Buying property is one of the greatest investments a person can make in their life. After saving money, what follows is making a purchase decision. This entails checking out various properties from PropertyGuru, reviewing prices, and touring the unit to verify if it meets your family’s needs. However, due to Covid, the whole process is conducted virtually.
People are checking out properties on various real estate platforms online, till the final process of e-signing. But before starting the process, many people tend to miss out on sending an OTP. This is an offer to purchase the property. Some buyers may forget to send one, while others do it deliberately.
An OTP is essential as it can help avoid future conflicts between buyer and seller. It contains vital information such as the property’s condition, special conditions, any defects and more. It makes a potential buyer aware of what kind of property they will buy and its current condition which can help renegotiate a price. A real estate agent, someone who has outstanding knowledge in property investment is in charge of drafting an OTP document.
Today, sellers are deliberately skimping on paying booking fees when buyers delay in providing an OTP. With this, they tend to issue a new one to the same buyer. This process of issuance has made the government step in by reviewing and updating certain real estate policies.
If you’re interested in this phenomenon, please take a look at the following infographic. It shows the latest insights into how the government ensures that sellers do not issue a new OTP to buyers. The infographic makes it easy to understand this tricky concept and explains how the new government policies have affected transaction processes. Check it out below.