When you have found a resale HDB flat you want to buy, be sure to understand the resale procedures as stated below.
1) Register Intent to Buy
From 1 January 2018, resale flat buyers and sellers will need to login to the HDB Resale Portal using their SingPass, to start their buying or selling journey.
The portal will guide you through the following steps:-
- Register Intent to Buy
- Search for Suitable Flat and Get Option to Purchase (OTP)
- Choose Mode of Financing
- Submit Request for Value to HDB
- Submit Resale Application
- Acknowledge Resale Documents
- Pay Fees (Online Payment)
- Approval of Resale
- Completion of Resale
2) Option to Purchase (OTP)
After registering your Intent to Buy, you can proceed to look for a suitable flat within your budget and obtain an OTP from the sellers when you have agreed on a price for the flat. If you intend to get an HDB housing loan, you will need a valid HDB Loan Eligibility (HLE) letter from HDB before the sellers can grant you an OTP. If you intend to get a housing loan from a financial institution (FI), you must have a valid Letter of Offer (LO) before you exercise the OTP.
You and the sellers must use HDB’s Option to Purchase (OTP) as the form of contract in the transaction. Any other agreements and supplementary agreements relating to the sale or purchase of the flat are not valid under the Housing and Development Act.
3) Resale Application
After exercising the Option to Purchase (OTP), you and the sellers must submit your respective portions of the resale application via the HDB Resale Portal, together with the necessary documents. Salespersons can use the Estate Agent Toolkit to submit resale applications on behalf of their clients.
Upon receipt of the resale application and supporting documents, HDB will verify the information provided by the seller and yourself. You and the seller should make sure that both of you meet all the eligibility conditions and resale requirements when submitting your resale application. If the application is in order, we will notify you and the sellers of our acceptance of the application via SMS/ email. On average, it will take about 8 weeks from the date of our acceptance of the resale application, to process the application.
4) Appointment at HDB
With the streamlined resale process, buyers and sellers are required to attend only 1 resale appointment at HDB. You will need to be present for the resale completion appointment, if you have engaged HDB’s solicitor to act for you. If you have engaged your private solicitors to act for you, your solicitor representative can attend the resale completion appointment on your behalf.
5) Conditions after Buying
- Minimum Occupation Period (MOP)
- Disposal of Existing Flat
- Resale levy
- Refund of CPF Monies
- Further conditions for proximity housing grant
- Citizen top-up for grants received by sc/spr households
To find out more, read here.