Home ownership in Singapore may sound daunting for first-time buyers, but a smooth transaction is possible even if you do it on your own. Compared to other countries with convoluted procedures and documentation, the Housing & Development Board (HDB) has a straightforward HDB Resale procedure that is mostly done online. This allows home buyers and sellers to complete transactions remotely, a boon in an era of safe distancing.
How long does it take to buy an HDB resale flat?
Not that long, thanks to the streamlined and user-friendly HDB Resale Portal. The whole process of buying an HDB resale flat can take anywhere from 12 to 15 weeks, depending on how quickly you can choose the flat you want and negotiate with the seller.
Still unsure about where to begin? We’ve created an overview of everything that every aspiring buyer needs to know when purchasing an HDB resale flat.
HDB Resale Procedure: Buyer’s Timeline
Steps, timeframe, costs – all the basic steps in HDB resale transactions are right here for your perusal.
|Day 1||Step 1: Register your Intent to Buy on the HDB Resale Portal.
|Within 3 weeks of Registering Intent to Buy||Step 2: Determine your budget and apply for financing.
|Weeks 1-2||Step 3: Source and contact potential sellers.
|Week 2||Step 4: Make an offer.
|The day after the Option Date as stated in the OTP||Step 5: Submit a Request for Value.|
|Within 21 days of being granted by the seller||Step 6: Exercise the OTP.
|Within the mutually agreed date of submission with the seller*||Step 7: Submit the Resale Application.
|Within 1 month after the Resale Application has been submitted||Step 8: Endorse HDB documents and pay the conveyancing fees.
|1 to 3 days before the Completion Appointment||Step 9: Inspect the flat.
|Within 8-10 weeks of HDB’s Acceptance of the Resale Application||Step 10: Attend the Completion Appointment.
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