AskGuru Q&A Community

Get answers from PropertyGuru experts in 24 hours

Asked by
I'm buying a condo and is paying 1% for offer to purchase. The owner's agent is asking to include in The OTP a clause that required me to pay the 4% to exercise the option in 14 days directly to the owner instead of my representing solicitor. May I seek your advise if (1) this is an acceptable practice, (2) what is the risk and exposure that I am subjecting myself to.

Finally, I would appreciably advise as to how to handle this situation as I really like the property and eager to secure it.

Any additional comment and advise from your experience is much appreciated.

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

1 Answer

Mike Lim
Replied
Afternoon,

Your property agent should be able to advice against that. If the deal does not goes through, you will have issues getting back your 5%, which can be quite a big sum of money.
If you are keen to secure it, your agent should be able to provide with some other solutions, like talking to the owner and getting them to understand the new ruling as per 1st Aug.

FYI
Mike Lim
 96929209 
ERA Read More
0
Upvote Upvoted
  • YT
    Replied
    Thanks Mike. What's the new ruling as of 1 Aug? Could you pls kindly enlighten me?

Still looking for answers?

Get answers from PropertyGuru experts in 24 hours

Ask Your Question
Previously Asked Questions