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Thread: HDB cancel application

  1. #1
    Join Date
    Dec 2009
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    1

    Default HDB cancel application

    My hdb resale application has been cancelled. As a buyer, what happen to my deposit paid at the signing of OTP?

  2. #2
    Join Date
    Jan 2008
    Posts
    250

    Default

    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.

  3. #3
    Join Date
    Sep 2009
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    170

    Default

    what exactly is an OTP? and what was your deposit made?

  4. #4
    Join Date
    Jan 2008
    Posts
    250

    Default

    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?

  5. #5
    Join Date
    Sep 2009
    Posts
    170

    Default

    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

  6. #6
    Join Date
    Sep 2009
    Posts
    120

    Default

    Quote Originally Posted by stephanie View Post
    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

  7. #7
    Join Date
    Jan 2008
    Posts
    250

    Default

    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.

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