller supposingly, at first, give you an OTP doc with his/her signatory & date inked. You give him/her $1K. Within 14 days, you ink your signatory & date and a witness's signatory & date. Then submit the OTP doc to hdb for resale application. Look out for clause 11 in OTP. Seller reserves the right not to submit resale application any date earlier than the state date (clause 11). So, as buyer, be smart,to put the number of day as short as possible. Maximum is 90 days.(3 months!) Are u referring to this? Share this post Link to post Share on other sites
