BE CAREFUL when you are signing the Option to Purchase when buying a HDB resale flat

[knowwhatyouwantinlife]

Dear all,

Just want to highlight the HDB Option to Purchase (OTP) contract makes reference to the Law Society's Condition of Sales 1999. However, as and when you enter into a HDB resale transaction, the housing agent will never explain to you and give you a copy of this Condition. There are some flaws that allow both the law firm and agent to impose a late penalty fee on either the buyer and seller should there be any changes in the completion date that arise from this condition. For those with elderly or less educated family members, please take note and do not get cheated.

 

[singham]

Re: BE CAREFUL when you are signing the Option to Purchase when buying a HDB resale f

can elaborate a bit further? what is this completion about, i thought re-sale is completed.

Dear all,
There are some flaws that allow both the law firm and agent to impose a late penalty fee on either the buyer and seller should there be any changes in the completion date that arise from this condition.

 

[tanakow]

Re: BE CAREFUL when you are signing the Option to Purchase when buying a HDB resale f

The HDB Option To Purchase has a BIG loophole that allow a buyer to get out of the contract without sny penalty except for the agent fee..

 

[mei mei]

Re: BE CAREFUL when you are signing the Option to Purchase when buying a HDB resale f

The HDB Option To Purchase has a BIG loophole that allow a buyer to get out of the contract without sny penalty except for the agent fee..

Can get the lawyer to write a contract in such a way that this loop hole is covered?

 

[saratogas]

Re: BE CAREFUL when you are signing the Option to Purchase when buying a HDB resale f

The most lose option fee of $1k only...

 

[Romagnum]

Re: BE CAREFUL when you are signing the Option to Purchase when buying a HDB resale f

Many people don't under OTP. They assume confirmed deal and cry father cry mother when the buyer walks away.

It is an OPTION.

The buyer will try to minimise exposure by paying as little option fee as possible by giving excuses.

Unless he really wants the flat.

 

[WildestDreams]

Re: BE CAREFUL when you are signing the Option to Purchase when buying a HDB resale f

Many people don't under OTP. They assume confirmed deal and cry father cry mother when the buyer walks away.

It is an OPTION.

The buyer will try to minimise exposure by paying as little option fee as possible by giving excuses.

Unless he really wants the flat.

Finally a rare sane posting from u.

 

[knowwhatyouwantinlife]

Re: BE CAREFUL when you are signing the Option to Purchase when buying a HDB resale f

Finally a rare sane posting from u.

Read the Law Society conditions of sales 1999:


http://catherinepang.com/form/The Law Society Condition of Sale 1999.pdf

Then read the HDB OTP:


http://services2.hdb.gov.sg/webapp/BB24OTPDlWeb/BB24SPdfConverter

The OTP makes reference to the LSCOS 1999. However if you notice, the LSCOS 1999 has 33 conditions. This means that when you sign the OTP, you are accepting the 33 conditions in the LSCOS 1999. When was the last time a housing agent explain to you and make you sign the LSCOS 1999? Therefore if any conditions in the LSCOS 1999 is contravene, it means you have contravene the OTP.

So remember to tell your friends and families, especially the elderly and less educated, do not sign the OTP unless the LSCOS 1999 is explained, esp with the impt parts highlighted...!

 

[Charlie258]

Re: BE CAREFUL when you are signing the Option to Purchase when buying a HDB resale f

Dear all,

Just want to highlight the HDB Option to Purchase (OTP) contract makes reference to the Law Society's Condition of Sales 1999. However, as and when you enter into a HDB resale transaction, the housing agent will never explain to you and give you a copy of this Condition. There are some flaws that allow both the law firm and agent to impose a late penalty fee on either the buyer and seller should there be any changes in the completion date that arise from this condition. For those with elderly or less educated family members, please take note and do not get cheated.

Most deals in Singapore, regardless private or public property, are pretty "tame." In other words, you do not encounter the rough-&-tumble, 3rd World, stab-you-in-the-back, Triad/Mafia gangster tricks.

I have seen many deals where the seller delayed the completion. But the buyer also 'Bo-chup.' In the end, buyer still get his property. Seller still get the money. Everybody happy.......eventually. Nobody complains.

 

[chupacabra]

Re: BE CAREFUL when you are signing the Option to Purchase when buying a HDB resale f

There are still sinkees willing to spend half a million on a 99 years pigeonhole. What makes them think they will be employed down the road.

 

[ILovePAP]

Re: BE CAREFUL when you are signing the Option to Purchase when buying a HDB resale f

There are still sinkees willing to spend half a million on a 99 years pigeonhole. What makes them think they will be employed down the road.

why not? only stupid people keep money in bank

 

[iamhere]

Re: BE CAREFUL when you are signing the Option to Purchase when buying a HDB resale f

FUCK PAP, FUCK PAP, FUCK PAP.........
MAY PAPEES, CRONIES N FAMILIES BURN ETERNALLY IN HELLS.........
MAJULLAH SINGAPURA.........
GOD BLESS SINGAPORE..............
REMEMBER to

VOTE papees OUT



do yrself, yr forefathers and yr generations to come, a favor, a service and a long-awaited justice

 

[tanakow]

Re: BE CAREFUL when you are signing the Option to Purchase when buying a HDB resale f

No. Because HDB buyers and sellers must use the prescibed form which governs the sale. The loophole is in the contra trade. It is for buyers who wants to get out of the deal.

Can get the lawyer to write a contract in such a way that this loop hole is covered?