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How does the new rulings about government valuations AFTER the OTP help to curb rising COV figures? If a buyer and seller must agree on an amount before the OTP, and before the property valuation. And if the the valuation of the property is lower than the agreed amount, the remaining balance is essentially the COV? But with this new process, the buyer is not aware of the final amount until they invest in the OTP?
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2 Answers

Aaron Chong
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Hi, the buyer agent that is assisting you would be able to give you an estimated valuation base on the past transactions of the Blk as well as the surrounding blocks. And from there, your agent would be able to also advice you further. Pls feel free to let me know if you need any assistance.

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Aaron
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Geryl Lim
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Essentially, since there is already no benchmark in a valuation done before sales, buyers will exercise extra caution in putting up an offer as well as checking out on the recent transacted prices in the locality to determine what price to offer. It has no longer been a market where COV was the benchmark in selling a property therefore it has leveled out the field for both seller and buyer to negotiate a right deal.

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