Being a real estate market watcher, we’re constantly amazed at the number of bizarre things that can happen during a property sale. Each time, we’ll say something like “this is truly the most suay (unfortunate)/weird thing that can happen; it’s one in a million”, only to witness that same thing happen about a few months later. An example of this...
Being a real estate market watcher, we’re constantly amazed at the number of bizarre things that can happen during a property sale. Each time, we’ll say something like “this is truly the most suay /weird thing that can happen; it’s one in a million”, only to witness that same thing happen about a few months later.by Hin Leong Group founder Lim Oon Kuin back in 2020, amid the firm’s financial difficulties.
There have been other cases — such as a seller facing bankruptcy — in which a deal has been called off even after an OTP is signed. Sometimes, buyers are worried that other creditors will come after the property, and legal entanglements may ensue . For less critical situations, one alternative you can consider is to give the buyer an extension of the OTP. This can work if the buyer just needs additional time, such as a few more weeks to secure a loan. Before you do this though, do speak to your property agent about the risks involved. We say there’s risk because if you grant the extension, and the buyers still back out of the purchase in the end, you would have wasted even more time.
You should also be ready for the buyer’s agent to make certain demands. In most cases, the buyer’s agent will insist that the buyer’s OTP deposit is made to their lawyer instead of you .When you sell your property, you need to repay any amount that you used from your CPF accounts, inclusive of the 2.5per cent interest that it would have accumulated, back to your CPF account.
There are some buyers who will do anything to save a buck. That includes privately telling you to drop the agents. e.g. you drop your agent, they drop theirs, and the two of you conclude a deal without having to pay the middlemen. The idea is that they pay a little less, while you manage to avoid paying the agent commission .
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