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stephanie
24th December 2009, 09:42 PM
My hdb resale application has been cancelled. As a buyer, what happen to my deposit paid at the signing of OTP?

eileenlim
28th December 2009, 08:02 AM
in the first place, why is it cancel? if it's from the buyer, then of cos you can demand the deposit back. if the cancellation is due to your side, then i don't think you can get it back.

hoclara
28th December 2009, 01:52 PM
what exactly is an OTP? and what was your deposit made?

eileenlim
29th December 2009, 07:59 AM
OTP = Options to purchase.

this would means, the buyer show an interest in buying the property, therefore they would need to sign a form to indicate their interest and put up a deposit as well. the deposit would varies, depending on property and how much the owner is asking.

fellow pals, anything to add on?

hoclara
29th December 2009, 10:37 AM
i really think its unfair to have the deposit taken away just because the deal is cancelled. buying property is a big deal and costs a lot. its really foolish to lose money due to initial interest. then the seller/agent bags all the money? absolute rubbish really

fwong93
30th December 2009, 10:49 AM
My hdb resale application has been cancelled. As a buyer, what happen to my deposit paid at the signing of OTP?

i think it depends on the reason for cancellation. they cant just take your money for nothing

eileenlim
18th February 2010, 12:48 PM
that's why i said depends on the reasons. if the cancellation is because from the buyer then as a seller, they have the right to confiscate the deposit but again all these can be negotiated, no fixed rules.