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Ura Sales And Purchase Agreement
“Hong Leong had a strict no-Reissue policy. This means that all buyers would be required to exercise their options within 3 weeks of the sale and sale agreement,” he said. Of course, there are real cases of need, such as.B. Buyers may need more time to complete the sale of their existing property before exercising the OTP. In these cases, URA now allows the validity of the OTP to be extended for up to 12 weeks, subject to application and mutual agreement from developers and buyers,” Song explains. The buyer must pay the buyer`s stamp duty and, if applicable, the stamp duty of the additional buyer (ABSD) within 14 days of exercising the option, i.e., .dem date of the BSG`s signature. The rest of the down payment to the developer – 15 percent of the purchase price – must be paid within eight weeks from the otP date. Last month, the Business Times reported that the ARU had stepped up its oversight of a real estate market practice that could boost sales by private builders. If the buyer does not make the option on time, the promoter will lose a quarter of the booking fee – which is 1.25 per cent of the purchase price. These developers are now also prevented from making prior agreements available to buyers for the reissue of OTPs, as the Authority has indicated. However, the ARU found that while the current validity of the standard OTP is generally sufficient for most buyers, there are a few who may need more time, including those who must complete the sale of their existing property before exercising the option. Within two weeks of the date of the OTP, the developer must send the sales contract (SPA) to the buyer. Within three weeks of receiving the SPA, the buyer is required to exercise the option by signing the SPA and returning it to the developer.
URA also said the new restrictions will not apply retroactively to OTPs that were issued before Monday, when developers have an existing renewal agreement with buyers. “This is a welcome relief for both sides,” Karamjit said. Tricia Song, research director at Colliers International, believes the ARU phase will provide more accurate sales figures. Therefore, at the request of such buyers or developers, the Authority is prepared to extend the validity of the OTP up to 12 weeks from the date of the OTP, subject to the agreement of the buyer and developer. Those who wish to apply for an extension of the validity of the OTP can submit their application to [email protected] with a copy and an expiry date of the OTP, as well as reasons that require more time to exercise the option. Buyers, for example, may need more time to complete the sale of their existing property before exercising the OTP, Ling said. At the request of these buyers or the developer, the party is prepared to extend the validity period of the OTP up to 12 weeks from the date of the OTP, provided that both parties (i.e.