AskGuru Q&A Community

Get answers from PropertyGuru experts in 24 hours

Asked by
I have question about the 1% option to purchase + 4%. Once you make 1% payment for option to purchase, does it mean you have "booked" the unit? I know the grace period is 14days before you sign the 'exercise option to purchase'. Does it mean after 14 days, the owner can sell the unit to someone else? When u agree to the 'exercise option to purchase', is this the time you make the other 15% downpayment, together with the 4%?

Also, if I see a property that interest me but it is handled by another property agent, can I request my preferred agent to take over?
When buying a resale condo, what agent fees are involved?
Thanks
0 •
1644 views
Upvote Upvoted
Want this question answered?
Get faster responses from our experts by upvoting.
Be the first to upvote this question.

2 Answers

J.A. Goh 吴永益
Replied
Hi CP,

Once the owner signed the OTP and has accepted your 1%, it means the owner has agreed to sell his unit to you. But the sale is not a done deal until you have exercised the OTP in front of your lawyer within the 14 days, with the 4% and Stamp Duty.

If you did not exercise the Option, your 1% will be forefeited and the unit is considered not sold. In this case then the owner can sell to somebody else. The 15% will be around 8 to 10 weeks after your exercised the OTP.

It is advisable that you engaged your preferred agent before viewing any property. If you contact the seller's agent directly and has already viewed the property, then you get your preferred agent to come in, there will be unhappiness among the agents. Always engaged your agent from the start, including making arrangement for viewing.

There is no agent fee from the buyer when buying a resale condo.

Please feel free to drop me an email or call me directly for further discussion.

Thank you & Best Regards
J.A.Goh
ERA Marketing Director
HP: 9639 0350 
www.gohjaERA.myweb.sg
Email: gohja@singnet.com.sg Read More
0
Upvote Upvoted
Landon Chew
Replied
Hi, hopefully you managed to get your doubt or query answered. If so, then congrats! Hopefully you are doing well now.

If you are currently or planning to find a property agent, I can assist.

If you are interested in prices of houses in your neighbourhood, you may visit this website to find out more or contact me.

https://www.era.com.sg/R064892F

If you are currently planning to go on a property journey selling/buying/renting/investing, I can be of assistance. Do feel free to reach out to me for more queries and assistance.

Landon Chew
97 39 60 40
landonchew@email.com Read More
1
Upvote Upvoted

Still looking for answers?

Get answers from PropertyGuru experts in 24 hours

Ask Your Question
Previously Asked Questions