gongjin

Current OTP has no protection for buyers at all!! I signed an OTP to buy a 4-room 20 year old flat at Pasir Ris 4XX. The seller did not submit OTP until 30 days later, and repeatedly delayed delivery date. He knew I am pressed by time and would like to complete as soon as possbile. When I refused to give in his request to further delay the first appointment, he staged a no show at the 1st appointment. A whole 3 months was wasted, causing big financial loss and emotional stress on my side! I was so angry! HDB said they can't do anything and we have to go to a lawyer to settle this. Lawyer said no point to waste money to pursue $5000. I was thinking my head off on how to at least get the money back, eg. write to his company, go to his house...Luckily he eventually returned the deposit. The standard OTP has no protection whatsoever for the buyer. Unless in some other countries (like China), the seller has to return double the deposit if he cancels the deal. This is fair. If buyer backs out, he loses $5000; if seller backs out, he equally has to lose $5000. HDB must revise the standard OTP! CEA should also draw a blacklist of sellers who have done this to protect both potential buyers and its agents.

Current OTP has no protection for buyers at all!! I would like to share a similar experience. I signed an OTP to buy a 4-room 20 year old flat at Pasir Ris 4XX. The seller did not submit OTP until 30 days later, and repeatedly delay delivery date. He knows I am pressed by time and would like to complete as soon as possbile. When I refused to give in his request to further delay the first appointment, he staged a no show at the 1st appointment. A whole 3 months was wasted, causing big financial loss and emotional stress on my side! I was so angry! HDB said they can't do anything and we have to go to a lawyer to settle this. Lawyer said no point to waste money to pursue $5000 (and it is difficult to sue more for emotional and other financial loss) , as you end up paying perhaps more lawyer's fee! (he said you can only get $3 out of the $10 lawyer's fee back from seller, at the best!) I was thinking my head off on how to at least get the money back, eg. write to his company, go to his house...Luckily he eventually returned the deposit. The standard OTP has no protection whatsoever for the buyer. Unless in some other countries (like China), the seller has to return double the deposit if he cancels the deal. This is fair. If buyer backs out, he loses $5000; if seller backs out, he equally has to lose $5000. HDB must revise the standard OTP! CEA should also draw a blacklist of sellers who have done this to protect both potential buyers and its agents.