What are the first steps if I am looking to sell my HDB flat?
Ensure first that you have fulfilled your MOP, then register your Intent to Sell on the HDB Portal.
Next, look for a property agent to help you list your flat for sale.
You can also choose to list your flat on your own, however you will be not be able to post on some popular agent-only portals, such as PropertyGuru and will have the manage the entire sale process yourself.
Some options to list your own flat for sale are Carousell or Facebook groups posts.
How should I prepare before I accept viewing appointments?
Declutter and keep your flat clean.
During the viewings, keep your home bright and breezy and replace any light bulbs that are not working.
These will potentially increase your chances of offers coming in from potential buyers.
Be prepared to answer questions on price negotiations and state upfront should you require a 3-month extension to continue staying in the flat upon resale transaction.
I would like to accept an offer, what's next?
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Check that the buyer has a valid HFE letter and meets the EIP and SPR quota.
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Issue an Option to Purchase (OTP) to the buyer after your have registered for an Intent to Sell for at least 7 days on the HDB Portal.
The buyer needs to pay you an option fee between $1-$1000.
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In turn, you are not allowed to grant another OTP to another buyer with your acceptance of the option fee, unless this OTP is not exercised upon the expiry date.
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Wait for the buyer to exercise the OTP within the option period of 21 calendar days.
To exercise the OTP, the buyer will have to pay you an option exercise fee of not more than $5,000, including the option fee that was paid to you previously.
After the buyer exercised the OTP, how do I complete the purchase?
Both you and the buyer are required to individually submit your portions of the resale application within the specified timeframes:
- Within the designated number of days mentioned on page 4 of the OTP.
- Within 7 days of each other’s submissions.
If both parties’ application and documents are in order, HDB will notify you and the sellers of their acceptance of the application.
Thereafter, it will take about 8 weeks to process the application and complete the transaction.
Upon the successful completion of the resale transaction, you are required to vacate the flat, unless of course, you have negotiated and signed the agreement with the buyer for a 3-month occupancy extension.