“Can I put and/or Nominee in the OTP for an under construction condo?”
- Non-Assignment of Option
You cannot assign or transfer the OTP that has been granted to you by the developer to any other persons. Hence, you need to ensure that all persons who are intending to purchase the unit are correctly identified and named as the ‘intending purchasers’ in the OTP. Only the intending purchasers named in the OTP may exercise the option and sign the S&PA.
Source : URA
So What happens then?
- Non-Exercise of Option
If you do not wish to exercise the OTP, you can serve a written notice to the developer stating that you do not wish to exercise the Option. The Option will lapse immediately upon the receipt by the housing developer of the written notice.
- If the OTP is not exercised before its expiry, the developer may forfeit 25% of the booking fee and refund 75% of the booking fee to you. The developer can then proceed to sell the unit to any other interested party.
Propertywiki tip 101:
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