Real Estate Property Agent Singapore

It is an irrevocable offer made by the seller to the buyer which prevents the seller from offering another buyer of the same property within the agreed time period (usually 14 days). To ensure that a contract is enforceable the buyer pays the Option Money to the seller.

You should not rush to pay the Option money until you agree with all the terms on the contract. You should:

1. Consult a solicitor before taking any action
2. If you want any amendments to be made to the Option, you should ensure that  the Seller does so before you pay for the Option
3. Make sure that any amendment is made with the Seller's consent, because the Seller is not legally obligated to make any amendments.

 

It is usually prepared by the Seller's solicitor. Some real estate agencies also provide their clients with the agency's Option to Purchase documents.

It means that the Buyer is complying with all the terms in of the Option made by the Seller for selling his/her property. A binding contract is created, and the Buyer will also pay for the next 9% of the purchase price of the property.

1% is the usual practice for the purchase of private properties. The standard option money for HDB flats is up to S$5,000.

If you do not exercise the Option within the validity period stated, the Option would expire and your seller is entitled to forfeit the option money and sell the property to another buyer.

The key items are:

1. the description of the property and the price      
2. the validity period within which the Buyer must exercise the option in order to purchase the property.
3. the names of the parties involved in the transaction  

 

Yes.

All you need to do is to appoint somebody to sign these documents on your behalf and/or do all the things that are necessary to complete your purchase. You have to do this by signing a legal document called a 'Power of Attorney'.