If you plan to sell your HDB flat, this is what you need to know and consider, for both your sale and the purchase of your next home.
1) Register Intent to Sell
From 1 January 2018, resale flat buyers and sellers have to log in to the HDB Resale Portal using their SingPass to start their buying or selling journey.
The portal will guide flat sellers through the following steps:
- Register Intent to Sell
- Submit Resale Application
- Acknowledge Resale Documents
- Pay Fees (Online Payment)
- Approval of Resale
- Completion of Resale
2) Option to Purchase
- Negotiate and agree on the resale priceYou and the buyers have to negotiate and agree on the resale price of the flat. You can make use of the Resale Flat Prices e-Service to check the resale transacted prices for the past 2 years to assist you in making an informed decision. The figures are updated daily based on HDB’s registration of the resale applications received.
- You can only grant an OTP to buyers at least 7 days after registering your Intent to Sell. You should use this cooling-off period wisely and consider the housing options available to you.If you decide to sell your flat, you may grant an Option to the buyers, to sell the resale flat at the agreed resale price.
- The Option period is 21 calendar days (including Saturdays, Sundays and Public Holidays), from the date of granting the OTP (refer to Step 2). It expires at 4pm on the 21st calendar day.If the flat buyers wish to purchase the flat, they have to exercise the Option within the Option Period. If the buyers do not wish to proceed with the purchase and exercise the OTP, you will need to wait for the Option Expiry Date to lapse. The buyers will forfeit the Option Fee previously paid in Step 2; you may keep the Option Fee.
- Decide when to submit the resale application
After the buyers have exercised the Option, you and the buyers have to decide on a date to submit the resale application to HDB. Both you and your buyer’s portion of the resale application must be submitted within 7 days of each other’s. Both portions must also be submitted within the previously agreed number of days on page 4 of the OTP.
3) Resale Application
After exercising the Option to Purchase (OTP), buyers and sellers must submit their respective portions of the resale application, together with the necessary documents, to HDB via the HDB Resale Portal. Salespersons can use the Estate Agent Toolkit to submit resale applications on behalf of their clients.
4) Appointment with 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 solicitor to act for you. If you have engaged your private solicitors to act for you, your solicitor representative will attend the resale completion appointment on your behalf.
5) Temporary Extension of Stay for Sellers
You and your co-sellers need to move out of the flat after the sale of the flat is legally completed. The buyers, being the new owners of the flat, will start Minimum Occupation Period (MOP) from this legal completion date.
If you are not be able to move out immediately upon the legal completion of the sale, you can arrange with the flat buyers, to extend your stay temporarily in the flat, for a period of up to 3 months after the legal completion.
To find out more, visit here.