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I was given 1.5% booking fee for OTP with a four-week validity. Reason was the buyer needed a bridging loan and required more time to exercise the option. The buyer has now requested to extend the validity for another week. Would appreciate any advice regarding the following:
(i)Is OTP with 5 weeks’ validity common (or very uncommon) given the buyer’s situation? Should I accede to buyer's request?
(ii) If I do not agree to the extension and insist that it be exercised within the 4-week period, what will happen to the OTP?
(iii) What are some measures I must take to safeguard my interest?
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2 Answers

Mike Lim
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Evening Tay,

I'm sure you are well educated so as to handle the sales personally. You should know that private property transaction have the flexibility of adjusting the Option period, as long as it's being agreed upon prior issuing the Option. The signed OTP binds the seller and the buyer need to Exercise within stated timeline before the Option lapse. Hence you have your rights to exercise the necessary.

All the best

Regards
Mike Lim
 96929209 
ERA Read More
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