How Much Do I Stand To Lose?

[Red 0]

Fellow Forumers,

I want to seek your advice. Having to do the following:

- Commit to OTP and agreed on a price for HDB flat

- Selected a 1st appointment date in Nov

- Sign a loan offer and paid deposits

What I decided not to proceed with the purchase and decided to walkout from the deal, what is it that I stand to lose here?

Why and what is my worries that made me want to do the above? Concern abt the recession and being re-trenched.

Appreciate your advice.

[delirious_jeff 0]

Fellow Forumers,

I want to seek your advice. Having to do the following:

- Commit to OTP and agreed on a price for HDB flat

- Selected a 1st appointment date in Nov

- Sign a loan offer and paid deposits

What I decided not to proceed with the purchase and decided to walkout from the deal, what is it that I stand to lose here?

Why and what is my worries that made me want to do the above? Concern abt the recession and being re-trenched.

Appreciate your advice.

Cancellation after signing OTP

- Lose the deposit paid ($5k max??)

Cancellation after making appointment and before turning up for appointment

- Lose admin fees paid and the valuation fee (assuming that you paid for the fee)

You will most likely lose the agent fee, the amount dependent on the agent's commission agreement.

Not sure if the loan you mentioned is HDB or bank.

[CutePinkElephant 0]

if only OTP still ok ler... u just only lost ur deposit 1k...

i do 2 times OTP and end up not buy the house

u just ask the agent to tell them that ur loan not approved lor...

but if u already do an Exercise...it will much problem lor

Edited October 25, 2008 by CutePinkElephant

[666 0]

mayb can trick bit..tell agent..i dun 1 pay u a single cent.

maybe agent tear the OTP on ur behalf..

tis wat happen 2 my frd..but he wanted 2 buy the unit though.

at least no harm trying.

[chronograph 0]

On top of what many have mentioned, you also stand to lose the difference when the seller sold it later at a lower price.

[CutePinkElephant 0]

On top of what many have mentioned, you also stand to lose the difference when the seller sold it later at a lower price.

but if he only OTP and havent do exercise, just need to lose downpayment and bank processing fee.

but if u exercise already bo pian liao need to pay like what chronograph say ....

[Red 0]

Its only OTP now, havent done the 1st appointment yet. So, I guess it only 5K plus whatever the bank processing fees.

Then again how about the agent fees and lawyers fee? Any idea on this.

[CutePinkElephant 0]

Its only OTP now, havent done the 1st appointment yet. So, I guess it only 5K plus whatever the bank processing fees.

Then again how about the agent fees and lawyers fee? Any idea on this.

means u do exercise already?

then u lose 5k + bank processing fee, +seller selling price diffrences

agent fee it depends on ur realtionship with the agent, if the agent nice so no need to pay if agent not nice so need to pay

lawyer fee i think not yet to pay if havent submit or 1st appointment

[chronograph 0]

Its only OTP now, havent done the 1st appointment yet. So, I guess it only 5K plus whatever the bank processing fees.

Then again how about the agent fees and lawyers fee? Any idea on this.

If u have a copy of the OTP, read it.

Since you have gotten your first appt date that means it had been exercised and legal binding. Thus, if u back out, seller has the right to sue you for the difference should he sold it later at a lower value.