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eric1609

seller back out

we signed the OTP on 10 Sep 08 and the buyer has accept the 1K deposit. however yesterday the seller inform my agent that he wants 15K more to the COV. if I were to take legal action against the seller, what are the likely compensations I can get? other than taking legal action, what other alternatives i hv?

Posted on 23-Sep-2008 2:40 PM
Category: Financial / Legal Matters   |   2 replies to comments   |   Report Abuse
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  • mikesee

    Dear Sir, I assume that the transaction is a HDB flat.
    You pay an Option fee of $1000.To Exercise Option buyer must pay
    an additional $4000 at OTP.This become a binding contract neither
    parties can back out without being sue.It seemed that you have
    not entered into OTP as you only pay up $1000 and after 14 days
    of cooling-off period the seller has legal right to forfeit your
    $1000 deposit.It is better to treat this as a learning lesson.
    Next time engage a real estate agent to help you handle your
    property transaction.
    Mike See email:mikesee7@gmail.com

    Posted on 10-Oct-2008 3:31 PM  |  Report Abuse
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  • josephcht

    Pls enlighten me. you are the buyer. you mean seller accept $1k deposit from buyer right?
    Both slr and byr signed OTP? where is the original OTP now?
    Call me 98468189
    Just kapo :)

    Posted on 23-Sep-2008 9:50 PM  |  Report Abuse
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