5 Answers

askguru expert
Hi Anonymous, thanks for writing to us on AskGuru.

Your relative first have to pay a booking fee for an Option to Purchase of between 5% to 10% of the purchase price of the residential property.

If the Option to Purchase is not exercised before it expires, the developer will be entitled to forfeit 25% of the booking fee. The other 75% of the booking fee will be refunded to the purchaser within 4 weeks.

Hope this answers your question.

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Lyna Song

So sorry to hear about your relative's case. Maybe you can share more with me privately, I see if there is anything that can be done to salvage the deal? Thanks

Lyna Song
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Propnex Realty Pte Ltd
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Ivan Ng

It depends on what is inked in the OTP agreement. Typically some part of the deposit has to be forfeited if buyer decide not to proceed with the purchase. Perhaps you can share more details so I can make better recommendation.

May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,

Ivan Ng Realtor
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Aaron Chong
Hi, base on a standard contract, the full option fee from the buyer will be forfeited by the seller if the latter chose not to exercise it.

9730 8455
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Robbie Chen Chee Howe

Yes, as long as they had made an offer and it was accepted by the Seller and granted the OTP, should they decided not to proceed, they will have to forfeit the option money.

If the property they purchased is a new launch, they will be able to get back 75% of the option fee that they had paid. If it's a resale property, then the chances of them getting back their option fee is very slim.

I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans.

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.

Thank you.

Best regards,
Robbie Chen
9748 6305
PropNex Realty Read More