I will try to explain it as a layman term like how I would understand the term.
Option - First deposit to be given to the seller by the buyers. Hence, the seller can issue the option to purchase(OTP). OTP is an agreement that the sellers will not sell this unit to anyone else except for the said buyer. The buyer, then, use it to do a valuation.
Exercise - After doing the valuation, if the buyers agree with the price he will exercise. This is the second deposit. At this point, buyers and sellers cannot back out from the sale.
If the buyers do not agree with the price, they can back out and not exercise. But they will lose his first deposit.
Submission - This is to submit the necessary documents HDB.
Complete - The whole process is completed. If you are the seller, you are no longer the owner of the house. You will get your cash proceeds on the day and CPF refunded weeks later.
If you are the buyer, you are now the new owner of the house.
Handover - In most property transactions, during the negotiation phase, buyers and sellers have to agree on the extension period. Which is also known as the rent-free period. So after the completion, the sellers can stay in the property for the period of time that was agreed upon. Handover simply means after the period is over you handover the keys to the new owner.
Hope this helps :)
I will try to explain it as a layman term like how I would understand the term.
Option - First deposit to be given to the seller by the buyers. Hence, the seller can issue the option to purchase(OTP). OTP is an agreement that the sellers will not sell this unit to anyone else except for the said buyer. The buyer, then, use it to do a valuation.
Exercise - After doing the valuation, if the buyers agree with the price he will exercise. This is the second deposit. At this point, buyers and sellers cannot back out from the sale.
If the buyers do not agree with the price, they can back out and not exercise. But they will lose his first deposit.
Submission - This is to submit the necessary documents HDB.
Complete - The whole process is completed. If you are the seller, you are no longer the owner of the house. You will get your cash proceeds on the day and CPF refunded weeks later.
If you are the buyer, you are now the new owner of the house.
Handover - In most property transactions, during the negotiation phase, buyers and sellers have to agree on the extension period. Which is also known as the rent-free period. So after the completion, the sellers can stay in the property for the period of time that was agreed upon. Handover simply means after the period is over you handover the keys to the new owner.
Hope this helps :)