Selling Procedures (HDB)

For whatever reason you are selling your HDB; from outgrowing your home and need more space for your family to an upgrade of lifestyle, lets' go through the procedures and process.

Let run you through all the requirements, from the very start of understanding finances to the completion of the sale.

Step
01

Eligibility

The very first step is to know whether you can sell. Minimum Occupation Period (MOP) needs to be observed. You may visit 

https://www.hdb.gov.sg/cs/infoweb/residential/selling-a-flat/eligibility

to find out more.

Step
02

Knowing The Finances

Calculation of sale proceeds. Will the sales be a nett negative sales. Know the proceeds after sales will also let you plan your options if you plan to purchase another unit. 

Step
03

Know The After Sales Plan

Know where you will be moving to after selling the flat. 

Step
04

Draft The Overall Timeline

With step 2 & 3 known, we will be able to work out a timeline for the move. Whether we need extension and also we can plan when to purchase and commit to the new property.

Step
05

Price Analysis & Setting of Price

Reference to the ever changing real estate market, we will come out with a pricing for your property. You may find our the estimated value of your property now using Home Value Report

Step
06

Register Intent To Sell (HDB)

You can do so 

https://www.hdb.gov.sg/cs/infoweb/residential/selling-a-flat/plan-source-and-contract/intent-to-sell

Note that the Intent to Sell is valid for 12 months, and there’s a 7-day cooling-off period before you can issue an OTP. 

This means you can’t market the flat first, find a buyer, then register your Intent to Sell and immediately issue the buyer the OTP.

Step
07

Marketing Of Property

Leave this to us. See how we will do it here.

Step
08

Issue Option To Purchase (OTP)

Once you’ve found a buyer, you can issue them the formal HDB OTP. They’ll also have to give you a previously agreed-upon amount for the Option Fee (anywhere from $1 to $1,000).

From there, the buyer has 21 calendar days to confirm whether he or she really wants to buy your property. If they don’t, you keep the Option Fee.

Step
09

Excising Of OTP & Resale Submission

If the buyer choose to excerise, they’ll have to pay you an Option Exercise Fee.

The Option Fee + Option Exercise Fee will form the deposit for your resale flat.

The exact amount for the Option Exercise Fee is negotiable, but the Option Fee + Option Exercise Fee shouldn’t go over $5,000.

Once excised, we may proceed with the resale submission.

https://services2.hdb.gov.sg/webapp/BB31ERESALE3/

Any extension application will also be made in this step.

Step
10

HDB Approval & Fix Of Completion Date

HDB will now process the documents and will inform of the outcome once all the paperwork is in place. You will be notified of the final completion and an appointment will be made for the actual complettion.

Step
11

Pre Completion Inspection

Nearing the completion date, the new buyers will inspect the unit before the final completion. This is to ensure that there is no changes to the items agreed upon and you have moved out.

Step
12

Administration

It will be good to terminate any GIRO payment made to the property. Also clear off any outstanding town council charges and property taxed payment to ensure that the completion is a smooth one.

Step
13

Completion Day

Finally to the big day.

Stuff to Bring for Your HDB Resale Completion Appointment:

  • Receipt for Service & Conservancy Charges payment

  • Original Option to Purchase (OTP)

  • All the keys for your HDB

If you’ve got a solicitor acting on your behalf, you won’t have to attend the HDB Resale Completion Appointment yourself. Otherwise, you and the buyer will have to head over to HDB Hub.

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Source: HDB Website