As of today, we are officially property owners! The 4% of the property price that is due at the expiry of the Option To Purchase came through yesterday thanks to my parents and as such, our lawyer has decided to exercise the Option today.
An Option To Purchase (OTP) is a document that is issued by the seller or the seller’s agent, stating the intent on purchasing the property with the payment of 1% of the property price. The OTP is also known as Earnest Monies in countries abroad and it basically means that you have the intention of buying this property, so the seller will push away all potential offers. However, OTPs here have a lifespan of two weeks and by the end of the two weeks, the buyer has to sign the document and provide 4% of the purchase price in order to exercise it. Otherwise, the buyer forfeits the 1%.
In our case, that 1% is a lot of money – nearly two months’ salary – so we had quite a stressful time this week ensuring that our 4% would come in while juggling dyeing, working on bpi training assignments and so forth. It didn’t. No thanks to the volcano eruption and subsequent closure of European airports, the bank couldn’t facilitate the transfer in time so we had to look somewhere else to help us make the payment. We have the money; it just wasn’t coming in fast enough!!! Luckily, my parents had the cash and they did a telegraphic transfer which cleared yesterday – just in time for the lawyer to exercise the option.
So in future to all you peeps who are staying abroad and wish to buy a property where you are – don’t be like Nil and myself, and wait till you lay down the Option to transfer down some money. Start the transfer at least two-three weeks BEFORE you go house-hunting lest Murphy’s law does hit you right smack in the arse!
Anyway, after having said all that…we are now property owners!!!! w00t!