How do I submit my OTP to HDB?
To grant an Option to Purchase (OTP) to a potential buyer, you need to have a valid Intent to Sell registered on the HDB Resale Portal and meet the 7-day cooling-off period after registration. After you have registered your Intent to Sell, you will be prompted to download a copy of the HDB-prescribed OTP.
Who keeps the HDB OTP?
The seller
The seller must be the legal owner of the property to issue the OTP. Purchase price of the property: This indicates how much the seller has agreed to sell the property for. Option period: The indicates the validity of the option period. For HDB flats, this will be 21 days.
How long is OTP valid HDB?
21 calendar days
Step 3a: Buyers exercise the OTP if they wish to proceed with the purchase. The Option period is 21 calendar days (including Saturdays, Sundays and Public Holidays), from the date of granting the OTP (refer to Step 2). It expires at 4pm on the 21st calendar day.
How do I grant OTP?
After the buyer and seller have come to an agreement, the seller will hire a lawyer to draft an OTP document (in the case of private property) and send it to the buyer for review. Once both parties are agreeable to the terms, the buyer will pay the Option Fee to the seller, and the seller will sign the document.
How do I check my EHG status?
You can also check the outcome by logging on to MyHDBPage via HDB InfoWEB. We will write to you separately on the signing of the Agreement for Lease after the EHG is approved.”
Can buyer submit valuation request?
2. Who can submit a Request for Value? Only the buyer who has been granted an Option to Purchase by the seller of the flat shall submit a Request for Value.
Can seller back out of OTP?
The OTP gives the buyers the exclusive rights to purchase at a fixed purchase price, within a fixed period of time (usually 2-3 weeks). Usually, the sellers of a property may not back out of an OTP agreement and refuse to sell once the OTP is signed, while the buyers may do so.
Can seller withdraw after OTP?
An OTP agreement is a legal contract signed between a buyer and a seller so the seller will not be able to withdraw or cancel the OTP in your situation.
Can seller back out after OTP?
How much should I pay for OTP?
The OTP almost always consists of one per cent of the purchase price, for private property. For HDB properties, it is usually just $1,000. For example, if you’re buying a condo worth $1.5 million, it would cost you $15,000 to secure the OTP.
Is OTP part of purchase price?
When you secure the OTP to purchase a property, the seller is legally obliged not to sell it to anyone else. The OTP almost always consists of one per cent of the purchase price, for private property. For HDB properties, it is usually just $1,000.
How long does EHG approval take?
about four weeks
Notification of EHG Being Processed We are processing the application and will inform you of the outcome in about four weeks’ time. You can also check the outcome by logging on to MyHDBPage via HDB InfoWEB. We will write to you separately on the signing of the Agreement for Lease after the EHG is approved.”
Where to get OTP form from HDB?
As informed earlier, HDB will stop issuing the hardcopy pre-printed OTP form at the HDB offices from 1 July 2012. Salespersons can download the OTP form from the HDB InfoWEB.
Where can I find the HDB standard option to purchase form?
We are pleased to inform you that the HDB standard Option to Purchase (OTP), the only form of contract in HDB resale transactions, will now be made available in the HDB InfoWEB for download. Resale flat sellers and buyers and their salespersons no longer need to obtain the hardcopy OTP form from the HDB.
What are the documents required for OTP request for value?
Scanned copy of page 1 of the OTP (Need to attach a scanned copy of page 1 of the OTP in the Request for Value. File attachment has to be lesser than 5.0 MB and in PDF, JPG, GIF, TIF or PNG file format).
Can I still submit my resale application using the OTP form?
Buyers and sellers who have entered into a contract using the pre-printed OTP form can still submit their resale application until 31 July 2012 by leaving the Serial Number field blank.