Asked by Anonymous
Is it illegal to sell the OTP to another buyer?
1920 views
4 Answers
Hi,
In general, OTP always issued by seller with buyer/s name filled. On top of this, both HDB & developer's OTP has a clause stated OTP is non-transferable.
Thus although it is not entirely "illegal" to sell, but whether the right transfer to the new buyer is a question mark (?).
Please feel free to contact me at 90110636 , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.
Best regards
Ling CK Read More
In general, OTP always issued by seller with buyer/s name filled. On top of this, both HDB & developer's OTP has a clause stated OTP is non-transferable.
Thus although it is not entirely "illegal" to sell, but whether the right transfer to the new buyer is a question mark (?).
Please feel free to contact me at 90110636 , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.
Best regards
Ling CK Read More
1
-
KPKADEN PHUARepliedOk. If the property is a commercial property and it is assigned to xxx and/or nominee?
Hi,
You can't reassign the OTP (transfer or adding names) to anyone else, it is stated clearly as part of the HDB OTP T&C.
Warm Regards,
Ivan Ng ERA ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude
Email: Ivanng10@gmail.com
Contact: (+65) 97432395
Facebook Page: www.facebook.com/ASAProp
Website: http://www.ivanng10.com/clientreviews
(Client's Testimonials)
**Note: We are not prompted when you respond here, hence please get in touch directly. Look forward to hear from you soon! ** Read More
You can't reassign the OTP (transfer or adding names) to anyone else, it is stated clearly as part of the HDB OTP T&C.
Warm Regards,
Ivan Ng ERA ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude
Email: Ivanng10@gmail.com
Contact: (+65) 97432395
Facebook Page: www.facebook.com/ASAProp
Website: http://www.ivanng10.com/clientreviews
(Client's Testimonials)
**Note: We are not prompted when you respond here, hence please get in touch directly. Look forward to hear from you soon! ** Read More
Hi, technically speaking it is not term as illegal because you can't even do that in the first place.
Regards
Aaron
9730 8455
aaronchong2774@yahoo.com.sg Read More
Regards
Aaron
9730 8455
aaronchong2774@yahoo.com.sg Read More
Dear Sir/Mdm,
Commercial property is govern under URA, there is a law under URA: NON-ASSIGNABILITY OF OPTION which prevent individual from exploiting of monetary gain from OTP.
Hope this address your concerns, but if there are more queriee, please feel free to contact me at 90110636 , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.
Best regards
Ling CK Read More
Commercial property is govern under URA, there is a law under URA: NON-ASSIGNABILITY OF OPTION which prevent individual from exploiting of monetary gain from OTP.
Hope this address your concerns, but if there are more queriee, please feel free to contact me at 90110636 , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.
Best regards
Ling CK Read More