After the uphill task of finally securing a buyer for your property or buying your dream house, so what’s the next step?
A lot of people are terrified by the mountain of paperwork that must be filled out in a sales transaction. After all, it might be the biggest transaction that you have done in your life, so having wobbly feet is natural.
Here is where our Property Managers can help. We take the hassle and confusion out and walk with you through the entire process.
Call us at 6634 0440 to discuss your needs today!
Private Property (document & process)
Option to Purchase (OTP)
- This is a written offer from the seller to the buyer stating the property address, the purchase price, purchaser’s particulars, offer option period, completion period, purchasers’ solicitors firm, and other terms and conditions, etc. This is granted from the seller to the buyer in exchange for a cheque which is the ‘Option Fee’ that is usually amounting to 1% of the purchase price.
- The buyers will then have to deliver the signed OTP to the seller’s solicitor’s office before a stipulated date and time (usually within 14 days, this is also known as the option period) together with the balance of 5%-10% of the purchase price less option fee that has been paid earlier. The respective lawyers will then help their clients with the rest of the transactions.
Select from our panel of law firms that are renowned in their field of work
HDB Property (documents & links)
- HDB Option to Purchase (OTP) Click here for the link
- Sellers and Buyers’ Resale checklist. Click here for the link
- Flat Valuation Report
- Resale Application
HDB Resale Customer Service Line : 1800-8663066 (Weekdays: 8.00am – 5.00pm)
Rental Of Property (documents & processes)
- Letter of Intent: Written offer from potential tenants to the landlord stating the subject property’s address, the rental amount, rental duration, tenant’s particulars, any other terms and conditions, etc. This is usually presented with one month’s rental cheque. If the Landlord agrees to the terms & conditions, a tenancy agreement is then prepared.
- Tenancy Agreement: Legal agreement between landlord and tenant, stating all the terms & conditions of the Tenancy and covenants (duties & responsibilities) of the Landlord and Tenant.
- E-Stamping: Stamp Duty charged by IRAS and this fee is borne by tenants
For HDB owners, you will need to apply for permission from HDB before leasing out your flat. You can click here to apply for approval for sub-letting your flat.
You know you can rely on our experienced Property Direct Managers to help you through with any process stated above!
Call us at 6634 0440 or leave us a note below to discuss your needs today!