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Hi agents, can someone here please explain to me about the resale private property transaction procedure? I am intended to buy a resale condo, but I heard them talking about "OTP" or option or offer to purchase or bla bla bla, all those things confuse me a lot. Will appreciate if someone can help to clear up my mind a bit! Many thanks!!
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11 Answers

Hi
Why dun you engage an agent to assist you. There is no fees involved and being a professional agent, can help you to negotiate and give you advises on the project. You can make sure the entire transaction will be hassle free.
Feel free to reach me via 91442664  for a detailed chat.
Tricia Tan 91442664  Read More
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Good evening!

As a buyer of a Private Property, you don't have to pay any agent fees if you engage an agent.

I have served many buyers of Private Properties and assisted them with the entire procedure from the shortlisting of suitable units to scheduling viewings, negotiating the best price for the buyer, handling all the paperwork, recommending solicitors to handle the legal works, recommending ID and movers if buyer requires and much more.

Do let me know if I can assist you with the purchase of your home.

Bhavina Kaur
Senior Marketing Manager
ERA Realty

M: +65 91708295 
E: bhavina7777@gmail.com
W: investbuysellrent.com Read More
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Hi buyer,

OTP is an expression of interest whereby you put down 1% to get an option which gives you 14 days to consider before exercising it.

Feel free to contact me at your convenience, and we can carry on from there.

Thanks and regards,
Teck Chuan, Ng
BBA (Finance), NUS
ERA Realty Network Pte Ltd
Mobile: 9137 4602  Read More
0
Evening,

OTP is the standard documentation term for any property sales and purchase. Option is the deposit sum given to seller to book the deal after an offer have being accepted while exercising the Option is where both parties are locked legally for the transaction. I would be glad to show you the timeline and financial projection should you require my assistance.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More
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Hi,

Will be glad to share more. Perhaps I can send you a timeline on what to expect? Ideally if you feel uncertain, should engage an agent to assist with the purchase. Thanks and look forward to value-add to your plans further.

Warm Regards,
Ivan Ng ERA ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude

Email: Ivanng10@gmail.com
Contact: (+65) 97432395 
Facebook Page: www.facebook.com/ASAProp
Website: http://www.ivanng10.com/#!reviews/c11r1
(Client's Testimonials) Read More
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Hi Sir/Mdm,

Once you shortlist a unit, you will place a 1% option fee on the unit. The option period usually is 14 days or 21 days. Within the option period, you will exercise your option with another 4% of the exercise fees.

Stamp Duty of about 3% is payable within 14 days from the exercise of the option. After exercising, the conveyancing will take 10-12 weeks. Upon the completion, you will be the proud owner of the new home. Total process will take about 3-3.5 months.

Please feel free to contact me if you need further assistance.

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS)
Cert-in-REA
(E) nick96444854@gmail.com
(W) www.nick-tan.com

Testimonial from Satisfied Clients (2015/2016)
“Nick is a responsible, efficient and excellent salesperson. He has very good knowledge of the real estate market and I benefitted a lot from his advice and sharing. He is extremely patient when guiding me through the buying process and I am happy to secure a dream house within my budget with his assistance. A highly recommended salesperson who made my house hunting journey a breeze.”
Ms Chia (Buyer)

“Nick provides a delightful customer experience from day one when I engage him as my agent to look for a flat of my choice to the completion of the deal. He is competent, resourceful and has a pleasant manner to work with. He is the Agent of my choice in dealing with properties and I would highly recommend him to others who would appreciate an agent that takes care and can give the customer a peaceful mind.”
Susana (Buyer)

“Nick is very pro-active in helping us to resolve whatever questions and problems that we encountered. All the issues are settled even before us having to request or ask for a second time. He was very frank and transparent with all the details, limitations and advantages that we wouldn’t have known. I think this is the most important virtue to be successful in this line. I will surely recommend him to anyone who needs his service because I trust that they will be equally satisfied!!”
Mr and Mrs Chan (Sold and Bought a property through Nick)

“We are very grateful to Nick for his extensive marketing efforts. With his comprehensive marketing plan, he helped us to achieve a record selling price within 2 weeks of listing our property for sale! We highly recommend his service to anyone who is keen to sell their properties.”
Mr & Mrs Wong (Property Seller)

“Nick from Property Avenue has conducted himself ethically and professionally when handling the sales of our property. Thanks to his patience and perseverance, we managed to secure a sales price beyond our expectations.
We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
Mr & Mrs Tan (Seller of Inter-Terrace House) Read More
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YT Tan (陈永达)
Good morning buyer,

If you are unfamiliar with the real estate terms, you should engage a real estate salesperson to assist in your property purchase.

By doing so, it's at no cost to you as I will be getting my share of commission from the seller's agent. This is the current market practice.

As for the timeline of a typical private purchase is as such:

1) Day 1 - Both parties agree on sale price. You issue 1% option money (cash) to him to obtain option to purchase (contract)
2) Within Day 1 to Day 14 (typical option period) You need to finalise on your loan (letter of offer) with banker. Once everything is settled, you can exercise with 4% cash at your law firm. It will then kickstart 10 to 12 weeks of completion period.
3) Within 14 days from exercise date, you need to pay stamp duties (estimated 3% of purchase price)
4) 2 weeks before completion date, you will have to pay the balance downpayment.

Hope my sharing is beneficial to your property purchase.

If you are keen, I will love to share with you a flowchart of a typical private purchase for your better understanding.

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
R043025D
Propnex Realty Pte Ltd

(M): +65 9111 5171 
(E): yt.lovelyhomes@gmail.com
(W):www.yttan.com Read More
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Hi,

Do get in touch with so that I can thoroughly value add your understanding on the transactions and run you through the finances and sales report. Do visit my website for my high level awards and testimonials! Thanks!

D Kumar
 +65 96659926 
ERA Associate Division Director
www.kumarrai.com ( Recent Awards and Testimonials)

#1 team of ERA in Singapore, Asia Pacific International for 2014/2015

2015/2016 ERA Asia-Pacific Business Conference Elite Award
ERA 2015 Q1 Top Achievers (Top1% of ERA)
ERA Top Achievers 2013/14/15
ERA Multi-Million Dollar Club Award
2014 ERA Asia-Pacific Business Conference Elite Award

P Group
Overall 2014/2015 ERA Top Achievers Read More
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Hi,
Fyi, generally there is no commission payable from private property buyer. Hence, I am glad to assist you on the purchase. I will explain to you the procedures, the cost allocation, work on the loan quantum, searching, viewing and negotiation along the process.

To assist and advise you more in details, kindly drop me an email for me to share.

I am contactable at my mobile or email.

CK Ang
 9046 3808 
res.ckang@gmail.com Read More
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GAN ENG JOO ONASSIS
Hi,

Re: Our Preferred SG Professional- Agent.myweb.sg & Agent.irealtor.sg

Pls drop me a text at 92222389  or email me at onassis@sgagent.com. I will send you the resale procedures with time sheet under workflow chart. :)

Feel free to engage me as your agent. I can assist you based upon your stated contents and walk you through the entire process with options.

Call me now, we can explore further in detail.

I am contactable at 92222389  or onassis@sgrealtor.com / sgagent.com

In all Areas of Singapore. Sale/Buy/Lease/Rent, Please call and/or drop me an email me. I’m always at your Services.

Onassis Gan | R021244C | SG Professional l SGRealtor.com & SGAgent.com
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Hi,

There is an easy way out for you than to fret over the terms and being unfamiliar with the process. Engage yourself an agent to assist you and because you are purchasing a private resale, there is no service fees payable from your end.

It would be easier if you can give me a call and I can explain some of the terms and process to you so that you have a clearer picture.

Let us know if you wish to have more information about our services or how your could benefit with us being your exclusive agent. You may read more about us on www.elainechia.com.

Look forward to hear from you.

Best Regards,

Elaine Chia
Senior Marketing Director
ERA Realty Network Pte Ltd
SAEA Real Estate Excellence Award Nominee - Best Client Service (2012)
Mobile: +65 9008 1737 
Email: ms.elainechia@gmail.com
Web: www.elainechia.com Read More
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