Owner Want 2 Months More To Look For New Place

[v1hypersg 0]

will be going for 2nd viewing and quite like the place,

but agent told me owner like to request for 2 months more to look for place,

i am fine with the delay but i hope that can allow for nego for reduction of COV,

also can request for this official black and white so that only after owner move out then i take over ?

where to put this down ? OTP or bring up during 1st appt ?

or just to book late 2nd appt ?

[beluga 1]

will be going for 2nd viewing and quite like the place,

but agent told me owner like to request for 2 months more to look for place,

i am fine with the delay but i hope that can allow for nego for reduction of COV,

also can request for this official black and white so that only after owner move out then i take over ?

where to put this down ? OTP or bring up during 1st appt ?

or just to book late 2nd appt ?

No way to enforce it as HDB does not recognize extension of stay after transaction is complete. So it's strictly gentlemen agreement basis....

Like my case, the 2nd appointment was completed in early January but our buyer was kind enough to let us stay until mid of April without any penalty.... No signing whatsover. At the time of 2nd appointment, officer asked us to relinquish key to them but their representative lawyer just said, "private arrangement".

2nd appt cannot be extend more than 8 weeks after 1st appt as what I understand.

Edited March 8, 2012 by beluga

[v1hypersg 0]

Firstly,

Thank you for taking time to reply or share your knowledge,

But to what I know, we can change the date of 2nd appt, can sort of keep changing until seller found new place then change to nearer date

[beluga 1]

Firstly,

Thank you for taking time to reply or share your knowledge,

But to what I know, we can change the date of 2nd appt, can sort of keep changing until seller found new place then change to nearer date

Maybe to HDB they don't care.... However, seller can legally seek compensation from buyer if it goes beyond 8 weeks. Since both party are willing, maybe this is OK. This part got to clarify with HDB officer.

[May_dream1 14]

Firstly,

Thank you for taking time to reply or share your knowledge,

But to what I know, we can change the date of 2nd appt, can sort of keep changing until seller found new place then change to nearer date

For changing of 2nd appt, all parties must agreed to change the date. For 1st appt, then any one party can change the date. But its not so simple as HDB don't allow the date to be more than 8 weeks of the 1st appt. Ie, if you put 2nd appt at 4 weeks after 1st appt, you can changed to 6th week or 7th week... but not more than 8th weeks.

What i did with my seller was delayed the 1st appt. That means, i signed OTP in Oct but the 1st appt was queue to be end of jan then another 8 weeks so end of march. So in total, there are able 5 months.....

this is better than gentleman agreement of letting stay longer even though officially already handover the keys at 2nd appt. you never know what might happen.... i went to HDB resale seminar and the instructor told a real story of this "gentleman agreement" that turned sour. And i personally know a friend of mine that also had problem with this "gentleman agreement" that in the end, she have to give the family some cash so that they can go rent a place elsewhere.

I don't dare to take the risk so i rather delay the 1st appt so that everything will be done properly. But of course there are a lot of cases where this works fine.... really up to you on what you willing to accept. And because of the delay, the COV was slightly lower than what the owner initially wanted.

[beluga 1]

May's suggestion sounds good.... However, I wonder in the case if seller backout between OTP and 1st appt, what will happen? To what extend is the legal binding?

[beluga 1]

Anyway, to TS, are you selling any existing unit as well or are you just buying? If you are just buying then May's suggestion will work. Otherwise, if you are selling as well then it will complicate the whole matter. For my case, my buyer is first time buyer, so they are not in a hurry....

[therat 18]

When I sign the OTP, seller agent say,

1. seller need to extend 1 more stay after 2nd appointment. B'coz they are selling and buy house.

2. he will submit the OTP form within 45 day after we sign. So that they had more time to look for house.

We agree on the spot and ask for market rate rental.

During 1st appointment, seller agent say.. the seller house only can complete 2 mth after our 2nd appointment. So ... ask for 1 more mth extension.

We don't have a choice. So.. also agree and on the spot. We told seller , on the 2nd appointment, we will collect the collect 1st mth rental, sign the so-call gentlemen agreement. Seller agent say.. this is between seller and buyer. He don't want to get involve.

Then 2nd appointment, haha..

Seller agent say.. seller new house "resale HDB" only completed 1 wk after us. So.. they need time to reno. So.. ask for another 1 more mth.

So.. total 3 mth extend.

If you had a place to stay. It does not affect you.

BUT if you are sell and buy. Then don't.

BTW, after 2nd appointment, Property tax will be under you. You pay.

PUB, you don't apply first. Tell them cancel their PUB after they had move out.

Until you got the confirm date they are moving then apply.

[beluga 1]

I was lucky that our buyer let us stay for over 2 months without rental whatsoever....

[May_dream1 14]

May's suggestion sounds good.... However, I wonder in the case if seller backout between OTP and 1st appt, what will happen? To what extend is the legal binding?

After OTP, its more or less binding. you can always go to small claim tribunal if want to makes things difficult. even after 1st appt, things might still happen before the 2nd appt.

But there might be worse things happening than not getting that flat..... ie, after 2nd appt and seller still staying there. I don't want to repeat what the hdb officer told us during the seminar cos it really sound so scary...

[Haleary 1]

We paid Deposit and OTP in early jan, first appt on 20th march, and completion end may. It's abt 10weeks from first appt to completion.

Our seller also ask for extension, but we are not comfortable to based on gentlement agreement, due to bad experience by my future hubby's side. But we allow late appt. I think we might be the record holder for the hse transaction to drag so long. Almost half a year

Anyway, gentlement agreement in HDB POV is not legal. And if any damages arise from there, u are on your own as on completion, buyer already 'confirm' condition.

Hope this helps