Refund $1k deposit

[gettingmarriedsoon]

Hi, if I as a buyer have completed all parts of the OTP except the acceptance part and given the seller a $1k deposit by cheque, can I back out of the deal? If I do, will I lose my $1k?

I have not done the HDB intend to buy...

Pls advise

 

[Polar Bear King]

Hi, if I as a buyer have completed all parts of the OTP except the acceptance part and given the seller a $1k deposit by cheque, can I back out of the deal? If I do, will I lose my $1k?

I have not done the HDB intend to buy...

Pls advise

next part $5k right?
I think if you withdraw now just lose $1000 booking fee to seller

 

[gettingmarriedsoon]

next part $5k right?
I think if you withdraw now just lose $1000 booking fee to seller

But I've not signed on the acceptance part...

Also the agent advertised the unit as 1200 SQ feet, later I found out it's only 1076 sq ft...is that even correct?

 

[Passerboy]

Hi, if I as a buyer have completed all parts of the OTP except the acceptance part and given the seller a $1k deposit by cheque, can I back out of the deal? If I do, will I lose my $1k?

I have not done the HDB intend to buy...

Pls advise

I think you would lose the $1k deposit only, cos you have signed the OTP and given the deposit for ur intent to purchase. Not entirely sure though.

 

[holasingapura]

But I've not signed on the acceptance part...

Also the agent advertised the unit as 1200 SQ feet, later I found out it's only 1076 sq ft...is that even correct?

May be a case of misrepresentation. Ask the seller agent nicely for the 1k back, if not seek legal advise, or go to small claims tribunal?

 

[isaacngre]

But I've not signed on the acceptance part...

Also the agent advertised the unit as 1200 SQ feet, later I found out it's only 1076 sq ft...is that even correct?

Likely refundable as misrepresented.

 

[Sabrixx]

Forfeit liao. Non refundable. Is it a 4 room or 5 room hdb?

 

[coolstrawberry]

But I've not signed on the acceptance part...

Also the agent advertised the unit as 1200 SQ feet, later I found out it's only 1076 sq ft...is that even correct?

If you can find that post, maybe threaten to / report him to CEA for misrepresentation etc.

 

[gettingmarriedsoon]

when I told the agent he misrepresent about the floor size and I don't wish to proceed with the purchase, he just said okay, i'll tell seller..

now, the flat is on sale again.

it is a 4 room flat btw

 

[vinz]

If diy please at least be clear about the procedure.

First deposit 1k (shld not be refundable) at all.

2nd part exercise of option (after valuation is out and your loan all ok), pay another deposit usually 4k (max both amount not more then 5k). At this stage no backing out by both party.

Not sure what reason resulted in u not buying, but very lucky (and cunning) to use misrepresentation and get back the 1k.

Meet with many buyer's remorse after signing otp. All $1k forfeited.

Good luck in your next purchase.

 

[holasingapura]

If diy please at least be clear about the procedure.

First deposit 1k (shld not be refundable) at all.

2nd part exercise of option (after valuation is out and your loan all ok), pay another deposit usually 4k (max both amount not more then 5k). At this stage no backing out by both party.

Not sure what reason resulted in u not buying, but very lucky (and cunning) to use misrepresentation and get back the 1k.

Meet with many buyer's remorse after signing otp. All $1k forfeited.

Good luck in your next purchase.

Hope that next time an agent market you a 1076sqft unit as 1216sqft and you blindly proceed with the deal.

You obviously don't understand the laws well enough. Go back to school or take/retake the RES course.

 

[gettingmarriedsoon]

yea, if it is true that the agent misrepresented the size of the flat, don't tell me I don't have the rights to back out after realising?

Vinz, you mean you'll proceed and lose your $1k?

 

[gettingmarriedsoon]

If diy please at least be clear about the procedure.

First deposit 1k (shld not be refundable) at all.

2nd part exercise of option (after valuation is out and your loan all ok), pay another deposit usually 4k (max both amount not more then 5k). At this stage no backing out by both party.

Not sure what reason resulted in u not buying, but very lucky (and cunning) to use misrepresentation and get back the 1k.

Meet with many buyer's remorse after signing otp. All $1k forfeited.

Good luck in your next purchase.

so if someone had tricked you into a deal, you'll just let him do it and keep your $1k deposit?

 

[niwde82]

If diy please at least be clear about the procedure.

First deposit 1k (shld not be refundable) at all.

2nd part exercise of option (after valuation is out and your loan all ok), pay another deposit usually 4k (max both amount not more then 5k). At this stage no backing out by both party.

Not sure what reason resulted in u not buying, but very lucky (and cunning) to use misrepresentation and get back the 1k.

Meet with many buyer's remorse after signing otp. All $1k forfeited.

Good luck in your next purchase.

Knn. Misrep nv go drink Kopi he considered lucky liao. It is becoause of these kind of unprofessional agents that give the industry a bad name. It’s like u pay to upsize your MacDonald meal but they give u small fries and drinks. U happy anot

 

[endlssorrow]

Beside u keep cheq or what
U also no check
No black n white and u wan back $1k?
Hard lesson learnt
But SIc the agent name and number pls

 

[dnsfpl]

the agent jin lucky

if i seller i might not refund

 

[sgpropertyblog]

yea, if it is true that the agent misrepresented the size of the flat, don't tell me I don't have the rights to back out after realising?

Vinz, you mean you'll proceed and lose your $1k?

Well, tats is the reason why engaging an agent to represent u is very important.. alot of buyers thought they can save tat 1% and DIY themself, but when things like this happens.. then panic.. btw,if I understand ur situation correctly,
-u havent done your Intent -to-buy
-but you ady placed $1k deposit to the sellers agent?
-now you want to back out

Correct?

If yes, then theoretically the OTP is not valid cos you have not done your Intent to buy and seller are not supposed to grant u OTP.. even if u choose to proceed with the purchase, HDB will reject ur application as your Intent To Buy date is after OTP date..

Secondly, do you have the black &white tat the agent misrepresented the wrong size of the unit? If none, there is NO case against the agent nor the seller... its your words against his/hers..

If its not proceeding with the purchase due to change of mind, then the seller has every rights to forfeit your $1k deposit..

Perhaps u wana engage an agent for your next purchase?

 

[niwde82]

Hopefully TS has some form of B&W like text messages of what the seller agent told him.

 

[hellgunner]

My 2 cents.

If DIY, buyer should have done own homework regarding the resale flat information. Information can be found inside HDB resale website.

Seller's agent can sweet talk until cow come home, but buyer must still do own part to verify the information.

If there are no black and white, best of luck to when want to dispute.

 

[niwde82]

My 2 cents.

If DIY, buyer should have done own homework regarding the resale flat information. Information can be found inside HDB resale website.

Seller's agent can sweet talk until cow come home, but buyer must still do own part to verify the information.

If there are no black and white, best of luck to when want to dispute.

My 1 cent.

Misrepresentation is wrong. Period.