Buying property is a great investment that requires considerable time to plan, save and make a decision. After finalizing the purchase deal, and becoming a legal owner, it’s up to you to decide what you will do with the property. If you aim to create generational wealth, you should ensure that you take proper care of the property, and find ways to increase its value to sell it at a higher price in the future.
Before buying property from PropertyGuru and gaining the remarkable benefits of owning a property, it is always best to ensure that the transaction process goes accordingly. It can help prevent future conflicts between buyer and seller. It can also help you avoid being on the wrong side of the law.
Certain policies govern real estate transactions such as signing various documents to prove legality. But before becoming a legal owner, a buyer has to present an OTP document. This is an offer/option to purchase a specific property.
This document is vital as it contains specific details about a property’s condition. A buyer has to be aware of the current condition a unit is in, such as any defects, special conditions, and any special maintenance as this can help renegotiate a price.
But some buyers tend to make agreements with sellers to reissue an OTP giving them more time to have enough money to make a purchase. Reissuance of OTPs has made property prices to inflate, which is bad for the economy. With this, the government has decided to revise real estate policies to eliminate reissuing of OTPs.
If you’re interested in this phenomenon, please take a look at the following infographic. It shows the latest research of how the government is making policy changes to ensure OTPs are not reissued. The infographic makes it easy to understand this concept and provides insights into some government reforms and its effects on the real estate market.
Infographic designed by PropertyGuru
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