Asked by a***@gmail.com
We were recently granted an OTP by the seller after paying 1% option fee.
When we received the OTP document from the seller's agent, it was the first time we saw the document. When we read the OTP terms, there were some terms that were onerous and we didn't agree with. We had agreed to rent-free extension for few months. However, the seller's agent very conveniently mentioned that buyer should be responsible for property tax, MCST and sinking fund for extension period.
When we raised this to the seller's agent, he initially tried to be super rude to us. We requested him to discuss with seller - after this, he left us a voice note saying that seller is agreeable but the OTP can't be amended since its been issued (we haven't signed it yet), and told us that our lawyer should approach seller's lawyer.
My questions are:
1. Is it the standard practice to grant an OTP without discussing the conditions with buyers?
2. Why can't the OTP be amended if the seller is agreeable?
3. Can I report this to CEA?
When we received the OTP document from the seller's agent, it was the first time we saw the document. When we read the OTP terms, there were some terms that were onerous and we didn't agree with. We had agreed to rent-free extension for few months. However, the seller's agent very conveniently mentioned that buyer should be responsible for property tax, MCST and sinking fund for extension period.
When we raised this to the seller's agent, he initially tried to be super rude to us. We requested him to discuss with seller - after this, he left us a voice note saying that seller is agreeable but the OTP can't be amended since its been issued (we haven't signed it yet), and told us that our lawyer should approach seller's lawyer.
My questions are:
1. Is it the standard practice to grant an OTP without discussing the conditions with buyers?
2. Why can't the OTP be amended if the seller is agreeable?
3. Can I report this to CEA?
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