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Thread: OTP from developer

  1. #1
    Join Date
    Oct 2010
    Posts
    1

    Default OTP from developer

    Facing some problems and wanted to seek advice from the gurus here.

    Will not be naming the developer involved.

    A and B paid a booking fee of 5% for an option.

    A realized that he is not able to proceed with the purchase of the property. B finds C to purchase the property together.

    Qn 1: I understand that the OTP is not assignable or transferable. What are the options for B and C to proceed with the sale, i.e. exercise the OTP? Can the old OTP be repudiated and replaced with a fresh one with B and C's names?

    At the show flat, sales agent guarantees that a particular room will be sold exactly as what is seen. After OTP was given and booking fee of 5% was paid by A and B, it becomes apparent that the show flat is NOT the same as the unit plan for the unit in question. Let's just say that the size of the room is not the same and instead of a glass wall (as shown in the showflat, and which is what SOME units get), the unit in question does not have a glass wall. Also, an island table is not in the same position as seen in the showflat (and similarly, which is provided for other units - except this one).

    An 2: Bearing in mind that the agent said that "what you see is what you get" in respect of the show room and the said unit, are there any options available for the purchasers?



    Sigh... THANKS GUYS... if anyone can help...

  2. #2
    Join Date
    Aug 2009
    Posts
    2,988

    Default

    just personal opinion:

    1) abt OTP: negotiate with the developer to assign. if it's a honest mistake, (like ur A is not in the capacity to purchase) reputable developer should have no problem assigning. plus I *think* current market is not that hot, developer also dun want to see returned options. (actually in the worse case, u just lose 1.25%.. )

    2) agent lying: unfortunately developer will NOT compensate for what agent said. the only thing u can do is make A LOT of noise to the developer complaining about the agent and the agency, and complain to the agency itself higher level ppl, and CEA. If the lie is serious, and the agent admits his mistake/fault, there is a very good chance for that agency to make u some sort of payment arrangement to "mutually settle the situation without admission of guild whatsoever". This amount usually is the commission developer pay to the agency for the unit sold. Essentially the agency is compensating you for its errant agents, and to please developer to ensure future business from them. You need to make A LOT of noises, not to that agent, but to his agency.

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