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Hi, appreciate your sharing. Yes possible to do so, it depend on both parties to discuss on the option fees 2-3% depend on both parties.
Looking forward to assist you at 9696 4398  or email me at stewartlim96964398@gmail.com

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Stewart-PropNex (Senior Associate Division Director) Read More

Hi,

Yes it is possible to negotiate for an extended option period, typically this is to allow the buyer some time to sell their existing property. The seller in this case may ask for higher option fee to compensate the risk as the seller locks in his or her price today, and also assumes the risk that the buyer may not go ahead in the event of unsuccessful sale of his/her own property. There is no hard and fast rule, some may ask 2 or 3%, it is up for negotiation.

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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Good day to you,

As a seller, it is clear that the unit is not sold till the buyer exercises the OTP. With such an agreement, the buyers are calling the cards since they have to right not to exercise the Option and yet hold the unit without any additional legal liability.
Is the offer over the moon or is the property si hard to market that the seller needs to place themselves at such a disadvantage?

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Mike Lim
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Hi Sir/Mdm,

For private resale, the timeline is negotiable as long as both the seller and buyer agree. However, for a long option period, I would usually advise my client who is the seller to collect a higher option fee as there is a longer waiting time and therefore the higher option fee is to compensate the owner in case the buyer do not exercise the option.

Please contact me so that I can understand your situation better and provide you with further assistance and advice.

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Judy Rong (Seller) Dec 2023 Read More

I believe that Option has been granted already, and now the purchasers are requesting for more time than the stated Option period. Such scenarios has to be handed by the lawyers in granting the extended option period. There is no absolute answers to whether should seller accept or not. It really boils down to what the ground situation is, whether are there other buyers who are waiting for the Option to lapse so they can offer. If unit is not easy to find a buyer, perhaps seller can consider extending the option with conditions like additional option money. First of all, seller needs to understand the obligations as well as consequences.

Asking an agent, you may potentially not get the most reasonable answer as agents would love the deal to pull through for their commission, instead of having to remarket the property again with additional marketing costs.

——

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.

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1. **Extended Option Period**: It is possible to negotiate an extended option period, usually to give the buyer time to sell their current property.

2. **Seller's Consideration**: In this scenario, the seller may request a higher option fee to mitigate the risk of locking in their price while the buyer's sale is pending.

3. **Risk Assessment**: The seller assumes the risk that the buyer might not proceed if their property sale is unsuccessful.

4. **Negotiation Flexibility**: There are no strict rules regarding the option fee; typically, it can range from 2% to 3%, but this is open for negotiation.
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