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Hi, may i know before we sign the OTP,the seller and his agent promise us verbally to pay the balance $4000 ONLY when we sell our house within 3 months. But now they deny it and want us to pay up on 14 days after the OTP. What should I do?
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3 Answers

Geryl Lim
Replied
Hi Promise,

If you are talking about the HDB resale transaction, you should have talked about the terms and conditions and have it written on the OTP accordingly, where option fee is an amount no exceeding $1k and total deposit should not exceed $5k (which includes the option fee).

Do you have an agent representing you in this transaction? If you have, probably you can get your agent to try resolve the issue for you. Read More
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  • WW
    Replied
    Hi,may I know is there any way to take action against the agent and the seller if this problem still unsolve?
Mike Lim
Replied
Morning,

Under the HDB ruling, the Option fee stands at $1k and Exercise fee at $4k.
Unless you have witness that the conversion took place, it's tough to fight the case, as such ruling are stated in Black and White, be it in the OTP or the Buyer's Checklist.
As per Geryl have mentioned, it would be good to get your agent, if you have any, to try to solve the issue for you.

FYI
Mike Lim
 96929209 
ERA Read More
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Catherine PANG
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Any arrangements should be in written agreement between seller and buyer.
Henc, it is imperative to engage an agent who can provide specific advise and protect your interest.
www.catherinepang.com Read More
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