Penalties For Hdb Sale/Resale Of Withdrawal Deal

[peaceful 0]

Hi, I am current in the porcess of selling my 4rm flat, and had received the buyer's $5000 OTP.

Anyone know what will be the penalty for the withdrawal/cancellation on the below stages taken of HDB sale/resale deals,

1) after buyer/seller agent excercise it to the HDB while waiting for First Appointment

2) after signed up on the First Appointment

Anyone can advise on these doubt. Thanks.

[therat 18]

why there is a change of mind.

Think of buyer. What happen they had sign Bank LO. They need to pay 1.5% of loan penalty (% depend on bank)

The buyer has the right to ask for seller to pay bank $5k OTP and Bank penalty charge, lawyer fee, agent fee. whatever $$ they had lost

[peaceful 0]

why there is a change of mind.

Think of buyer. What happen they had sign Bank LO. They need to pay 1.5% of loan penalty (% depend on bank)

The buyer has the right to ask for seller to pay bank $5k OTP and Bank penalty charge, lawyer fee, agent fee. whatever $$ they had lost

emm bro, thanks for the reply. I am a serious seller, and my asked C.O.V is just average (high flr / corner unit), which I believe it's quite rare now.

To put my question more straight forward, and it shd be -> what if the buyer withdrawn from any of the stages of deal which mentioned above?

Anyone can advise on this?

[therat 18]

To put my question more straight forward, and it shd be -> what if the buyer withdrawn from any of the stages of deal which mentioned above?

1) after buyer/seller agent excercise it to the HDB while waiting for First Appointment ==> Buyer lost his 5K deposit. Seller no need to return that 5k. Not even a single cents

2) after signed up on the First Appointment.

5k deposit - seller take

If seller has already brought a house etc..

can issue lawyer , ask court to tell him to buy by force. Very time consume.

Before 1st appointment, is easy to back off.

But once after 1st appointment, will be a little mah fun. Better check with HDB officer who take care of your 1st appointment. They should be able to provide u a better advice.

[peaceful 0]

1) after buyer/seller agent excercise it to the HDB while waiting for First Appointment ==> Buyer lost his 5K deposit. Seller no need to return that 5k. Not even a single cents

2) after signed up on the First Appointment.

5k deposit - seller take

If seller has already brought a house etc..

can issue lawyer , ask court to tell him to buy by force. Very time consume.

Before 1st appointment, is easy to back off.

But once after 1st appointment, will be a little mah fun. Better check with HDB officer who take care of your 1st appointment. They should be able to provide u a better advice.

we had a mutual agreement between us and the buyer to lenghten for the First appointment (3mths) and Completion date (8 weeks). Hoped there won't be any 'hipcup' on buyer side.

Great Thanks Bro!