Written by: Benjienen Toledo
The Housing & Development Board (HDB) has released an announcement that from 1 January 2018, resale flat buyers and sellers must log in to the HDB Resale Portal using their SingPass to start their buying or selling journey.
What does the new HDB Resale Portal mean for HDB sellers and buyers?
- The Intent to Sell / Buy replace the Resale Checklist, which was used prior to 1st January 2018.
- There is no more 1st and 2nd HDB Appointment. There is only one HDB Appointment which is the completion date.
- The Seller is now required to handover the key to the Buyer on the appointment date, which is eight (8) weeks from the date of HDB’s Acceptance of the Resale Application.
Here is an overview of the streamlined resale process:
- Seller registers an Intent to Sell in the HDB Resale Portal
- Seller starts marketing for his/ her HDB either through DIY or by engaging an estate agent
- Once the Seller has found a Buyer, the Buyer registers an Intent to Buy in the HDB Resale Portal
- Seller Grants Option to Purchase (OTP) to the Buyer
- Buyer gives the option fee on the Option Date
- The Option Period is 21 days; the Buyer exercises the OTP within that period
- Both Seller and Buyer will submit a Resale Application within the timeframe they have agreed
- The Buyer and Seller will be notified via SMS or E-mail when the HDB’s Approval Letter is posted in the portal
- HDB Appointment happens after 8 weeks from the date of HDB’s Acceptance of the resale application if the necessary documents are submitted accurately and promptly. This appointment is considered the Completion Date; the Seller is required to handover the key on the appointment date.
How Long is the Validity of the Intent to Sell?
The Intent to Sell is valid for 12 months. You will need to re-apply an Intent to Sell if you do not submit your resale application within 12 months.
The results generated from the Intent to Sell is based on information provided. It offers an indication of your eligibility, and does not constitute an approval by HDB. Your eligibility to sell a flat will be determined when you submit the resale application subsequently.
Please ensure that your details are accurate when registering your Intent. Your resale application will be rejected if the details submitted is different from that indicated in your Intent to Sell.
After completing the Intent to Sell, the HDB resale portal will direct you to download the OTP and to compute your estimated sale proceeds.
What are the Benefits of HDB Resale Portal?
The HDB Resale Portal can provide verification checks; thus, buying and selling an HDB resale flat will be easier and faster.
Upon registration, the Sellers/ Buyers will be able to receive instantaneous assessment on the following:
- Your eligibility to sell/ buy
- The Ethnic Integration Policy/ Singapore Permanent Resident (EIP/ SPR) Quota
- Status of upgrading
- Billing of upgrading costs; and
- Recent transacted prices of nearby flats
With these changes and the introduction of the new HDB Resale Portal, buyers and sellers will enjoy a streamlined resale process. Through the portal, you will be guided on your HBD buying and selling journey and get to track the progress of your transactions.
Log-in to the HDB Resale Portal with your SingPass now to start your resale journey.
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