Alex Tan, a property agent at Prime Realty Singapore, is assisting Sarah and Daniel Lim, a married couple, in purchasing a condominium unit in a newly launched development.
The couple is interested in a unit at 'Skyline Residences,' a project by a reputable developer.
They are particularly concerned about the legal and financial aspects of the purchase, including the Option to Purchase (OTP) and the project's compliance with local regulations.
Alex explains the importance of the OTP, the role of the Housing Developers (Control and Licensing) Act, and the financial commitments involved.
He also discusses the potential for en-bloc sales in the future and how it might affect their investment.
Alex ensures that Sarah and Daniel understand the implications of the 'And/Or Nominee' clause in the OTP and the necessity for developers to open a project account when selling a significant number of units before the Temporary Occupation Permit (TOP) is issued.