Option Fee
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Upon viewing an HDB unit that you like, you think you would like to consider to buy. So you pay a fee to the SELLER to be given the OTP (Option To Purchase), say $500.
Option Exercise Fee
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After consideration, you decide to exercise the OTP (i.e. you decide to buy, subjected to approval by HDB), then you will pay a further fee to move forward, say $600.
Therefore your total deposit is $500+600 = $1,100. This amount should be deducted from the final monies that you will pay to the SELLER when the transaction is completed.
As for the timeline questions, gimme a call as the answer would be too long.
cheers,
CY
968-18-168
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