{"id":21046,"date":"2018-10-27T07:30:45","date_gmt":"2018-10-26T23:30:45","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=21046"},"modified":"2022-07-01T05:00:44","modified_gmt":"2022-06-30T21:00:44","slug":"property-buyers-forfeit-option-fees","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/property-buyers-forfeit-option-fees\/","title":{"rendered":"5 reasons why property buyers forfeit their option fees"},"content":{"rendered":"
<\/div>

The number of new launch condo buyers surrendering their condo deposits spiked in September this year \u2014 169 units were recorded as returned units. <\/strong>Out of these units, 57 were from Stirling Residences<\/a>.\u00a0It’s also noteworthy that at the height of the property boom in 2017, there were about 1,347 cases in Q2 and Q3 that year where new launch condo buyers gave up their option fees.<\/p>\n

In a nutshell, this is the procedure new launch condo buyers follow when they want to buy a unit: Upon signing the Option to Purchase (OTP) for a new launch condo unit, the buyer must commit to paying a 5% booking fee as part of the 20% downpayment for the unit. Under the terms, if the buyer backs out and chooses not to sign the Sales & Purchase Agreement within the three-week validity period of the OTP, the developer will forfeit 25% of the booking fee, which amounts to 1.25% of the purchase price of the unit.<\/p>\n

For buyers of resale units, forfeited deposits are a common occurrence too. The difference is they only pay 1% of the purchase price of the unit upfront on signing the OTP, and the OTP is valid for a period of two weeks before it expires. The option fee is forfeited if the OTP is not exercised.<\/p>\n

1-1.25% of the purchase price of a condo unit is not a small sum. Having to give up $12,500 for a $1 million condo unit is definitely a situation that is better avoided. If we look at why buyers to back out of OTPs and lose their deposits, it comes down to these five common reasons:<\/p>\n

Reason #1: The buyer has no loan Approval-in-Principle (AIP), or lied to get the AIP<\/b><\/h3>\n

Cautious buyers are always careful to get AIP from a bank before they put down the deposit for a condo unit \u2014 be it a new launch or resale. The AIP is a written agreement by the bank to lend them a certain sum, if they purchase a property within the validity period of the AIP, which is usually two to three weeks.<\/p>\n

However, some buyers either lack planning or are impatient (for example, when they see the competition they face at the new launch preview). The buyer then goes ahead, submits a cheque and signs the OTP even before securing the promise of a bank loan. Later, when they can\u2019t find a bank willing to lend (or lend enough) to them, they have to forfeit 1-1.25% of the purchase price of the unit.<\/span><\/p>\n

A variation of this is when the buyer lies to get the AIP. For example, the buyer may have falsely declared a higher income to secure a bigger loan quantum, or put up collateral that doesn\u2019t really belong to them. If the bank discovers the deception (which they usually do), they don\u2019t have to honour the AIP.<\/span><\/p>\n

To get a higher AIP loan amount, clear any outstanding debts as they all eat into your Total Debt Servicing Ratio (TDSR)<\/a>.<\/p>\n

\"property-buyer-option-fees\"
Getting an Approval-in-Principle will minimise the chances of having to forfeit your option fee.<\/figcaption><\/figure>\n

Reason #2: The buyer is depending on the sale of their former home, and the deal falls through<\/b><\/h3>\n

This is a major reason why buyers of resale condos have to forfeit their option fees. Many times, these buyers are dependent on the sales proceeds from their previous home to fund their new one. A typical example is when upgrading: the buyers may count on the sales proceeds of their HDB resale flat, to cover a large part of their new condo\u2019s cost.<\/span><\/p>\n

There\u2019s some delicate timing involved here. It sometimes happens that the buyer secures the Option, but then finds the sale of their previous home has fallen through \u2014 perhaps the buyer of their old flat suddenly lost his job, and can no longer secure a loan.<\/span><\/p>\n

In these cases, the buyers may sometimes ask for an extension; but that can carry an interest rate of up to 8% per annum (see section 9 of the Law Society of Singapore\u2019s Conditions of Sale <\/span>here<\/span><\/a>). Some buyers are more willing to just give up and surrender the deposit.<\/span><\/p>\n

[Tip for selling your home faster<\/em>: Work with an agent who\u00a0lists on 99.co<\/a>]<\/p>\n

Reason #3: <\/b>\u00a0<\/span>The buyer thinks they are walking into a bad deal, or have spotted a better alternative <\/b><\/h3>\n

In an ideal world, investors will never put down a deposit on a bad deal. In practice, problems may be discovered only after the OTP is signed. <\/span><\/p>\n

For example, the buyer might find out that the management council is going to sue the developer for serious defects, or that the resale flat they\u2019re buying has been targeted by loan sharks. This discovery may happen only after securing the OTP.<\/span><\/p>\n

Given the serious problems that might occur down the road, they may be better off forfeiting the deposit right now. <\/span><\/p>\n

It may also be that they\u2019ve spotted a better investment option, such as another property (especially the case for new launches) or a good stock. For new launches, the buyer \u2014 be it a homeowner or investor \u2014 could also have decided that the resale route works better for them. <\/span><\/p>\n

If the numbers work out, these buyers may be willing to forfeit the deposit and put their money elsewhere. After all, property requires a big commitment of capital, and will be hard to liquidate once they\u2019ve bought it, so sometimes small painful decisions need to be made to avoid heartache down the road.<\/span><\/p>\n

Reason #4: A co-borrower wants to back out at the last moment<\/b><\/h3>\n

Many property purchases involve multiple borrowers. Besides a spouse, for example, co-borrowers might include in-laws and siblings. And when purchasing purely for investment, co-borrowers can include fellow investors or business partners.<\/span><\/p>\n

It sometimes happens that a co-borrower wants to pull out of the deal after the deposit is paid. This can happen for many reasons, from disputes about how the property will be used, to a co-borrower suffering financial setbacks and no longer being able to commit.<\/span><\/p>\n

When this happens, factors such as the Income Weighted Average Age (IWAA), and the debt servicing ratios of the existing borrowers, all need to be re-calculated. It\u2019s likely that, once the numbers have been crunched, the remaining borrowers won\u2019t qualify for the same loan amount. This can lead to everyone involved agreeing to back out, unless the remaining borrowers have deep pockets and are all happy to make bigger downpayments. <\/span><\/p>\n

The lesson here: when purchasing a house with a co-borrower, it\u2019s important to ensure they\u2019re as emotionally committed as you are, and financially stable.<\/span><\/p>\n

\"buying
Make sure you and your co-borrower is on the same page before signing the OTP.<\/figcaption><\/figure>\n

Reason #5: Major change-of-life events<\/b><\/h3>\n

Sometimes, there\u2019s no reason other than bad luck when it comes to having to forfeit option fees. The buyer might get retrenched, a co-borrower might pass away (touchwood), or a foreign buyer might have to return home or resettle unexpectedly. These circumstances can make it impossible to proceed with the deal, and the deposit is simply lost.<\/span><\/p>\n

Sellers who are dependent on the sales proceeds of their house at a critical time \u2014 such as in the midst of upgrading \u2014 should be prepared for such events. No amount of legally binding contracts can stop life when it decides to get in the way. Because of this, it’s advisable to have an emergency fund \u2014 at least six months of your expenses \u2014 on hand before you take the big step of upgrading. <\/span><\/p>\n

As for buyers, speed is of the essence. For example, don\u2019t wait two weeks to exercise an OTP just because you can; if you see nothing wrong with the property, get the transaction over with as quickly and cleanly as possible. Allow minimal chances for random life events to get in the way.<\/span><\/p>\n

In what situation would you give up your option fee? Voice your thoughts in our comments section or\u00a0on\u00a0our Facebook community page<\/a>.<\/em><\/p>\n

 <\/p>\n

If you found this article helpful, 99.co recommends\u00a04 reasons why home buyers in Singapore shouldn\u2019t think like property investors<\/a>\u00a0and\u00a0URA Master Plan for Property Buyers: How to understand it<\/a><\/p>\n

Looking for a property? Find the home of your dreams today on Singapore\u2019s largest\u00a0property portal 99.co<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

The number of new launch condo buyers surrendering their condo deposits spiked in September this year \u2014 169 units were recorded as returned units. Out of these units, 57 were from Stirling Residences.\u00a0It’s also noteworthy that at the height of the property boom in 2017, there were about 1,347 cases in Q2 and Q3 that…<\/p>\n","protected":false},"author":21,"featured_media":55348,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_lmt_disableupdate":"","_lmt_disable":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[53593,57131],"tags":[53684,54891,54811],"persona":[],"class_list":{"2":"type-post","12":"entry","13":"has-post-thumbnail"},"acf":[],"yoast_head":"\n5 reasons why property buyers forfeit their option fees - 99.co<\/title>\n<meta name=\"description\" content=\"Why\u00a0do buyers to back out of OTPs and lose their option fees? 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