Housing agent did not submit OTP to HDB

[Jasongcp]

New HDB Ruling:

 

Seller:

1) Go to HDB website to complete the Resale Checklist

2) Only can issue OTP to prospect buyer on the 8th Day after submission of Resale Checklist

3) Receive $1-$1000 to release OTP to prospect buyer

4) Wait 21 days for prospect buyer to do valuation (if taking loan) and apply for loan plus consider if he really wants to buy

5) If prospect buyer decided to lapse the 21 days, Seller keep the $1-$1000

6) If prospect buyer decided to exercise OTP

7) Discuss Resale Application submission with prospect buyer, usually my experience it is no longer than 14 days unless special cases like seller needs to find another flat or buyer need to sell off current flat

8) Both Seller and Buyer must submit the Resale Application together, otherwise the first submission will lapse and deem void, in such case, re submission is required and payment is again needed.

9) Before 1st Appointment, HDB inspection officer will visit flat to check for unauthorised renovation and stuff, if all is good. Proceed to 1st Appointment at HDB with Buyer

10) HDB officer will evaluation eligibility to buy and sell from both parties. Once cleared, fixed 2nd Appointment.

11) Before 2nd Appointment, clear all fittings and prepare flat for handing over.

12) Buyer might/might not decide to do final inspection (usually I will recommend buyer to do so)

13) Proceed with 2nd Appointment and hand over keys and collect sales proceed from HDB

 

Buyer:

1) If taking HDB Loan - Apply for HLE; if taking bank loan - Request for Letter of Offer (Max Loan eligibility)

2) Pay $1k - $1000 to obtain OTP from Seller

3) Go to HDB website to do Resale Checklist for Buyer (without this, cannot exercise OTP)

4) Request for valuation report from HDB

5) If decided not to go ahead, just lapse the 21 days OTP

6) If decided to buy, issue OTP exercise fee of $1-$4,000 to Seller

7) Signed OTP and discuss with Seller on the Resale Application Submission

8) Submit Resale Application together with Seller, otherwise the first submission will lapse and deem void, in such case, re submission is required and payment is again needed

9) Wait for 1st Appointment with HDB

10) During the 1st Appointment, HDB officer will go through the resale application and proceed with any CPF housing grant application required plus loan matter.

11) Arrange with Seller for the Final Inspection before 2nd Appointment if during the 1st Appointment, the resale is deem good to go.

12) Before 2nd Appointment, perform Final inspection to check for all fitting removed and Flat is in ready condition for takeover during 2nd Appointment

13) 2nd Appointment, received keys from Seller and Letter from HDB to indication new occupancy so can proceed to 2nd floor to apply for SP Services (Water/Electricity/Gas)

14) Done Deal!

Edited December 26, 2014 by Jasongcp

[Jasongcp]

 

Agree. Submit yrself and lawyers take over from there and there is really nothing else tricky/difficult after that.

 

Some folks really love DIY as the experience is a great learning experience.

 

However, as we all know, There are a couple of paperwork required and some of the rulings might not be familiar to HDB owner or buyer who are not really into property buying and selling. This is why property agent is still a good handyman to have.

Having said that, bottomline is if you want worry free transaction, you still need a good and reliable agent. With CEA in the picture now, it is hard to believe there are still rouge agents existing. Wonder how they survive in this harsh climate.

 

LOL

 

 

Thanks All for the reply...the agent was from the seller side doing this submission and I presumed the seller might have another buyer with a higher price than my friend....so all bull n crab stories n lastly the time lapsed. It seems that nothing much can be done except some of the suggestions given above n I will advise friend ....Thanks again

 

 

 

ok noted..n thanks

 

Once your friend has the proof that seller has received and accepted the OTP exercise fee, this OTP is a legal binding document and nobody from either side can back out from the deal, provided your friend has done all his due diligence (for e.g. exercising the OTP before deadline by 4pm)

 

Can apply to Courts to demand Specific Performance from the Seller if your friend has a case.

[Mustank]

http://www.geopropertiesinc.com/wordpress/wp-content/uploads/2013/10/real-estate-agent-meme.jpg[\img]

[Joseph22]

sign OTP liao ... seller cannot sell to another buyer ... dead duck ... risk kena sued this and that

 

sign OTP liao ... buyer chicken out and decided not to buy (not to exercise OTP after 21 days because found a better deal) and just forgo $1K deposit, as simple as that?

 

what's the rule now? hehe

buyer advantage.

Its a done deal when otp is signed. If there is lapse in diligence in either party, it's a legal case. HDB submitting is "outside" of the agreement. The agreement still have legal power.

 

 

In any case, you never know if the agent is delaying because your friend is going direct and not paying commission to his "partner".

 

 

I tried to sell my flat with an agent once.. me and buyer agreed already.. but the agent didnt want it to go through..Told me buyer chicken out.. but we nvr hear from the buyer..Cos' buyer was very sincere, they appear at my doorstep to negotiate for the deal. I believe it's because the buyer didnt want to pay him.

 

in any case, still a blessing cos we managed to sell for a much higher price afterwards.

your agent or buyer agent?

if your agent, the agent no ethic. if buyer agent. the buyer KNS

[Mockngbrd]

complain, go find another similar flat, sue agent for the difference in $$$ and time wasted and emotional stress.

Edited December 26, 2014 by Mockngbrd

[Deckbuild]

Just a simple question, whats the number filled on page 4 of the HDB OTP?

[Sorrow]

Just a simple question, whats the number filled on page 4 of the HDB OTP?

 

You mean Clause 12 right, let me put an example for ease of reference

 

Buyer exercise Option after getting valuation, Buyer give the remaining S$4k cheque to Seller exercise on 01 Jan 2015.

 

If the calender days stated is within 20 calender days, that means by 21st Jan 2015, BOTH Buyer(s) and Seller(s) have to apply for First Resale Appt. Please note Both Sides need to confirm the date and time.

 

It can range from 1 days to 90 days. 90 days is because Seller maybe need to find a place to buy etc.

Edited December 26, 2014 by Sorrow

[Deckbuild]

 

You mean Clause 12 right, let me put an example for ease of reference

 

Buyer exercise Option after getting valuation, Buyer give the remaining S$4k cheque to Seller exercise on 01 Jan 2015.

 

If the calender days stated is within 20 calender days, that means by 21st Jan 2015, BOTH Buyer(s) and Seller(s) have to apply for First Resale Appt.

 

It can range from 7 days to 90 days. 90 days is because Seller maybe need to find a place to buy etc.

 

That number stated there is when you must do submission by starting from exercise date. When the number is written there, both party must initial it. You can only make a complaint after the date lapses on page 4. Else just wait.

 

You can also talk to the representing agent when you can do a submission of documents as the number there is just a reference if you were to submit earlier.

 

Anyway I believe Seller have not found a unit therefore dragging time, the agent will not want to bear this type of responsibility. Imagine getting sue for damages just because of not submitting...

 

Edited

 

You RES?

Edited December 26, 2014 by Deckbuild

[Sorrow]

 

That number stated there is when you must do submission by starting from exercise date. When the number is written there, both party must initial it. You can only make a complaint after the date lapses on page 4. Else just wait.

 

You can also talk to the representing agent when you can do a submission of documents as the number there is just a reference if you were to submit earlier.

 

Anyway I believe Seller have not found a unit therefore dragging time, the agent will not want to bear this type of responsibility. Imagine getting sue for damages just because of not submitting...

 

Yes Sir, you are absolutely correct. Can submit earlier, depending on Buyer and Seller. Must see what Kergz friend OTP state, if it states 90 days, then LPPL.

[Sorrow]

Deckbuild, ya I RES so can share share here share share there. sometimes keep quiet coz here easily to get flamed coz of industry.

[Latio2005A]

 

 

..will ask friend to write to propnex hq...and also to Cea....thanks

Yes, please ensure your friend act on the complaint. That bugger agent must have gotten a higher offer snd probably worked in cahoot with the seller.

[Deckbuild]

Another question, your friend have a copy of the OTP?

[Eighttales]

 

 

..no ..friend have been chasing agent and ask but each time was told stories....I only happened to know last night and immediately ask forummers for feedback and advice...thks

 

you're a good friend, bro.

[Kezg1]

 

you're a good friend, bro.

 

 

 

....i deemed its just not right for the agent not to submit when All parties have signed(i saw the 4 copies) and as a professional housing, she could have approached my friend to sort out whatever problems there might be with the seller...but no she keep giving bulls**t....you will do likewise if you are me...

[Sorrow]

 

 

 

....i deemed its just not right for the agent not to submit when All parties have signed(i saw the 4 copies) and as a professional housing, she could have approached my friend to sort out whatever problems there might be with the seller...but no she keep giving bulls**t....you will do likewise if you are me...

 

Kergz, sorry just to check how come 4 copies??? By the way, as mentioned earlier by some other bros here, what does Page 4 of the OTP state, by when upon exercise must submit for First Resale Appt and also what is the exercise date?

[Kezg1]

 

Kergz, sorry just to check how come 4 copies??? By the way, as mentioned earlier by some other bros here, what does Page 4 of the OTP state, by when upon exercise must submit for First Resale Appt and also what is the exercise date?

 

 

 

Can check from HDB website for this form.. Option To Purchase..

and hdb have stated clearly what a buyer and seller have to do...

[Deckbuild]

 

Kergz, sorry just to check how come 4 copies??? By the way, as mentioned earlier by some other bros here, what does Page 4 of the OTP state, by when upon exercise must submit for First Resale Appt and also what is the exercise date?

 

1 2 4 8

 

 

 

Can check from HDB website for this form.. Option To Purchase..

and hdb have stated clearly what a buyer and seller have to do...

 

Whose the witness during exercise and any scan copy of the OTP? Cheque already cleared from the bank?

[Kezg1]

 

1 2 4 8

 

Whose the witness during exercise and any scan copy of the OTP? Cheque already cleared from the bank?

 

 

seller side witness by the agent herself and buyer side by agent colleague...name and i/c on it.

btw these documents consists of personal particular, i deem its not right to show...sori