What happens after signing an OTP?

1. The seller will review the signed OTP and either accept it as is or may negotiate specific terms.

2. The buyer needs to pay the agreed-upon deposit, if required.

3. If the buyer is financing the purchase with a home loan, he/she needs to apply for the loan.

4. The transferring attorney starts the property transfer process.

5. During this time, the buyer may conduct a property inspection or valuation to ensure the property is in the expected condition and value.

6. If there are any conditions or suspensive clauses in the OTP, such as obtaining a home loan or selling an existing property, these conditions need to be met within the specified timeframe.

7. Once all conditions have been met, the transferring attorney will prepare the necessary documents for the property transfer and registration.

8. Both the buyer and seller, or their appointed representatives, will meet at the Deeds Office to sign the necessary documents. The property is officially transferred to the buyer and the title deed is registered in his/her name.

9. On the day of registration, the buyer is required to pay the balance of the purchase price to the transferring attorney. The transferring attorney will distribute the funds to the seller, settling any outstanding amounts and fees.

10. After registration, the buyer takes possession of the property as per the agreed occupation date.