If you have signed the OTP means you have already exercised the option, which means seller cannot sell to others.

Best,

Mark

Yes, but we are doing the contra. So seller's agent still have to find buyer's as a standby in case we can't sell away our current flat fast, or we can't exercise the option, he can have a standby of another buyer's. Therefore will not be wasting time in search of buyer's if after 1 month we still can't sell away our flat.

After exercise OTP, seller still can get another buyer to standby????

New practise?

After exercise OTP, seller still can get another buyer to standby????

New practise?

Agent said as 'standby'..cos we are doing contra..meaning we got to sell away our current flat first then we will have the money to pay for the next flat + HLE loan + COV to transfer to Seller's CPF..Maybe seller's agent afraid we cant exercise the OTP cos we are doing the contra..

But my agent said even if other buyer's wanted to purchase, they cannot sign the OTP unless we did not exercise the OTP when the deadline is up.

base on what you had say "unless we did not exercise the OTP when the deadline is up."

You mean the seller issue you the OTP but u (buyer) had not exercise the OTP yet.

How much deposit you put?

base on what you had say "unless we did not exercise the OTP when the deadline is up."

You mean the seller issue you the OTP but u (buyer) had not exercise the OTP yet.

How much deposit you put?

Things go like this:

1. OTP & resale application submission date.

There is a clause with a blank field in the OTP doc with regard to the maximum of days allowed between the date OTP signed and the date of resale submission. Maximun allowable is 90 days, however, this figure is always being "manipulated" by seller's agent to maximise seller's interest. From her post, seemed this figure is stated as "30". If snoopy2006 cannot find a buyer for her flat before this "30 days", meaning they (3 parties) cannot submit resale application and therefore render her OTP with her seller voids.

2. She yet to find a buyer for her flat, but her flat will be "contra" with her buyer's flat. Total 3 parties involve. 3 parties' particular need to be submitted TOGETHER at one go for resale application. But now there is still 1 party "missing".

Edited August 15, 201115 yr by godloveyou

I bought my resale @tpy with cpf leh..the flat is built in 1969.. 42yrs liao?

maybe singles they allow?? LOL

Hi DingDong, I believe your housing loan is from HDB ??

Dun think can use cpf to pay for an old flat with remaining

lease <60yrs if its bank loan (I read from some banks website)

Experts pls help to confirm..thanks!

godloveyou,

U're right!! so now we are missing 1 party. So very risky for us to loose the flat that we already place at deposit of $1000/-

We yet to pay $4K to exercise the option. Though we have the HLE loan, but we still can't buy the resale flat first cos seller's asking COV $50K. That why we are doing contra.

Can only prayed hard that we can find a serious buyer's for our flat..is only level 3 so a bit difficult to sell though we maintain it quite well..only GOD can help now...