Acceptance Copy – Singapore condo for rent
Singapore condo for rent – When the buyer pays 1% option money to the seller in exchange for a copy of the OTP, the buyer does not have to sign anywhere on the OTP. The buyer is normally given an option period of 14 days to decide whether the buyer wants to proceed with the purchase. The buyer may choose not to exercise the OPT by letting it lapse and the option money shall be forfeited to the seller and there after neither party shall have any claims against each other.
If the buyer wants to proceed with the purchase, the buyer will normally exercise the OTP by signing the Acceptance Copy in front of buyer’s lawyer. The buyer is also required to furnish a cheque or cashier order payable to the seller’s solicitors – CVY account (if there is a stakeholder clause) for the balance 5% deposit less the option money already paid. Once the OTP is exercised, it becomes a binding contract.
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