AskGuru Q&A Community

Hi,

1) After purchasing, will the agent scan a copy of the OTP?
Yes, it is a common practice for agents to assist in scanning a copy of the Option to Purchase (OTP) for the buyer’s reference and records. However, the original document will still need to be retained for legal purposes.

2) Who liaises with the conveyancing lawyer – the buyer or the agent?
Many agents provide value-added services by helping to facilitate communication and sending the OTP to the lawyer on behalf of the buyer.

3) Do conveyancing lawyers require the banker’s details, or is the Letter of Offer sufficient?
Generally, the Letter of Offer is sufficient for the conveyancing lawyer to proceed with the transaction. However, they may also request the banker’s details for further coordination if needed.

4) If engaged through a mortgage broker, will the buyer receive the banker’s contact and the Letter of Offer?
In cases where a mortgage broker is involved, the broker often handles communication with the bank and ensures the Letter of Offer is sent to the buyer. If the buyer does not have direct contact with the banker, the broker typically acts as the intermediary and provides the necessary documents to the conveyancing lawyer.

Feel free to reach out if you have more questions or need further clarification—I’d be happy to assist!

Kiki Tan
PropNex Realty
kikitansiokkhee@gmail.com
+65 929 926 58 Read More

Good morning,

I think it varies among real estate salesperson because clients might not be familiar with the procedures.

Usually for property sale or purchase transactions,
I will email law firm the OTP with relevant instructions and cc clients (with their contact numbers) and banker (with contact number) so everyone will be in the loop.

It's a value added service provided to reduce client's hassle.

If I dont have mortgage broker's contact then buyer has to email LO to law firm in the same email.

Best regards,

YT Tan
Property Kaki
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Hi Read More

Hi,

Yes the agent will scan a copy of the OTP for you. Buyer themselves can link up directly with the law firm on this, the agent can also assist to follow up, especially they work closely with the law firm. Conveyancing law firm not necessarily needs banker contact unless they need to clarify certain details in the bank letter of offer for your loan. The law firm needs your letter of offer if you plan to use CPF OA for the purchase. If going through mortgage broker, they will not pass you banker contact and be the liasion party between you and the banker. They need to send you the letter of offer for your follow up with the bank. You can also use the law firm recommended by the mortgage broker.

If you are working with an experienced agent, he or she would have contacts for the three parties here that you need to contact and link up with to ensure all processes smoothly. Ie banker, law firm, and developer staff. So it will be more of a one stop process with all the payment milestones clearly illustrated.

Have you booked an unit yet in the desired project?

Hope the above clarifies. I am well-versed with HDB and private property transactions, having helped more than 100 homeowners transit smoothly with their housing plans. Please reach out to me at 97432395  for a more in-depth discussion :)

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They need to send you the letter of offer for your follow up with the *law firm* Read More

There is no standard as to who does what after OTP has been obtained, it is about getting it done and agents are likely facilitating these procedures or helping the buyers for these.

The buyers should be able to liaise with the lawyers direct as the lawyers will take instructions directly from the buyers, and lawyer should be on the panel of the bank which the housing loan is being taken.

In terms of mortgage broker portion, my latest encounter is that the banker does get in touch with the buyer. This portion, I am not entirely sure to give my opinion. Getting BTO is likely going to be cheaper than resale option if we just compare about the price tag, however, if you factor in about the waiting time, where you may need to spend on rental, plus renovation, all in all, resale may not be a bad choice if you are able to find a decent unit.

It is all about supply and demand thus there is no absolute right answer in my opinion.

——

I have been in the real estate business since 2009, with more than 14 years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

Over the years, I have also established a network reaching out to more than 9,400 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.

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1. **OTP and Law Firm**: Your agent will scan and provide you with a copy of the Option to Purchase (OTP). You can liaise directly with the law firm, and your agent can assist in following up, especially if they have good connections with the firm.

2. **Law Firm’s Role**: The law firm needs your letter of offer if you're using CPF OA for the purchase. If you're working with a mortgage broker, they’ll act as the liaison between you and the bank, but you’ll still need to follow up with the bank directly.

3. **Smooth Process**: An experienced agent can connect you with the necessary parties (bank, law firm, developer) and ensure the entire process, including payment milestones, runs smoothly.

_"The journey of a thousand miles begins with one step."_ – Lao Tzu

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