In Singapore, a verbal agreement to sell a property is generally not legally binding. For a property transaction to be valid, it must be documented in writing and comply with legal requirements. Here are the key steps for a valid property sale:
>>Offer and Acceptance: The buyer makes an offer, and the seller accepts it. This verbal agreement is not legally binding.
>>Option to Purchase (OTP): To proceed, the seller issues an Option to Purchase (OTP) document. The OTP outlines the terms and conditions of the sale, including the purchase price, completion date, and other relevant details.
>>Exercise of OTP: The buyer has a specific period (usually 14 days) to exercise the OTP by paying a fee (typically 1% of the purchase price). Once exercised, the agreement becomes legally binding.
>>Sale and Purchase Agreement (SPA): Both parties sign the Sale and Purchase Agreement (SPA), which formalizes the transaction. The SPA includes all terms, warranties, and conditions.
>>Completion: On the agreed completion date, the buyer pays the remaining balance, and the property ownership transfers officially.
>>Remember that verbal agreements can lead to misunderstandings or disputes. Always consult legal professionals and follow the proper procedures to ensure a valid property sale.
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Sora - Located at Yuan Ching Road in District 22, this 99-year leasehold development is set to preview in June 2024. Sora offers a mix of modern amenities and scenic views near Jurong Lake.
Kassia - A freehold development in District 17 at Flora Drive, set to launch in July 2024. Kassia is designed for those who appreciate luxury living in a serene environment.
8@BT - This 99-year leasehold property at Bukit Timah (District 21) is expected to launch in September 2024. It caters to families looking for prestigious schools and nature reserves nearby.
Newport Residences - A highly anticipated freehold development in District 2 at Anson Road, launching in Q4 2024. It combines luxury living with proximity to the Central Business District.
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