It’s not uncommon to get cold feet when buying a property. It’s a huge purchase that can mean a big change in your lifestyle; and in a situation where you have many options, cases of “analysis paralysis” can be devastating. Sometimes, backing out is just the right thing to do, if it means peace of mind. But make sure you do so in an informed way, and that you’ve considered the following implications:

1. Forfeit of any deposits or booking fees

You need to put down a deposit (the Option fee) to secure the OTP. This is usually the first one per cent of the price (the remaining four per cent is due when you exercise the Option). Backing out after you secure the Option means forfeiting this fee. For new launches, the entire booking fee (usually five per cent of the price) is forfeited if you back out.  ...