Buying a property


You need a ‘big picture’ budget for homeownership

The ABCs of an OTP

You've found a property that ticks all your boxes and you're ready to submit your Offer to Purchase (OTP). You should read your OTP carefully and make sure you understand everything it says. Speak to an attorney or estate agent if you are unsure of anything - now is the time to ask! Once you and the seller have both signed, the OTP becomes legally binding and constitutes a Deed of Sale. At that point, changing your mind and backing out could lead to financial penalties.

The OTP is an agreement between buyer and seller. It sets out the terms and conditions of the sale and it forms the foundation of the transaction. It should be drawn up by an attorney or estate agent- and must include:

  • Buyer and seller's correct details
  • Same description of the property as on the Title Deed
  • Price being offered by the buyer
  • Occupation date and occupational rent
  • Special conditions
  • List of fixtures and fittings (what is staying and what is going)
  • Full list of defects

Hi I am left

I am right

Related articles

How much can you afford?

Your dream home is closer than you think. Make your budget work with the help of our range of calculators

Contact us on 0800 007 111

BetterBond © 2024 | BetterHome Group | All rights reserved

Follow us

Betterbond YoutubeBetterbond InstagramBetterbond facebookBetterbond TwitterBetterbond LinkedIn