Filling up the OTP (1)

Complete the OTP with the following information

  1. Buyer's name
  2. Buyer's identification no. e.g. NRIC or passport no. Add in more buyer's details if there are more than 1 buyer.
  3. Property address
  4. 1% of sale price as Option Fee, in words and numbers.
  5. Cheque no. as shown at bottom of buyer's cheque.
  6. Option period. This is usually 14 days from option grant date. This is to be agreed between seller and buyer.
  7. 4% of sale price as Option Exercise Fee, in words and numbers.
  8. On most cases, tick the middle box. State the 4% amount made in favour of the seller's law firm.
  9. Fill in the seller's law firm details. If seller has not appointed a law firm when granting this OTP, seller can inform the buyer at a later date.
Sell private otp1

Filling up the OTP (2)

Complete the OTP with the following information

  1. Sale price of the property in words and numbers.
  2. The property can be sold with vacant possession i.e. no tenants, or with an existing tenancy. Delete accordingly and countersign by all seller/s and buyer/s.
  3. Delete clause 6 if no furniture or fittings is included in the sale (this is usually the case). If there are certain furniture or fittings that are included as part of the sale price, please write these items in the OTP and countersign by all parties.
  4. This is the no. of weeks from date of buyer exercising the OTP to completion of this sale. 8 to 12 weeks is the usual length of a completion. This is to be agreed between seller and buyer.
Sell private otp2

Filling up the OTP (3)

Complete the OTP with the following information

  1. Date where this OTP is granted from seller to buyer.
  2. Sellers' and witness' names, identifications (NRIC or passport no.) and signatures. Witness can be anyone age 21 and above (can be foreigner too).
  3. If buyer decided to proceed with the purchase i.e. to exercise the OTP, buyer can sign this portion of the acceptance at his appointed law firm. The lawyer can be buyer's witness. Pls ensure that this OTP is exercised i.e. signed by buyer before the OTP expiry date. In this case, the expiry is 15 January 2016.
Sell private otp3