It is the contract to be used in HDB resale transactions.
Before exercising the OTP, Buyers should read and understand the Important Notes and provisions enclosed with the OTP. Any deletion, insertion or alteration to any provision in the prescribed OTP will render it null and void.
Buyers who are taking a housing loan or using CPF for the flat purchase will require a valuation report. After the Sellers have granted the OTP to the Buyers, Buyers have to submit a valuation request by the next working day.
Buyers are given twenty-one (21) days to exercise the OTP. Upon exercising the OTP, the Buyers and Sellers will have entered into a binding contract.