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I would like to check if the 1% booking fee has been given to me together with the offer to purchase by buyer, and after consideration I decided to accept the offer. So I banked in the cheque before I issued the option to purchase to the buyer. Is there anything wrong with this? Is there a written clause that I can only bank in the cheque after the OTP is issued to buyer. Pls advise.
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1 Answer

Geryl Lim
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Hi Lyn,

As mentioned by my fellow professionals, there is nothing wrong with this procedure. Nevertheless, should you put yourself in the buyers' shoes, having issued out a cheque to the name of owner and not receiving the Option To Purchase, there is certain sense of inbalance not knowing if seller will abscond with the money in bank. On the other hand, seller also has a concern if the cheque presented in valid before issuing the Option To Purchase, however, if you are aware, should the cheque issued bounced or is invalid, the OTP issued is also considered as NULL. This is where we need to balance both ways and work out a solution to it.

Regards,
Geryl LIM
Real Estate Consultant/District Manager
CEA Reg R014783H
Mobile: +65-81577565 
Email: lim.geryl@yahoo.com.sg Read More
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