Property agent question?

[charlieangel123]

Will the buyer be able to obtain HFE prior to expiry of OTP?

Most important question:

Is it mandatory for buyer to have already obtained a HFE approval prior to accept an OTP

must have hfe approved first lar

 

[Ahboy069]

Ya, use this to pressure him, cos not fair to u also. Cannot let them chope too long.

Alternatively can

Means buyer will forfeit the option fee.

like that means I can also not sell and still take her $1000

 

[chickenpiez007]

It's just a personal agreement between seller and buyer. Both of you can sit down, talk about it. Buyer able to give the price you want, just have to wait for HFE. If you cannot accept, return back the deposit fee, both agree to it, no bad blood, walk separate ways.

If you can accept and wait, then just wait for his HFE cause now you are the one holding $1000 of his. Even after his HFE approve/reject, tell him you will forfeit the $1000 if he chooses not to buy.

since it issued liao, cannot redund....and need to wait..your the other side most probably affected laio....then might as well play punk Liao lo........just forfeit lo.....as long as HFE not approved at stipulated OTP validity, dispute to HDB and forfeit the commission....treat it as compensation for you not able to get the other property lo....anyway another good property will come again....but enjoy the 1k now.....

 

[chickenpiez007]

If he don’t buy of course forfeit la
The thing is there was another buyer which I rejected in favor of this
Fly away liao

put up again after if this sale din go ahead....maybe the potential buyer will come back again....

 

[V_for_Vanilla]

like that means I can also not sell and still take her $1000

Once you as seller grant the OTP, the matter is out of your hands. It is up to the buyer whether to exercise the option or not by due date on OTP.

 

[kyokoto]

I ever recorded a agent who speak loudly while queuing for food. Taking about how he treats buyers as sheep and seller as dumb, hang up to sell listed ppty n wait long for direct buyer while those with buyer agent, he will list high high to make up for his loss in comm etc . . Everything is about his comm n luxury lifestyle.

Scumbag.

 

[Ahboy069]

already say never grant lei…
Hfe not approved how to grant
false impression given by agent

Once you as seller grant the OTP, the matter is out of your hands. It is up to the buyer whether to exercise the option or not by due date on OTP.

 

[kyokoto]

oh..so what's the sequence here?
seller recv 1k then issue OTP to buyer or issue OTP then get 1k from buyer?

my own experience is I agree to the price then seller issue OTP and I paid the 1k.

Once you as seller grant the OTP, the matter is out of your hands. It is up to the buyer whether to exercise the option or not by due date on OTP.

I think very simple, since the agent left the date black right and the buyer has 21 days to exercise OTP. Just indicate date as the date when the $1k was transferred. By the time HFE approved liao, also can void coz past the 21 days, LOL

 

[V_for_Vanilla]

already say never grant lei…
Hfe not approved how to grant
false impression given by agent

If you have not granted the OTP. I do not see an issue then.

 

[fandango]

Agent said someone keen in our place and send us $1000 as option. Thing is we are not asked to sign the option form immediately. Agent then revert and told me that the buyer is still applying for HFE and will only be processed successfully in 1 weeks time as she filled her marital status wrongly. I was shocked because then I realized that agent sent me the $1000 but the option date is not on eg 1/7/24 but x/7/24 and which is after buyer HFE approval date.
In other words, everything is delayed on my end especially if we want to get a new place.
Hdb buyer also need to submit documents but cannot be bothered until we keep pressure don’t sell liao then she react.
We find something else amiss here
I always have the impression that HFE must be approved before someone buy a place.
Seek all advise
Thank you

Do not sign. No HFE. No deal.

 

[Ahboy069]

I think very simple, since the agent left the date black right and the buyer has 21 days to exercise OTP. Just indicate date as the date when the $1k was transferred. By the time HFE approved liao, also can void coz past the 21 days, LOL

I haven even seen the paper lor
What date? Hahah
How does it even look like

 

[focus1974]

In other words although I received the $1000 which the agent told me is an option fee but did not say that HFE is not approved I am misled to think the next step is justo sign the option which never took place.
I am not legally bound n can take action against the agent if agent refuse to take my $1000 back ? Correct

Tell the agent, EDMW say can report to CEA.
she will sh.t in her pants on the spot.

 

[focus1974]

Nope.

OTP is only granted by the seller.

And once accepted by the buyer, with consideration furnished, it binds the seller.

As such, even if seller doesn’t sign, it’s still binding.

If you doubt me, go ask your lawyer and agent friends

Based on the information provided in the search results, it is not advisable for a seller to accept the $1,000 option fee without signing the Option to Purchase (OTP) form. Here's why:

1. The OTP is a legally binding contract between the buyer and seller. Accepting the option fee without a signed OTP could lead to legal complications and misunderstandings.
2. For HDB resale flats, the option fee is capped at $1,000. This fee is part of the formal OTP process and should be accompanied by the signed OTP document.
3. The OTP grants the buyer the exclusive right to purchase the property within a specified timeframe. Without a signed OTP, there's no formal agreement protecting either party's interests.
4. Accepting money without proper documentation could be seen as an informal agreement, which may not hold up legally if disputes arise later

Without signing a OTP and the agent already transferrred the option fee to the seller, the agent is already in breach of ethics of agent. CEA can deal with liao.

Somemore... if she is the seller's agent, is she taking care of the seller's interest? this one also is CEA problem.

 

[kyokoto]

I haven even seen the paper lor
What date? Hahah
How does it even look like

So means huat? The couple gave you $1k angpow to see your home ah? OK la, quite generous. Tell the agent if need to see again, can bring more, so generous, Noted

 

[Ahboy069]

Based on the information provided in the search results, it is not advisable for a seller to accept the $1,000 option fee without signing the Option to Purchase (OTP) form. Here's why:

1. The OTP is a legally binding contract between the buyer and seller. Accepting the option fee without a signed OTP could lead to legal complications and misunderstandings.
2. For HDB resale flats, the option fee is capped at $1,000. This fee is part of the formal OTP process and should be accompanied by the signed OTP document.
3. The OTP grants the buyer the exclusive right to purchase the property within a specified timeframe. Without a signed OTP, there's no formal agreement protecting either party's interests.
4. Accepting money without proper documentation could be seen as an informal agreement, which may not hold up legally if disputes arise later

Without signing a OTP and the agent already transferrred the option fee to the seller, the agent is already in breach of ethics of agent. CEA can deal with liao.

Thanks for the information
We don buy and sell house daily not like agents
Of course they know how to smoke us la

 

[0bserver]

at least buyer show sincerity.... sent 1k without official documents.

if price is acceptable, just wait lah. a few days only.

 

[focus1974]

Thanks for the information
We don buy and sell house daily not like agents
Of course they know how to smoke us la

not all agents are daft.

i believe most agents will explain to the sellers the proper way to do things .. and if need to backdate, will also exlpain why need to backdate.

As long as communicate and seller understand, everyone happy.

 

[Ahboy069]

if the unit I want to buy still available after the delay in x days … then I llst keep quiet if not then I may as well have accepted the other buyer and perhaps option already exercise and not in limbo like now

 

[NiNao]

TS actually your case is very simple.

The buyer has no HFE, therefore the whole deal is not valid at all. You also haven't signed anything, so nothing legally binding to worry about.

As for the $1000, just refund to the agent. Just because the agent suddenly transfer some money to you doesn't mean you are binded to anything. If it is so easy to force people to commit to your rules, why hasn't every ah long transfer money to random people with 100000% interest per day rule?

Most importantly, please drop this lousy agent who is obviously trying to put a fast one on you. If the agent refuses to give up, just call the police and also report to CEA.

 

[Racking2322]

Whatever u do, hdb must approve so no worries