AskGuru Q&A Community

Get answers from PropertyGuru experts in 24 hours

Asked by
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?
0 •
1084 views
Upvote Upvoted
Want this question answered?
Get faster responses from our experts by upvoting.
Be the first to upvote this question.

7 Answers

Mike Lim
Replied
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
1
Upvote Upvoted
OHMYHOME PTE LTD
Replied
Introducing HomerAI by Ohmyhome – the ultimate property toolkit at your fingertips! Get instant home valuations, in-depth market insights, and connect with qualified buyers seamlessly. With our DIY calculators and expert agents boasting a stellar 4.9 rating, selling your home has never been easier or more affordable! Read More
0
Upvote Upvoted
Able S.K Toh
Replied
(1) Reviews and credibility
Read client reviews for Able S K Toh, Property Agent (Director level), on PropertyGuru:
https://www.propertyguru.com.sg/agent/able-s-k-toh-61591

(2) Direct contact
WhatsApp Able Toh, Property Agent (Director level), at +65 9856 - 9255 or via:
https://wa.me/6598569255

This platform does not support direct messaging.

(3) Property services
Professional support for renting, selling, buying, and property investment in Singapore.

(4) Private home buyers
Assistance in sourcing resale and new private homes at zero charge, as seller agents commonly share commissions.

(5) New launches and developer sales
Access to competitive pricing, no agent fees, and updated brochures, floor plans, and price lists.

ABLE Toh ( Your TRUSTED Singapore Property Agent/ Consultant)
Mobiile : 98 56 92 55
Email: Able.selling@gmail.com Read More
0
Upvote Upvoted
Able S.K Toh
Replied
(1) Reviews and credibility
Read client reviews for Able S K Toh, Property Agent (Director level), on PropertyGuru:
https://www.propertyguru.com.sg/agent/able-s-k-toh-61591

(2) Direct contact
WhatsApp Able Toh, Property Agent (Director level), at +65 9856 - 9255 or via:
https://wa.me/6598569255

This platform does not support direct messaging.

(3) Property services
Professional support for renting, selling, buying, and property investment in Singapore.

(4) Private home buyers
Assistance in sourcing resale and new private homes at zero charge, as seller agents commonly share commissions.

(5) New launches and developer sales
Access to competitive pricing, no agent fees, and updated brochures, floor plans, and price lists.

ABLE Toh ( Your TRUSTED Singapore Property Agent/ Consultant)
Mobiile : 98 56 92 55
Email: Able.selling@gmail.com Read More
0
Upvote Upvoted
Able S.K Toh
Replied
(1) Reviews and credibility
Read client reviews for Able S K Toh, Property Agent (Director level), on PropertyGuru:
https://www.propertyguru.com.sg/agent/able-s-k-toh-61591

(2) Direct contact
WhatsApp Able Toh, Property Agent (Director level), at +65 9856 - 9255 or via:
https://wa.me/6598569255

This platform does not support direct messaging.

(3) Property services
Professional support for renting, selling, buying, and property investment in Singapore.

(4) Private home buyers
Assistance in sourcing resale and new private homes at zero charge, as seller agents commonly share commissions.

(5) New launches and developer sales
Access to competitive pricing, no agent fees, and updated brochures, floor plans, and price lists.

ABLE Toh ( Your TRUSTED Singapore Property Agent/ Consultant)
Mobiile : 98 56 92 55
Email: Able.selling@gmail.com Read More
0
Upvote Upvoted
Able S.K Toh
Replied
(1) Reviews and credibility
Read client reviews for Able S K Toh, Property Agent (Director level), on PropertyGuru:
https://www.propertyguru.com.sg/agent/able-s-k-toh-61591

(2) Direct contact
WhatsApp Able Toh, Property Agent (Director level), at +65 9856 - 9255 or via:
https://wa.me/6598569255

This platform does not support direct messaging.

(3) Property services
Professional support for renting, selling, buying, and property investment in Singapore.

(4) Private home buyers
Assistance in sourcing resale and new private homes at zero charge, as seller agents commonly share commissions.

(5) New launches and developer sales
Access to competitive pricing, no agent fees, and updated brochures, floor plans, and price lists.

ABLE Toh ( Your TRUSTED Singapore Property Agent/ Consultant)
Mobiile : 98 56 92 55
Email: Able.selling@gmail.com Read More
0
Upvote Upvoted
Able S.K Toh
Replied
(1) Reviews and credibility
Read client reviews for Able S K Toh, Property Agent (Director level), on PropertyGuru:
https://www.propertyguru.com.sg/agent/able-s-k-toh-61591

(2) Direct contact
WhatsApp Able Toh, Property Agent (Director level), at +65 9856 - 9255 or via:
https://wa.me/6598569255

This platform does not support direct messaging.

(3) Property services
Professional support for renting, selling, buying, and property investment in Singapore.

(4) Private home buyers
Assistance in sourcing resale and new private homes at zero charge, as seller agents commonly share commissions.

(5) New launches and developer sales
Access to competitive pricing, no agent fees, and updated brochures, floor plans, and price lists.

ABLE Toh ( Your TRUSTED Singapore Property Agent/ Consultant)
Mobiile : 98 56 92 55
Email: Able.selling@gmail.com Read More
0
Upvote Upvoted

Still looking for answers?

Get answers from PropertyGuru experts in 24 hours

Ask Your Question
Previously Asked Questions