nokiaman 0 Report post Posted March 7, 2011 Dear All, Need urgently ur kind advise. I am suppose to complete my the selling of my flat on the 16th of March. Prior to that, we had an agreement with the buyer in black and white saying they will allow 1 month extension stay and thus us lowering our COV. I was just inform by my agent thaat the buyer had backed out of the deal and insist that we move out by the 16th of March. I am really in a fixed with 3 kids in tow. where do i find a place to stay. My agent actually advise me to delay my completion as HDB rules state that we can delay up to 21 days? He did also mentioned that the buyer might claim late interest charges against me. What if i refuse to pay the late interest charges, is there any issues with that? I mean he played me out first. Am really in a fixed. Please advised. Regards, Roy Share this post Link to post Share on other sites
bepgof 20 Report post Posted March 7, 2011 (edited) The only tool you have is to delay the completion date, 8 weeks from 1st appointment, this is your "right". Give whatever reasons/excuse to hdb, make sure fix the completion date till the last day of 8 wk from 1st appointment. Read your OTP clause 12. What late interest?? On what condition need to pay "late interest"?? HDB will not recognise the "1 month extension stay". Your agent jolly know this well, yet mislead you, cut his commission lah. Take the money saved to rent place to stay. Dear All, Need urgently ur kind advise. I am suppose to complete my the selling of my flat on the 16th of March. Prior to that, we had an agreement with the buyer in black and white saying they will allow 1 month extension stay and thus us lowering our COV. I was just inform by my agent thaat the buyer had backed out of the deal and insist that we move out by the 16th of March. I am really in a fixed with 3 kids in tow. where do i find a place to stay. My agent actually advise me to delay my completion as HDB rules state that we can delay up to 21 days? He did also mentioned that the buyer might claim late interest charges against me. What if i refuse to pay the late interest charges, is there any issues with that? I mean he played me out first. Am really in a fixed. Please advised. Regards, Roy Edited March 7, 2011 by bepgof Share this post Link to post Share on other sites
forgotten 1 Report post Posted March 7, 2011 (edited) *Shake head* We have been hearing such cases on renotalk quite often. Sellers got mislead by agents about extenstion of stay and then got played out subsequently. I feel sorry for these sellers man. Edited March 7, 2011 by forgotten Share this post Link to post Share on other sites
nokiaman 0 Report post Posted March 7, 2011 The only tool you have is to delay the completion date, 8 weeks from 1st appointment, this is your "right". Give whatever reasons/excuse to hdb, make sure fix the completion date till the last day of 8 wk from 1st appointment. Read your OTP clause 12. What late interest?? On what condition need to pay "late interest"?? HDB will not recognise the "1 month extension stay". Your agent jolly know this well, yet mislead you, cut his commission lah. Take the money saved to rent place to stay. Thanks for the advise. But the problem is my first app was on 19 Jan and my completion is 16th March and had used up the max 8 weeks. Hmm what shall i do? Share this post Link to post Share on other sites
davidbslee 1 Report post Posted March 7, 2011 Dear All, Need urgently ur kind advise. I am suppose to complete my the selling of my flat on the 16th of March. Prior to that, we had an agreement with the buyer in black and white saying they will allow 1 month extension stay and thus us lowering our COV. I was just inform by my agent thaat the buyer had backed out of the deal and insist that we move out by the 16th of March. I am really in a fixed with 3 kids in tow. where do i find a place to stay. My agent actually advise me to delay my completion as HDB rules state that we can delay up to 21 days? He did also mentioned that the buyer might claim late interest charges against me. What if i refuse to pay the late interest charges, is there any issues with that? I mean he played me out first. Am really in a fixed. Please advised. Regards, Roy Sad to say, black and white written agreement HDB will not care about it. Maybe ask yr agent take to them, said you willing to pay 1month of rental fees to them. This kind of buyer also knn, dun keep words. If not, just dun turn up for 2nd appt lor, buyer also LL. The HDB officer will then defer the 2nd appt to later date and as you said they may ask you to pay late daily charges depend on how long the 2nd appt has been delay. Ask yr agent to talk to their agent about the agreement and work something out as he or she should be the one solving the problem for you. Share this post Link to post Share on other sites
bepgof 20 Report post Posted March 7, 2011 (edited) Seller nor buyer has right to extend 2nd appt more than 8 wk from 1st appt, anytiming longer than 8 wk caused by solely either party will void the OTP, meaning whole transaction voids. Of course, the other party will seek compensation. ONLY HDB has the right to extend beyond more than 8 wk. Talk to HDB, give solid reason to extend. Thanks for the advise. But the problem is my first app was on 19 Jan and my completion is 16th March and had used up the max 8 weeks. Hmm what shall i do? Edited March 8, 2011 by bepgof Share this post Link to post Share on other sites
CoffeeMan 0 Report post Posted March 8, 2011 (edited) I was in your situation before, Roy. I told the heartless buyer and his agent if he wants to break his promise, I will not sign the (2nd appt) document to make my family homeless (I have no agent to represent me). He can jolly well go and find another property. You have to be VERY VERY FIRM with your decision and get your agent to speak to them since you are paying him/her commission. Black and white agreement is useless, even if you have a witness. FYI, to extend the appointment, HDB needs agreement from both the buyer and seller. Dear All, Need urgently ur kind advise. I am suppose to complete my the selling of my flat on the 16th of March. Prior to that, we had an agreement with the buyer in black and white saying they will allow 1 month extension stay and thus us lowering our COV. I was just inform by my agent thaat the buyer had backed out of the deal and insist that we move out by the 16th of March. I am really in a fixed with 3 kids in tow. where do i find a place to stay. My agent actually advise me to delay my completion as HDB rules state that we can delay up to 21 days? He did also mentioned that the buyer might claim late interest charges against me. What if i refuse to pay the late interest charges, is there any issues with that? I mean he played me out first. Am really in a fixed. Please advised. Regards, Roy Edited March 8, 2011 by CoffeeMan Share this post Link to post Share on other sites
bepgof 20 Report post Posted March 8, 2011 (edited) You very Hiong, I supposed yr completion time was till within 8wks from 1st appointment date, even after the so called delay. Unless there is a doc, legal issue which make either party can't produce the required doc in time (at 2nd appt date)for the handover,then, HDB will grant extension. Example: property title deed, physical body not in Singapore due to urgent....(must inform hdb before 2nd appt date due) I was in your situation before, Roy. I told the heartless buyer and his agent if he wants to break his promise, I will not sign the (2nd appt) document to make my family homeless (I have no agent to represent me). He can jolly well go and find another property. You have to be VERY VERY FIRM with your decision and get your agent to speak to them since you are paying him/her commission. Black and white agreement is useless, even if you have a witness. FYI, to extend the appointment, HDB needs agreement from both the buyer and seller. Edited March 8, 2011 by bepgof Share this post Link to post Share on other sites
CoffeeMan 0 Report post Posted March 8, 2011 (edited) You very Hiong, I supposed yr completion time was till within 8wks from 1st appointment date, even after the so called delay. Unless there is a doc, legal issue which make either party can't produce the required doc in time (at 2nd appt date)for the handover,then, HDB will grant extension. Example: property title deed, physical body not in Singapore due to urgent....(must inform hdb before 2nd appt date due) Have to be very FIRM since our roof over the top was at stake... The heartless buyer played me out just a few seconds away from signing the legal documents. We were at the HDB office and I was ready to walk away (and bear the consequences) if he broke his promise. Be FIRM and stay CALM and you are half battle won Edited March 8, 2011 by CoffeeMan Share this post Link to post Share on other sites
nokiaman 0 Report post Posted March 8, 2011 Have to be very FIRM since our roof over the top was at stake... The heartless buyer played me out just a few seconds away from signing the legal documents. We were at the HDB office and I was ready to walk away (and bear the consequences) if he broke his promise. Be FIRM and stay CALM and you are half battle won Dear all thanks for the kind words and advise. Really appreciate that. Now my agent suggest we delay the completion up to a max of 21 days as per hdb regulations. If the buyer wants to claim late penalty charges I am not going to give them a single cent as they broke their agreement in the first place. Worst case is they go to small claims ? By the way the penalty charge is 2 k plus. Anyone else who was in my position before care to share their course of actions ? Share this post Link to post Share on other sites
