27 Feb '13, 1pm

New: Property Buying Tip #6: Option Fees

When buying from the Open or Resale market , a 1% Booking or Option Fee is required upfront and you are given a period of time, usually 14 days, to pay the balance 4% to exercise the Option to Purchase (OTP). In other words, you will need a minimum of 5% cash to pay the option fees, with the remaining 15% to be paid in cash and/or CPF (Ordinary Account) to complete the Option. In the event you decide not to proceed with the purchase and do not exercise the Option, your 1% Option Fee will be forfeited by the Seller. The Seller is free to sell the property to another party when the Option expires. When buying direct from the Developer , typically for a New Launch or Under-Construction Property, the booking fee to issue the Option to Purchase (OTP) is 5% to 10% (typically 5%). Upon signing the Sales and Purchase (S&P) Agreement, the payment would be 20% less the Booking Fee p...

Full article: http://www.propwise.sg/property-buying-tip-6-option-fees/

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