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Mark Tan 938-747-86

 

 

 

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Dear Reader,
 
HDB standard Option to Purchase (OTP), the only form of contract in HDB resale transactions, will be available on the HDB InfoWEB for download from 2 May 2012.
 
Resale flat buyers, sellers and their salespersons no longer need to obtain the pre-printed OTP form from the HDB. They can download and print the OTP form from the HDB InfoWEB at their own convenience and round the clock in the comfort of their home or office.
 
Each downloaded OTP form comes with a unique Serial Number. Salespersons will need to provide this Serial Number when they submit their client’s resale application via the HDB-ResaleNet or e-Resale.
 
HDB will continue to issue the pre-printed OTP form at the HDB offices until 30 June 2012 or when the current stock runs out, whichever is the earlier. 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. From 1 August 2012, all resale applications must include the Serial Number of the OTP form downloaded from the HDB InfoWEB (i.e. we will stop accepting resale applications for transactions with the pre-printed OTP form). Salespersons are encouraged to start using the downloadable version of the OTP form for all their transactions.
 
Below FAQs list provided by HDB for your reference.
 
FAQs on revised procedure
 
Q: Who needs to download or print the OTP?
 
A:  The OTP can be downloaded by either the buyers, sellers or their salespersons (if engaging the services of salespersons). Both buyers and sellers need to complete and sign on the printed OTP.
 
Q: How many copies of the OTP should I print?
 
A:  You need to print one set of the OTP. Each OTP has a unique Serial Number and please do not print multiple copies. This Serial Number will have to be provided when buyers and sellers (or their salespersons) submit their portion of the resale application to HDB.
 
Q: Who keeps the OTP after the sellers have granted the Option to the buyers?
 
A:  The buyers are advised to keep the OTP as they have paid the Option Fee to the flat sellers.
 
Q: I am the flat buyer. I have exercised the Option and want to pass the OTP to the sellers. Do I need to make a copy of the OTP for my own reference?
 
A:  Both buyers and sellers are advised to make a copy of the OTP signed by the flat sellers and buyers, for their own reference. The original OTP will be submitted to the HDB at the resale first appointment.
 
Q: We have exercised the Option using the pre-printed hardcopy OTP obtained from the HDB. With the implementation of the downloadable OTP, does it mean that the OTP that we have exercised is invalid?
 
A:  Once buyers have exercised the OTP, either using the pre-printed hardcopy OTP or downloaded from the HDB InfoWEB, both buyers and sellers have entered into a legally binding contract. Buyers and sellers who have used the pre-printed hardcopy OTP may proceed to submit their resale application accordingly. They are advised to submit the resale application by 31 July 2012. With effect from 1 Aug 2012, flat buyers, sellers or their salespersons must state the Serial Number of the OTP form downloaded from the HDB InfoWEB when they submit their resale applications to the HDB.
 
Q: When submitting the resale application, do I need to provide the Serial Number if I am using the pre-printed hardcopy OTP obtained from the HDB?
 
A:  Sellers and buyers or their salespersons are required to key in the Serial Number of the OTP downloaded from the HDB InfoWEB in the field provided in the resale application form with effect from 1 Aug 2012.
 
Q: Do I need to submit the OTP together with my resale application?
 
A:  No. Please submit the OTP signed by the flat sellers and buyers to the HDB at the resale first appointment. The full set of OTP form (pages 1-10), bearing the same Serial Number provided by the sellers and buyers or their salespersons in their resale applications, need to be submitted at the resale first appointment.
 
More information will be updated on the HDB InfoWEB on 2 May 2012. We would appreciate it if you could disseminate this information to your members.
 
Thank you. 

Regards
IEA Secretariat
 
Institute of Estate Agents (IEA), Singapore
 
For Selling/Renting and Buying of HDB Property
Please Call/SMS Mark Tan 938-747-86