While this inquiry was from 2009, here's a response addressing the points raised about Option Fee payment in Singapore for house buyers:
Option Fee Payee in Singapore:
Payee: The payee for the 1% option fee is typically the seller of the property.
Standard Practice:
Copy of Title Deed: It's not a standard practice to request a copy of the title deed when writing the cheque for the option fee.
Here's a breakdown of the usual process:
Buyer and Seller Agree on OTP: The buyer and seller agree on the terms and conditions in the Option to Purchase (OTP) agreement.
Seller Signs OTP: The seller signs the OTP.
Buyer Pays Option Fee: The buyer pays the 1% option fee by cheque directly to the seller.
Optional Request:
Memorandum of Understanding (MOU): While not mandatory, some buyers might request a Memorandum of Understanding (MOU) acknowledging receipt of the option fee. This MOU can be drafted by the buyer and seller to serve as a basic record.
Important Note:
Always ensure you're dealing with the legitimate seller and have a signed OTP agreement before handing over any money.
Recommendation:
Consult a qualified property agent to guide you through the OTP process and ensure everything is done correctly.
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