View Full Version : Need your advice badly
Hi all:
I am buying a private property with tenancy, we had make the 1% deposit and today we received the OTP from the owner, but he changed the terms and clauses which indicated as "The seller shall transffer the tenant 's security deposits to purchasser" , he deleted the para and wrote "the purchaser shall refund the securit deposits to the tenant when the teancy is expired" by himself, in this case if we refused to excerise the option can we get back our 1% deposit ? or any other action we can take against it? I appreciate that you spent your time to read my case and thank you in advance if you can provide me some advice.
Hi all:
I am buying a private property with tenancy, we had make the 1% deposit and today we received the OTP from the owner, but he changed the terms and clauses which indicated as "The seller shall transffer the tenant 's security deposits to purchasser" , he deleted the para and wrote "the purchaser shall refund the securit deposits to the tenant when the teancy is expired" by himself, in this case if we refused to excerise the option can we get back our 1% deposit ? or any other action we can take against it? I appreciate that you spent your time to read my case and thank you in advance if you can provide me some advice.
as long as you have not counter signed on the amendments, it is not valid..
what you can counter offer is to deduct the same amout (the security deposit) from the OTP, or issue a cheque of the same amount to you..btw, you also need to prepare a new tenancy agreement (your agnet should able to provide this service FOC)
side note, your seller a bit cheapo..if he intend to "eat" the deposit..ha haha
Hi all:
I am buying a private property with tenancy, we had make the 1% deposit and today we received the OTP from the owner, but he changed the terms and clauses which indicated as "The seller shall transffer the tenant 's security deposits to purchasser" , he deleted the para and wrote "the purchaser shall refund the securit deposits to the tenant when the teancy is expired" by himself, in this case if we refused to excerise the option can we get back our 1% deposit ? or any other action we can take against it? I appreciate that you spent your time to read my case and thank you in advance if you can provide me some advice.
and u signed it?
Where got like that one. The transaction should complete on a clean slate without each party owing the other. Thus seller should not hold on to the rental deposit.
and u signed it?
We have not signed it yet, but what i am worrying is after 14 days the OTP expired we could not get our 1% deposits if this issue is not settled.
OTP is meant for owner to grant a purchaser the execusive right to purchase his unit at the specified PRICE within the specified period of time. During this period, the owner cannot sell the said unit to any 3rd party.
To be fair, the purchaser need to pay a deposit for this Option. If Option is not exercise within the said period and lapsed, then owner can exercise his right as stated in the OTP to claim his compensation.
Why didn't you read the OTP before handover your cheque? or at least your agent should also notice this and inform you that there is an UNUSUAL clause in the OTP. Your agent really "eat shit!"
Since you have not signed the OTP, you can just terminate the cheque and reject the OTP. If cheque has cleared, then you may need lawyer liaw.
When did u give the 1% cheque? Was the OTP give to u and later change by the seller?
We have not signed it yet, but what i am worrying is after 14 days the OTP expired we could not get our 1% deposits if this issue is not settled.
maybe he didn't engage any agent to act on his behalf.
OTP is meant for owner to grant a purchaser the execusive right to purchase his unit at the specified PRICE within the specified period of time. During this period, the owner cannot sell the said unit to any 3rd party.
To be fair, the purchaser need to pay a deposit for this Option. If Option is not exercise within the said period and lapsed, then owner can exercise his right as stated in the OTP to claim his compensation.
Why didn't you read the OTP before handover your cheque? or at least your agent should also notice this and inform you that there is an UNUSUAL clause in the OTP. Your agent really "eat shit!"
Have you signed the OTP? If yes, you will definitely need a lawyer.
We have not signed it yet, but what i am worrying is after 14 days the OTP expired we could not get our 1% deposits if this issue is not settled.
the seller give u the OTP bcos u have given the 1%
the seller wld have banked in the cheque asap which will take a day to clear.. time is not on your side bcos once the cheque clears it is hard for u to get back the 1% without seeking or going thru some sort of legal wrangling.
to get back the 1% i will tell the bank to stop the cheque payment, but that will also mean the deal is most likely off
so i will seriously consider whether i like the pty enough to allow the seller to add the amendment in.
legally i'm also not sure whether such amendment needs both buyer and seller's signatures in order to be valid.. your lawyer shld best be able to advice
anyone else any thots?
Where got like that one. The transaction should complete on a clean slate without each party owing the other. Thus seller should not hold on to the rental deposit.
Why not? They are people usually go all the way to find legal loophole.
"One kind of rice feed hundred types of people"
Isn't we just have heated debate on pool view? Some people like real pool view, some people like unblocked view...
Some are "gao lou" - read it in cantonese and some are like dwarf....
But this owner really cheapo. Should be an aunty. Why can't just include it in the selling price and stand firm on it. Why need to play this kind of dirty trick?!!!
devilplate
18-11-10, 00:07
buying with tenancy is vy tricky, i hope u haf included ur terms/conditions in ur offer to purchase b4 u hand the chq to ur agt....if its sold wif f/furnished tenancy, u must haf an inventory list attached
But this owner really cheapo. Should be an aunty. Why can't just include it in the selling price and stand firm on it. Why need to play this kind of dirty trick?!!!
the seller is cheapo.. worse, seller risks losing the deal by adding/amending the terms..
is like missing the forest for the tree
end of day it is a case of who is more eager to deal
buying with tenancy is vy tricky, i hope u haf included ur terms/conditions in ur offer to purchase b4 u hand the chq to ur agt....if its sold wif f/furnished tenancy, u must haf an inventory list attached
if sold with tenancy, buyer shld also 1st check TA to verify details right?
Why don't you clarify with the seller on this?
If seller insists on putting that on, then you can decide whether you are keen enough to pay him the additional security deposit amount to go ahead with the deal or seek alternative.
Whether you can get 1% back if you decided not to agree to the additional security deposit depends on whether you have vetted the OTP first before handling over the 1% and is it that the seller unilaterally change the clause later or what?
Haven't you already appointed a lawyer to handle your transaction? Your lawyer should be the best person to assist you.
Hi all:
I am buying a private property with tenancy, we had make the 1% deposit and today we received the OTP from the owner, but he changed the terms and clauses which indicated as "The seller shall transffer the tenant 's security deposits to purchasser" , he deleted the para and wrote "the purchaser shall refund the securit deposits to the tenant when the teancy is expired" by himself, in this case if we refused to excerise the option can we get back our 1% deposit ? or any other action we can take against it? I appreciate that you spent your time to read my case and thank you in advance if you can provide me some advice.
Normally, the OTP is done via the agent. Rather surprise that u as a buyer did not read the terms of the OTP before giving the 1%. In other words, yr agent is not doing a good job for u. Look like u hv no case.
Options u have
1. lapse the option and bye bye to the 1%
2. engage lawyer, most likely u have to pay the cost of the lawyers for both parties
3. accept it and move on.
I just sold a property this month. The buyer insisted the OTP to be handed by the lawyers of both seller and buyer and eliminated the involvement of the agents. Look like this is a very good practice.
Hi all:
I am buying a private property with tenancy, we had make the 1% deposit and today we received the OTP from the owner, but he changed the terms and clauses which indicated as "The seller shall transffer the tenant 's security deposits to purchasser" , he deleted the para and wrote "the purchaser shall refund the securit deposits to the tenant when the teancy is expired" by himself, in this case if we refused to excerise the option can we get back our 1% deposit ? or any other action we can take against it? I appreciate that you spent your time to read my case and thank you in advance if you can provide me some advice.
Did they change the terms AFTER you had both signed OTP? If so I cannot see how it is legally binding unless you have countersigned again after the ammendment has been made.
Did they change the terms AFTER you had both signed OTP? If so I cannot see how it is legally binding unless you have countersigned again after the ammendment has been made.
Looking at your case, I considered myself lucky.
I only print out the scanned OTP and signed. Then I scanned and emailed back the OTP to agent. I was overseas.
Regulators
18-11-10, 14:56
if buy with tenancy, i think there is an implied clause for previous owner to transfer security deposit to new owner. The security deposit is tied to the tenancy so the old owner cannot just keep the money for his personal gain. If you really not happy with your agent, just complain to CEA lor, the estate agency business is regulated now anyway
Seller should not have done this to the buyer. It is so neat to do the transfer.
Just check with my agent. If you didn't signed the OTP and both parties agents are from big agency, you can report the case and let the agency handle it. Good Luck!
On top of "the purchaser shall refund the security deposits to the tenant when the teancy is expired", you add back: "The seller shall transfer the tenant's security deposits to purchaser" and counter sign. Then everybody is back to square one.
Can that work??
rattydrama
18-11-10, 21:43
Just check with my agent. If you didn't signed the OTP and both parties agents are from big agency, you can report the case and let the agency handle it. Good Luck!
does that carries any risk to the buyer if the agency not able to settle it because the seller Kuai Lan - ignore all advice...
rattydrama
18-11-10, 21:49
good advice. I think the mean seller cannot fault the buyer since it is stated black and white on the OTP. An eye for an eye. The buyer can exercise it and the rest will leave it to both lawyers.
If this is not a common practice to makan the $, I dont see that the lawyer would agree and act on seller's request unless the buyer agrees on the OTP in black and white.
The only thing is the buyer should quickly arrange with the agent to get the inventory list done. Otherwise, we know what will happen upon handling over.
On top of "the purchaser shall refund the security deposits to the tenant when the teancy is expired", you add back: "The seller shall transfer the tenant's security deposits to purchaser" and counter sign. Then everybody is back to square one.
Can that work??
Geylang OKT
18-11-10, 22:48
Hi all:
I am buying a private property with tenancy, we had make the 1% deposit and today we received the OTP from the owner, but he changed the terms and clauses which indicated as "The seller shall transffer the tenant 's security deposits to purchasser" , he deleted the para and wrote "the purchaser shall refund the securit deposits to the tenant when the teancy is expired" by himself, in this case if we refused to excerise the option can we get back our 1% deposit ? or any other action we can take against it? I appreciate that you spent your time to read my case and thank you in advance if you can provide me some advice.
very unusual clause amendment leh... and the agent never highlight to you? :doh:
1% is the "option money" or "consideration" if you like, in exchange for the Vendor's option granted to you.
You no exercise, you say bye bye to 1% :D
Talk to your agent and see how he wants to solve the problem. :hell-hath-no-fury:
If he no solve to your satisfaction, you say you go comprained him :D
no respose from 40826084, looks like he did not engage a buyer agent, issue a 1% option for the otp, too happy to read until later, than realise the amendments.
very unusual clause amendment leh... and the agent never highlight to you? :doh:
1% is the "option money" or "consideration" if you like, in exchange for the Vendor's option granted to you.
You no exercise, you say bye bye to 1% :D
Talk to your agent and see how he wants to solve the problem. :hell-hath-no-fury:
If he no solve to your satisfaction, you say you go comprained him :D
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