Hi,
From your question, I believed you are referring to the HDB resale flat.
1) If seller agent is involved. He already verified whether this is a legit owner. The seller's agent has the responsibility to ensure the seller has the capacity to sell. Otherwise, he is wasting his time and money marketing the unit.
Having said that, it is also your interest to ensure you are not being misled by the presence of an agent. You can request the seller to log into MYHDB to show he is the legit owner. If there is more than 1 owner, you also need to check with the other owner there is no conflict between them in selling the unit.
This is to avoid any complications in the whole transaction.
You might also need to check whether there is any essential occupier involved in this flat. You might be stuck in the process if the essential occupier did not agree to this sale.
2) Although the seller agent should has a copy of OTP, but since you want to ensure no hiccup in the process, you may bring a copy with you.
3) After signing the OTP, only one party will keep the OTP. Usually, the buyer will keep this copy because the buyer needs this to submit for valuation.
You will have to scan into a soft copy for e-submission; 1st page only.
4) There are 2 different scenarios to decide who will keep OTP:
(a) Only 1 party is using a private lawyer. OTP will be passed over to that lawyer upon exercising. The private lawyer will provide an acknowledgment to the buyer/seller.
(b) Both using private lawyer, or both using HDB lawyer, the buyer will keep the OTP. Because in the process of exercising, the buyer will need to sign on the OTP and hand over the exercising fee to the seller.
In the past, the buyer and seller will meet to hand over the cheque. But in today's context, buyers only need to do e-transfer. Thus in order to save the trouble, buyer and seller will not meet. Therefore buyer will keep the OTP.
Buyers will eventually hand over OTP to their private lawyer if there is any. Otherwise, the buyer will bring this OTP and handover to the HDB customer relation manager at the completion date.
Hope the above answer to your main concerns, but if there are more query, 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
90110636
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer
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