Property agent question?

[Ahboy069]

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

 

[Hyruga]

Yes hfe must be approved before signing otp.

Very normal la. Many buyers don't know much, just view house and decide to buy. Then have to wait for hfe.

 

[Ahboy069]

O

Yes hfe must be approved before signing otp.

Very normal la. Many buyers don't know much, just view house and decide to buy. Then have to wait for hfe.

yes I haven sign the otp cause hfe not approved
This also means I can return the $1000 to buyer wo any legal implications right?

 

[sPacEmAn_sPiFf]

See got better offers while waiting for your buyer’s HFE to get approved. But maybe your agent can’t be bothered to find other buyers liaos wor

 

[Ahboy069]

When I say don wan to deal Liao agent panick call another buyer but the offer was lower so rejected flat so obviously agent is keen only in her comms

 

[Forever84]

You mean your agent paynow u deposit meh

u don’t cash in cheque it as though u never exercise ma

 

[Ahboy069]

You mean your agent paynow u deposit meh

u don’t cash in cheque it as though u never exercise ma

Yes paynow deposit not cheque

 

[Evil_Boss]

think that time i sign the OTP before my HLE approve lol.

 

[articland05]

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

my OTP is also future dated a few days cos need to be after my 35yo bday

agent say ok then ok lor...
flat buyed and stayed for 7yrs liao

 

[Forever84]

Yes paynow deposit not cheque

wtf

Now property agent use this kind smelly tactic one ah

How to reject like that? Instant paynow to your account means accepted ah

Send back la, means instant reject

 

[congster2]

O

yes I haven sign the otp cause hfe not approved
This also means I can return the $1000 to buyer wo any legal implications right?

Of course. Any random person can transfer u 1000. Ure not locked in until you sign.

 

[congster2]

wtf

Now property agent use this kind smelly tactic one ah

How to reject like that? Instant paynow to your account means accepted ah

Send back la, means instant reject

Unless TS verbally gave an offer I dont think he's locked in. It's not sealed until he signs.

 

[coyote]

wtf

Now property agent use this kind smelly tactic one ah

How to reject like that? Instant paynow to your account means accepted ah

Send back la, means instant reject

You want to sell? Or not?

 

[Ahboy069]

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

 

[Ronin881]

It is an old property agent trick.

Using $1,000 to chope indefinitely.

After July, a new form will come and be dated x/8/2024.

 

[Ahboy069]

It is an old property agent trick.

Using $1,000 to chope indefinitely.

After July, a new form will come and be dated x/8/2024.

So I must know my rights n this case I have digital evidence that when I receive the money and when the option is suppose to be sign … obvious a gap of few weeks…
I doubt they have a case against me since I choose not to sell …

 

[coyote]

So I must know my rights n this case I have digital evidence that when I receive the money and when the option is suppose to be sign … obvious a gap of few weeks…
I doubt they have a case against me since I choose not to sell …

Actually it's just a logistical thing. You either choose to accept or reject, up to you.

 

[west888]

Option to Purchase (OTP)
The OTP is a legal document that grants the buyer the exclusive right to purchase the property within a specified period.The buyer usually pays an option fee when the OTP is granted.

No Signed OTP
If the OTP was never signed, the transaction has not been formalized legally.Without a signed OTP, there is no binding contract obligating either party to proceed with the sale or purchase.

Legal Consequences
For the Seller: The seller is not legally obligated to sell the property without a signed OTP.

For the Buyer: The buyer is not legally bound to purchase the property without a signed OTP.

Do seek legal opinion for better clarification.

 

[KnobKnob]

Just return the money and walk away.

The agent is representing you or herself? Lol that's why I don't like to deal with agents. They only have their own agenda which is to close deal with minimal effort

 

[Ahboy069]

It not just that as there was another deal slightly lower that I rejected because of this deal… thinking of it i don’t even feel like returning the $1000