View Full Version : if you paid the booking fee for a unit but seller decided to increase price..
can you still cancel the transaction and get the deposit back?since before paying the deposit both seller and buyer agree to the price but after getting the deposit, seller decided to up price..can get back the full deposit?
can you still cancel the transaction and get the deposit back?since before paying the deposit both seller and buyer agree to the price but after getting the deposit, seller decided to up price..can get back the full deposit?Are you issued with the option to purchase form? if yes, tell seller to fly kite. otherwise, you are entitled to your deposit.
OTP is legal binding. All stated there..
so, if he had issued the seller with Offer to Purchase along with the booking fee, seller has every right to accept, reject or counter offer the price. nothing legal binding yet.
most important is OTP signed yet?
If seller bank in the cheque stated as 1%, it's deemed that seller has accepted the offer.
Buyer can seek legal action.
This for PC. HDB I think it's slightly different..
If seller bank in the cheque stated as 1%, it's deemed that seller has accepted the offer.
Buyer can seek legal action.
This for PC. HDB I think it's slightly different..
what if seller never bank in cheque
most important is OTP signed yet?
if OTP not signed yet? cos only paid the 1% to secure the unit..but seller now want buyer to counter offer cos he say he received higher offer
Allthepies
19-11-12, 17:23
i tot valid OTP is issued togeher with a cheque.if yes, the seller cannot run away whether he got bank in the cheque or not
if OTP not signed yet? cos only paid the 1% to secure the unit..but seller now want buyer to counter offer cos he say he received higher offer
If OTP not signed, but cheque issued but not banked in. Then your agent needs to go fly kite.
If agent solid, he will secure signed OTP before presenting to buyer...
Allthepies
19-11-12, 17:34
ur agent sucks then. the most basic he also never do! change agent!
no otp, means the seller hasn't accept your bid legally and officially.
your agent can say price ok, you write cheque, reaches the seller's house. as long as the seller doesn't issue theotp to you, you don't have a deal.
If OTP not signed, but cheque issued but not banked in. Then your agent needs to go fly kite.
If agent solid, he will secure signed OTP before presenting to buyer...
Nops, now the practice, the buyer must come out with the 1% chq and present to the seller.
The seller will then decide whether to issue OTP
Nops, now the practice, the buyer must come out with the 1% chq and present to the seller.
The seller will then decide whether to issue OTP
yes. buyer got to fill up Offer To Purchase first and issue cheque, then seller issues Option To Purchase after that. solid agent will make sure both are settled properly.
Nops, now the practice, the buyer must come out with the 1% chq and present to the seller.
The seller will then decide whether to issue OTP
I will make sure that the seller is ok with my offer before I issue the cheque. If the agent says the owner wants to see the cheque before accepting the offer, the owner is not keen to sell or the agent is fishing at a price lower than what the owner expects, I wouldn't bother to give the agent the cheque. When I issue the cheque, I expect the agent to return with the signed OTP within the next few hours. I tell the agent not to waste everyone's time, if there is no deal, why bother with the cheque.:2cents:
I will make sure that the seller is ok with my offer before I issue the cheque. If the agent says the owner wants to see the cheque before accepting the offer, the owner is not keen to sell or the agent is fishing at a price lower than what the owner expects, I wouldn't bother to give the agent the cheque. When I issue the cheque, I expect the agent to return with the signed OTP within the next few hours. I tell the agent not to waste everyone's time, if there is no deal, why bother with the cheque.:2cents:
yes. should be like this.
the genuine agent usually will not even want to take the cheque, unless seller has agreed.
Agent's job is to close deal. If the agent is fairly confident that the deal can be close at slightly below seller target price, it is right for him to collect cheque for negotiation with seller.
if OTP not signed yet? cos only paid the 1% to secure the unit..but seller now want buyer to counter offer cos he say he received higher offer
You mean the seller kept the cheque, did not sign the OTP but instead upped the price?
Why would he keep the cheque?
I think that's irregular and your agent ought to be shot!
The seller cannot withhold the cheque. If he doesn't accept the offer, he needs to return it.
it will be advisable to put an expiry date at the back of the check so seller cannot keep and wait for better offers
anything can happen within that context of few hrs between issuance of cheque with OFFERtp and getting back the OPTIONtp.
until then its at the whims of the seller to accept or not. no point panicking. in a busy market years back, i ever have issued for a few units and waiting on whichever comes back. until OPTIONtp is signed and in your hands then considered done deal.
anything can happen within that context of few hrs between issuance of cheque with OFFERtp and getting back the OPTIONtp.
until then its at the whims of the seller to accept or not. no point panicking. in a busy market years back, i ever have issued for a few units and waiting on whichever comes back. until OPTIONtp is signed and in your hands then considered done deal.
Yes. Agents play important role. He will judge who is the weaker hand, or more desperate to sell or buy. It depends on the market sentiments. Whether it's seller or buyer market.
If I am buyer, I will issue cheque with OTP filled in and get seller signature while agent nego with seller. If seller refuse then LL..
I also kena once before... Agent called and congratulated me that my offer has been accepted, met me up to collect the cheque and sign offertp... Agent seemed so confident and i very kay kiang immediately go sell away some shares to raise funds for the 20% ....
Gome home waited and waited and waited how come no news from agent... called the agent then she apologetically told me seller needs more time to think, give them end of the week. Then end of the week told me seller decided not to sell :mad:
But the cheque is never banked in. If seller did not sign OTP but bank in the cheque, it's considered seller accept the offer by buyer.
But the cheque is never banked in. If seller did not sign OTP but bank in the cheque, it's considered seller accept the offer by buyer.
Ya the cheque was not banked in... so there was nothing i could do except for fxxking the agent upside down.
So i agree with cnud that agent plays a very important role here in ensuring that its a secured deal.
u all keep saying agent play an important role but in buying private property where got agent represent buyer?
u all keep saying agent play an important role but in buying private property where got agent represent buyer?
Have wat. But agent represent buyer also got its share of problem. Any agents would love to co-broke with seller agent. It's the seller's agent that may not want to co-broke.. That is the problem..
for agents who dont cobroke i immediately fire them
for agents who dont cobroke i immediately fire them
Fire from the back....:D
Fire from the back....:D
Radha ... U really (RA)dha....
Let me share my story.
recently, i bot a condo in the east. I did not hv a agent. i hv to communucate thru the seller's agent.
I made an offer way lower than asking price and the agent rejected outright.
few days later i upped my offer by a bit but still much lower than asking. infact, quite low if compared to transacted and bank val.
the agent again rejected my 2nd offer. this time i just wrote the cheque and ask the agent to bring it to owner. tho he keep telling me no chance to close at my offer, i asked him to present to owner.
as i also tot very unlikely the owner will accept my offer, i nearly forgot my offer until i rec a sms from my bank that my 1% cheque was cleared! :scared-1:
so i called the seller's agent for my offer and was told no news yet. i told the agent to return the cheque to me and only then the agent realised the owner actually banked-in the cheque! :gun1:
wanted to screw him but since he rep the seller, i cant complain to anyone.
well it was a good deal and dun wanna blame anyone.
so has the deal go thru ?
You mean the seller kept the cheque, did not sign the OTP but instead upped the price?
Why would he keep the cheque?
I think that's irregular and your agent ought to be shot!
Sometimes a seller keeps the cheque to show another interested buyer that he has a genuine and confirmed offer. He will then ask the interested buyer to make a better offer.
so has the deal go thru ?
cheque bank-in mean accepted offer.
buttercarp
02-12-12, 10:10
If it is a developer, then there is no question about it that they accepeted your offer cos the payee is usually the account of the project or the developer's name.
If private, then usually the agent should not give it to the owner, but use it to show other buyers that he has such an offer.
By right, if the buyer has accepted your offer, the agent should let you know before banking the cheque.
Did you get a receipt when you presented the cheque?
Otherwise the seller can just say you gave him the cheque for other personal reasons!
I think if I were you and the agent does not give you a satisfactory answer, I will confront the seller personally and may even send a complaint letter to CEA.
Smart agent will bring cheque plus OTP to seller to make seller to commit. This is to test the seller too. :)
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