emobebe 1 Report post Posted March 7, 2011 Hi all, Here is my story.. Last month we were brought to see this unit by our agent and said is a strategic location and suit our requirement. In fact, it is and I can't deny it. The moment the seller's agent said wanna extension for stay after completion. My husband and me immediately back off even though we offered the highest cov. We told our agent we expect normal completion date or earlier if possible as I am staying at a rented place. My lease is gonna expire in the early of May. So, we went off and shopping at nearby area. Then, our agent kept calling us said the owner dun need any extension and they will go by normal completion. So, my husband said maybe this is our call. This unit is belong to us. So, we went back and talked to the owners. I would say the owners are nice couples and we love to chat with them. However, once we were about to sign the otp then the seller's agent said they need to 30 days allowance before submission. Then, I was stunned cos I thought my msg has been clearly conveyed thru my agent. My agent then explained that this 30 days is legal. It is not like renting out but just to delay the submission. So, we discussed again and my agent told me if we were to ask to shorten the 30 days allowance, we might not get this unit anymore because we have another two competitors. My husband kept thinking maybe rite now it is a bit hard for seller to look for his own place to stay so, we decided to agree on 30 days allowance. Now, the current issue is that the seller's agent told us they want to delay first appointment because seller have problem on applying bridging loan. I would like to know is there any way I can them stick at 4 weeks for the first appt and 6 weeks for 2nd appointment (the seller's agent promised us before we signed the otp). I have conveyed my message clearly to my agent that asap date but seems not agreeable to the other parties. I don't want to strain the relationship among all. In fact, actually I am looking for a win win situation here. 1) If I were to delay one more month, I have to extend one more month stay at here. Should I claim them for my rental fee? 2) I have to postpone my renovation too, so is this consider another opportunity cost or whatever? 3) Is there any legal act or clauses protect buyer's interest in this case? 4) In any case, if the bridging loan fail and my buyer still looking around, can we break off this deal? Who should compensate who in this case? We had our bank loan ready and gonna start soon even they haven't move out yet. I hope someone (if possible agents or legal background or had the same experience before) to give me some advise. Thanks a million! EmoBebe Share this post Link to post Share on other sites
davidbslee 1 Report post Posted March 7, 2011 (edited) Hi all, Here is my story.. Last month we were brought to see this unit by our agent and said is a strategic location and suit our requirement. In fact, it is and I can't deny it. The moment the seller's agent said wanna extension for stay after completion. My husband and me immediately back off even though we offered the highest cov. We told our agent we expect normal completion date or earlier if possible as I am staying at a rented place. My lease is gonna expire in the early of May. So, we went off and shopping at nearby area. Then, our agent kept calling us said the owner dun need any extension and they will go by normal completion. So, my husband said maybe this is our call. This unit is belong to us. So, we went back and talked to the owners. I would say the owners are nice couples and we love to chat with them. However, once we were about to sign the otp then the seller's agent said they need to 30 days allowance before submission. Then, I was stunned cos I thought my msg has been clearly conveyed thru my agent. My agent then explained that this 30 days is legal. It is not like renting out but just to delay the submission. So, we discussed again and my agent told me if we were to ask to shorten the 30 days allowance, we might not get this unit anymore because we have another two competitors. My husband kept thinking maybe rite now it is a bit hard for seller to look for his own place to stay so, we decided to agree on 30 days allowance. Now, the current issue is that the seller's agent told us they want to delay first appointment because seller have problem on applying bridging loan. I would like to know is there any way I can them stick at 4 weeks for the first appt and 6 weeks for 2nd appointment (the seller's agent promised us before we signed the otp). I have conveyed my message clearly to my agent that asap date but seems not agreeable to the other parties. I don't want to strain the relationship among all. In fact, actually I am looking for a win win situation here. 1) If I were to delay one more month, I have to extend one more month stay at here. Should I claim them for my rental fee? 2) I have to postpone my renovation too, so is this consider another opportunity cost or whatever? 3) Is there any legal act or clauses protect buyer's interest in this case? 4) In any case, if the bridging loan fail and my buyer still looking around, can we break off this deal? Who should compensate who in this case? We had our bank loan ready and gonna start soon even they haven't move out yet. I hope someone (if possible agents or legal background or had the same experience before) to give me some advise. Thanks a million! EmoBebe Hi, where got this 30 days allowance before submission? I think the seller agent is trying to delay time for the seller. By the way, 1st appt date its depend on the available slot. I waited my 1st appt for 13 weeks and 5 weeks for 2nd appt. The rest of the answer, I think leave it other member. By the way, how come your agent dun know all this? Get them to work for your commission cheque. Edited March 7, 2011 by davidbslee Share this post Link to post Share on other sites
forgotten 1 Report post Posted March 8, 2011 (edited) Erm... there is indeed this submission period on the OTP form leh. The standard submission period that ppl put down is 30 days. You can pull out your OTP form and read. Edited March 8, 2011 by forgotten Share this post Link to post Share on other sites
LADY_R 0 Report post Posted March 8, 2011 If I were to delay one more month, I have to extend one more month stay at here. Should I claim them for my rental fee? Unless both party agree b4 the signing of the OTP In any case, if the bridging loan fail and my buyer still looking around, can we break off this deal? Who should compensate who in this case? We had our bank loan ready and gonna start soon even they haven't move out yet. If the bridging loan fail & your buyer still looking around, they still have to proceed with the sale of the house. What your agent can do is, they can do the submission now but ask them to choose a later date..in another word, you have book the specific 1st appt date for them. In my case, we have to wait for our seller as they intend to go for contra, therefore after 7 days cooling period, our agents booked the 1st appointment date for us and she booked 30days later as to let seller find their new house..and what I can say is we are quite fortunate as they able to find their house in time thus no change of 1st appt date booked by our agent. I hope this able to help you, btw asked your agent to do the work for you, dont jus let them laz around and end of the day receive a big fat cheque Share this post Link to post Share on other sites
bepgof 20 Report post Posted March 8, 2011 (edited) I've mentioned a few times: From OTP sign date to resale application submission date, maximum days allowed is 90 days, read clause 11 in OTP. 1st appt date to 2nd appt date, maximum is 8 wk, cluse 12. Only HDB reserves rights to extend this date, otherwise the OTP doc is automatically void and the rightful party can seek compensation from the party at fault. Once OTP option fee($1k)paid, seller cannot offer to other buyers, have to wait for another 14 days, within such buyer arrange for mortgage loan and sign OTP within 14 days. Believed seller is looking for place to stay, so ask for 30 days ONLY. He has right to put this figure to 90 days. At least yr agents have mentioned this clause to you, most seller agents "act blurr" and put maximum 90 days to maximise seller's advantage & buyers mostly blurr blurr do not about this and find out later & start jumping...... 1) If I were to delay one more month, I have to extend one more month stay at here. Should I claim them for my rental fee? Answer is obviously a NO. Unless, as mentioned when 8wk is reached & seller cannot hand over the unit, then u can seek compensation. 2) I have to postpone my renovation too, so is this consider another opportunity cost or whatever? If seller is kind enough, allow you to start reno before completion date, he has to sign a idenmity form. I doubt the seller will do this. 3) Is there any legal act or clauses protect buyer's interest in this case? Residential Property Act CPF Act HDB Regulations Common laws 4) In any case, if the bridging loan fail and my buyer still looking around, can we break off this deal? Who should compensate who in this case? We had our bank loan ready and gonna start soon even they haven't move out yet. Seller is not at fault at this point of time, buyer has to estimate the timings for quite many events chun chun. Usually bank related loans' disbursement commencing time is quite negotiable, as long as you produce some proof, and don't cancel the loan. Only bank can give you confirmed answer. Hi all, Here is my story.. Last month we were brought to see this unit by our agent and said is a strategic location and suit our requirement. In fact, it is and I can't deny it. The moment the seller's agent said wanna extension for stay after completion. My husband and me immediately back off even though we offered the highest cov. We told our agent we expect normal completion date or earlier if possible as I am staying at a rented place. My lease is gonna expire in the early of May. So, we went off and shopping at nearby area. Then, our agent kept calling us said the owner dun need any extension and they will go by normal completion. So, my husband said maybe this is our call. This unit is belong to us. So, we went back and talked to the owners. I would say the owners are nice couples and we love to chat with them. However, once we were about to sign the otp then the seller's agent said they need to 30 days allowance before submission. Then, I was stunned cos I thought my msg has been clearly conveyed thru my agent. My agent then explained that this 30 days is legal. It is not like renting out but just to delay the submission. So, we discussed again and my agent told me if we were to ask to shorten the 30 days allowance, we might not get this unit anymore because we have another two competitors. My husband kept thinking maybe rite now it is a bit hard for seller to look for his own place to stay so, we decided to agree on 30 days allowance. Now, the current issue is that the seller's agent told us they want to delay first appointment because seller have problem on applying bridging loan. I would like to know is there any way I can them stick at 4 weeks for the first appt and 6 weeks for 2nd appointment (the seller's agent promised us before we signed the otp). I have conveyed my message clearly to my agent that asap date but seems not agreeable to the other parties. I don't want to strain the relationship among all. In fact, actually I am looking for a win win situation here. 1) If I were to delay one more month, I have to extend one more month stay at here. Should I claim them for my rental fee? 2) I have to postpone my renovation too, so is this consider another opportunity cost or whatever? 3) Is there any legal act or clauses protect buyer's interest in this case? 4) In any case, if the bridging loan fail and my buyer still looking around, can we break off this deal? Who should compensate who in this case? We had our bank loan ready and gonna start soon even they haven't move out yet. I hope someone (if possible agents or legal background or had the same experience before) to give me some advise. Thanks a million! EmoBebe Edited March 8, 2011 by bepgof Share this post Link to post Share on other sites
emobebe 1 Report post Posted March 8, 2011 I've mentioned a few times: From OTP sign date to resale application submission date, maximum days allowed is 90 days, read clause 11 in OTP. 1st appt date to 2nd appt date, maximum is 8 wk, cluse 12. Only HDB reserves rights to extend this date, otherwise the OTP doc is automatically void and the rightful party can seek compensation from the party at fault. Once OTP option fee($1k)paid, seller cannot offer to other buyers, have to wait for another 14 days, within such buyer arrange for mortgage loan and sign OTP within 14 days. Believed seller is looking for place to stay, so ask for 30 days ONLY. He has right to put this figure to 90 days. At least yr agents have mentioned this clause to you, most seller agents "act blurr" and put maximum 90 days to maximise seller's advantage & buyers mostly blurr blurr do not about this and find out later & start jumping...... 1) If I were to delay one more month, I have to extend one more month stay at here. Should I claim them for my rental fee? Answer is obviously a NO. Unless, as mentioned when 8wk is reached & seller cannot hand over the unit, then u can seek compensation. 2) I have to postpone my renovation too, so is this consider another opportunity cost or whatever? If seller is kind enough, allow you to start reno before completion date, he has to sign a idenmity form. I doubt the seller will do this. 3) Is there any legal act or clauses protect buyer's interest in this case? Residential Property Act CPF Act HDB Regulations Common laws 4) In any case, if the bridging loan fail and my buyer still looking around, can we break off this deal? Who should compensate who in this case? We had our bank loan ready and gonna start soon even they haven't move out yet. Seller is not at fault at this point of time, buyer has to estimate the timings for quite many events chun chun. Usually bank related loans' disbursement commencing time is quite negotiable, as long as you produce some proof, and don't cancel the loan. Only bank can give you confirmed answer. Hi Bepgof, Thanks for explaining. I find that actually what were explained to us in earlier on by the seller's agent is a bit contradicting and we chose to believe our agent to sign on the otp after we conveyed our message clearly to everyone. The seller's agent promised us that they will choose the shortest period for the first appt and second appt if we permit them to delay the submission by 30 days. This was the most silliest thing I ever done for this transaction for choosing to believe them. **** I agreed that I can't find fault with those agents cos in the first place we didn't read thru the whole agreement before signing. The agents keep telling us that it is a standard agreement by HDB and no one can amend it. And that particular time, I have expectation that my agent know what we want and we assume that he done his job. From this situation, what I see is that if we back off, we will sure lose a lot but if we permit them to delay we will still get what we want. My banker already told me that they cannot delay the loan effective date for more than 3 months cos at that time the interest rate is gonna revised soon. So, we were thinking to lock it down for a certain period of time.. We wont be canceling the loan cos we are looking forward to settle with the sellers first. EmoBebe Share this post Link to post Share on other sites
emobebe 1 Report post Posted March 8, 2011 Unless both party agree b4 the signing of the OTP If the bridging loan fail & your buyer still looking around, they still have to proceed with the sale of the house. What your agent can do is, they can do the submission now but ask them to choose a later date..in another word, you have book the specific 1st appt date for them. In my case, we have to wait for our seller as they intend to go for contra, therefore after 7 days cooling period, our agents booked the 1st appointment date for us and she booked 30days later as to let seller find their new house..and what I can say is we are quite fortunate as they able to find their house in time thus no change of 1st appt date booked by our agent. I hope this able to help you, btw asked your agent to do the work for you, dont jus let them laz around and end of the day receive a big fat cheque I dunno what happened to my agent. He keep saying seller's agent ignoring him...no reply on sms and keep delaying stuff. He even asked me to put pressure on them. So...sigh! Share this post Link to post Share on other sites
emobebe 1 Report post Posted March 8, 2011 Hi, where got this 30 days allowance before submission? I think the seller agent is trying to delay time for the seller. By the way, 1st appt date its depend on the available slot. I waited my 1st appt for 13 weeks and 5 weeks for 2nd appt. The rest of the answer, I think leave it other member. By the way, how come your agent dun know all this? Get them to work for your commission cheque. The very first time I bought my resale flat that was ten years back, I dun even have this type of headache. Everything went thru smoothly. Not even a single hiccup. Everyone happy at the end of the day....and at that time, I made a conclusion that if i wanna buy or sell, I will engage an agent to do that. Unfortunately, that agent no longer work in this field. That's why I engaged this agent. Share this post Link to post Share on other sites
LADY_R 0 Report post Posted March 8, 2011 He even asked me to put pressure on them. So...sigh! He is ur agent and how come he ask u to put pressure on them? One Q u should ask ur agent .. who is paying and who is receiving? Share this post Link to post Share on other sites
