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Hi, appreciate your sharing. Kindly seek legal advise for the above. The $5000 given can be forfeit and marketing effort and time spent subject to both parties to negotiate.
Looking forward to assist you at 9696 4398  or email me at stewartlim96964398@gmail.com

Cheers
Stewart-PropNex (Senior Associate Division Director) Read More

HI, the deposit will be forfeited, and any other damages, you may have to seek legal advise.

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Landon Chew
97 39 60 40
landonchew@email.com Read More

Hi,

I would be most glad to assist you further and pls feel free to let me know if you need any assistance. Have a good day ahead. By the way, I used to have a similar case a few years back and my seller chose to forfeit the full deposit of the $5000 and we move on to find the next buyer there after.

Regards
Aaron Chong
 9730 8455 
aaronchong2774@yahoo.com.sg Read More

The consequences could be grave, if the seller has committed to purchase another property. What is known upfront is that whatever payments received from the buyer will be forfeited. As for compensation, the claims will have to be done through a lawyer, and the details of the claims or compensation should be discussed with the lawyer as well.

I have been in the real estate business since 2009, with more than 14 years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

Over the years, I have also established a network reaching out to more than 9,400 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.

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Warmest regards,
Geryl Lim
Senior Division Associate Director
Email: geryl.lim@orangetee.com / geryl7772@gmail.com
OrangeTee & Tie Pte Ltd 430 Lorong 6 Toa Payoh #01-01 OrangeTee Building Singapore 319402
Estate Agent Licence No. L3009250K
 +65 92787772 
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My self introductory video on https://www.youtube.com/watch?v=S_2NydENfx0

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Specific Compensation: The exact amount of compensation the seller can claim depends on the specific terms of the OTP and the additional costs incurred. There might be room for negotiation between the seller and buyers to reach a settlement.

Legal Action: If negotiations fail, the seller has the right to take legal action against the buyers to recover compensation through the courts.

Recommendation:

Seek Legal Advice: Given the potential financial implications, it's highly recommended for both the seller and buyers to consult with a lawyer specializing in property law. A lawyer can advise on their rights, obligations, and potential courses of action based on the specific details of the OTP and the situation.
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