If a buyer is using a bank loan for his HDB purchase, do we need to submit the OTP to the appointed lawyer

When purchasing an HDB resale flat using a bank loan, you do not need to submit the Option to Purchase (OTP) to a lawyer for issuance, as the OTP document is furnished by HDB. However, it is highly recommended to engage a conveyancing lawyer to manage the transaction, including reviewing the OTP terms and ensuring all legal procedures are followed correctly.

The lawyer will help in vetting the OTP contract, lodging a caveat to protect your interest in the property, and managing the payments such as the option fee, exercise fee, and down payment. They will also facilitate the submission of the resale application to HDB and handle the necessary legal documentation for the loan and the purchase.

In summary, while you do not need to submit the OTP to the lawyer for issuance, engaging a lawyer is crucial for ensuring the smooth and legal completion of the transaction.