Picture this: you’ve found a buyer and everything is well and good but what happens if you can’t move out in time for the resale completion date? We have good news – HDB allows sellers (or Ex-Owners in this case) to continue stay in their legally sold flat for a limited time period, a request known as the HDB Temporary Extension of Stay.
Here are the necessary steps you’ll need to do to make it happen. Spoiler alert: it takes some teamwork with your buyer.
1. Discuss extension of stay with buyer before OTP grant
Yes, the Extension request must be brought up before issuing the Buyer the Option to Purchase (OTP). This is to ensure that the Buyer is sufficiently prepared to move in at the postponed date. Take note that the Extension limit is capped at 3 months, after which it will auto-terminate. Once the Extension is agreed upon by both you and the Buyer, it’s time for the next step.
2. Download request for Temporary Extension of Stay after resale completion form
Both you and the Buyer will need to sign the Temporary Extension of Stay After Resale Completion Form in the presence of an HDB Customer Relations Manager. You can download the form from the HDB website. Having the agreement in black and white will prevent potential squabbles in the future.
3. Sign and submit the form to HDB
Both Seller and Buyer will need to submit the form along with the resale application by paying a visit to an HDB Branch. You can make an appointment online through the My HDBPage. Keep in mind that there’ll be a $20 administrative fee charged to the Buyer when they come down for their First Appointment.
Tadaa! In just 3 steps (and some coordination with your Buyer), buying time before moving out is definitely a doable process. Rather leave it to a professional? Be sure to check out our comprehensive Documentation Services for Seller that takes care of all the necessary paperwork from Option to Purchase (OTP) to handover.