The number of days to submit the Option to Purchase (OTP) is based on a mutual agreement between both parties, provided they are both agreeable to it.
This is because the seller may need more time to look for his or her next property.
Hope this answers your question.
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Yes, it is a pretty common situation for HDB resale transaction where the resale application submission can be indicated for 60 days and even slightly longer. In such situation, it is typically to plan out for the transition of the sale to the purchase, allowing funds from sale to be made available to complete their purchase transaction or even to plan out for any major event happening within the family like wedding, giving births and etc. If it is a concern of the buyer on the number of days to submit the resale application, I always encourage to check on the reason behind, therefore buyer can decide if this condition is acceptable or not.
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The number of days for submission can be discussed between the buyers and sellers before the OTP is issued. For the seller, he may need a longer submission period so that he can get more time to look for his next housing and time the submission together with his purchase timeline.
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I write to commend Nick Tan (R040814C). When my husband and I first met Nick, we were impressed by his drive, commitment, business acumen and strategical thinking, and decided to engage him. We were not disappointed. Nick sourced for prospective quality buyers in a targeted methodical fashion and was effective in connecting us with serious buyers, notwithstanding the fact that the search primarily took place over Dec – Feb (a traditional lull period). Throughout the transaction, he also gave us helpful advice in various aspects; the advice reflected his personal experience and expertise and was not simply regurgitated from public sources without any value-add. Further, Nick went beyond the call of duty of a competent professional. He had a sense of humanity in the way he interacted with myself and the other parties to the transaction such as my parents. As an example, my newborn daughter was warded into A&E on the completion date of the transaction; the care and concern that Nick showed went beyond the scope of work of an estate agent. I commend Nick for his capabilities and character, and would certainly wish to engage him for future property transactions.
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1) You will notice this is left blank for you to fill in on pg 3 of the OTP.
2) This is so that both parties have sufficient time to settle incoming funds for the buyers and the extension needed on the sellers.
3) This number range from 14 days to 90 days is not uncommon.
4) You have to have to detail discussion with the seller directly to understand the needs and whether you are willing to wait.
5) Do not rush in the buying process, both parties must be comfortable with the arrangement to avoid future unhappiness.
6) If you feel that 2 months waiting time is too lengthy you may discuss it for a shorter period. Just ensure both parties are really comfortable to enter into this agreement.
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In today seller's market situation, it is more common for HDB sellers to request such a timeframe. This is allow seller' ample time in searching for their next place of stay. I am specialised in HDB transactions. Do contact me at 93375051 for a free and non obligatory discussion on this.
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HDB submission period is to be discussed and agreed upon before both parties commit to an OTP. It is perfectly normal for Sellers or Buyers to ask for a longer submission period, mainly due to their respective timelines.
HDB submission period is to be stated on Page 4 of the OTP, under "Application for HDB's Approval".
I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans. Please get in touch with me for a more in-depth discussion.
Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305. I will be happy to assess and share with you the possibilities for you in the current market.
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