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The 1st Step is to check & make sure that you are in the legal position to sell your HDB flat. Check with the official Housing Development Board to verify & confirm that you are eligible & legally approved to sell your HDB flat. You must also have the legal authority to sign any requisite HDB application forms or any other legal documents. Collect your Resale Application Form from the Reception Counter, HDB Hub. 480 Toa Payoh Lorong 6. Singapore 310480 or any HDB Branch Office.
The 2nd Step is to submit to Housing Development Board for a valuation of your HDB flat. The cost of valuation is S$150+3%+S$20 G.S.T. for 3 rooms or larger. This valuation report is required by your buyer for HDB to grant mortgage loan to the buyer. The buyer who bought your HDB flat has a choice of buying from you this valuation report or getting another one by themselves. This valuation report is however valid for a period of 3 months from date of report and you have to submit another valuation report when it expires & is no longer valid. You can skip this step if you opt for indicative Bank Valuation.
The 3rd Step is to check the ethnic eligibility for your HDB flat. This ethnic eligibility can possibly change over time depending on the racial mix which changes with buying & selling of HDB flats in that particular estate over a period of time. You can choose to call HDB Hotline at 1800-8663060 ext 21 or log on to the official HDB website.
The 4th Step is now to inform the world that you are selling your HDB flat, which is cost effectively put on the internet for everybody to see through our website, www.singaporepropertiesonline.com
The 5th Step is to answer & screen calls for ethnic eligibility & the callers' budget or those who can pay your price. Be prepared to answer many calls & be irritated by callers. Housing Agents are paid to do that on your behalf.
The 6th Step after careful screening is to arrange appointments to see your HDB flat. Remember to keep your HDB Flat neat & tidy and choose the best time & lighting circumstances for the viewing.
The 7th Step is to carefully promote your flat without appearing to be doing any hard selling. Your chances of selling are higher if there is a good buying selling relationship & atmosphere.
The 8th Step is to finally negotiate your price to a amicable conclusion. Occasionally, problems occur between family members on what is the correct price to sell. Have a good discussion & frame of mind before concluding the price. It would not look very good if there are changes to the price after agreeing on it.
The 9th Step is to collect a option fee not exceeding S$1000 from your buyer. For this option fee you cannot collect more than S$1000 under the rules and regulations of Housing Development Board. Remember to take down the particulars of the buyers. You may like to have a record of collecting such a deposit to be given to the buyers. After collecting the option fee, the Seller has to issue an Option To Purchase to the Buyer. The Form is in the HDB Resale Application envelope. In order that a sale is confirmed, the buyer must sign & exercise the Option to Purchase by paying up the remaining agreed deposit amount for which must not exceed S$5000 to the Seller. The Buyer has 14 days option period to consider whether to go ahead with the purchase or not by signing on the Option To Purchase. Should the Buyer withdraws & decide not to go ahead with the purchase, then the option fee is forfeited. Take note that at any one time, the Seller can only issue 1 Option To Purchase to a Buyer & only until the option period expires, then can the Seller issue another Option To Purchase. Such Option To Purchase grants the Buyer first right to purchase within a stipulated 14 days period, after which such rights shall lapse & the Seller is allowed to find another Buyer & grant another Option To Purchase to the new Buyer.
The 10th Step is to fill in the Resale Application forms which you had earlier picked up from HDB. Take note that both the buyers & the sellers must use HDB's Standard Sales & Purchase Agreement. They must not make any arrangement to enter into any other Sale & Purchase Agreement or Supplemental Agreement. All the required cost of payments and submissions are written very clearly in the Resale Application form. Buyers and Sellers just need to follow as accordingly to instructions in the form and bring the necessary documents and identifications at the time of appointment at HDB.
The 11th Step is to arrange an appointment at any HDB Branch Office to make a Statutory Declarations as specified in the Resale Application Form. All duly executed Statutory Declarations and Standard Sale & Purchase Agreement must be submitted together with the Resale Application Form.
The 12th Step is wait for notification for the 2 HDB appointments which are notified via post. The 2nd appointment will be notified after clearing the 1st Appointment hurdle. The 1st Appointment date is to process the resale transaction. Both the buyer and the seller may request for preferred appointment dates and time by completing the "Preference for Appointment" form in the Resale Application Form. Take note that no changes to the 1st appointment are allowed. If either the buyer or the seller does not turn up for the 1st Appointment as scheduled, the resale transaction will be cancelled. Prior to the 1st Appointment, the resale flat must be inspected by Officers from HDB's Branch Office for any unauthorised renovation. Both the seller and the buyer will be informed of the inspection date in the Letter of Appointment. The resale transaction will be withheld if the flat is not inspected.
The 13th Step is to wait for the 2nd HDB Appointment which is still notified via post. This 2nd Appointment is usually 4-6 weeks after the 1st Appointment. On the 2nd Appointment, HDB will witness the signing of the transfer document by seller; witness the signing of the mortgage document/agreement by the buyer (if applicable); the handover of keys from the seller to buyer after the buyer finds the physical condition of the flat acceptable (having inspected the flat before the completion date). Take note that the seller has to settle the service and conservancy charges and property tax up-to-date and produce official receipts for full payment. A confirmation letter of ownership will be given to the buyer to enable him to apply for PUB supply and renovation permit. The seller will receive his cheque for the nett sales proceeds (if any). The HDB will arrange to refund the seller's CPF monies to his CPF account within 7 days from the completion of the resale transaction. HDB will complete the resale transaction only upon confirmation from Supreme Court that there is no bankruptcy notice/proceeding against the seller.
Buyers have to take note that they have to pay the difference in cash if the purchase price is higher than the valuation. If the cash difference is more than 10% of the purchase price, then on the 1st Appointment or within 10 days from the 1st Appointment the buyer has to pay an amount equal to 10% of the purchase price in cash. The remaining balance difference will be paid on completion date i.e. 2nd Appointment. If the cash difference between the purchase price and valuation is less than 10% of the purchase, then this 1st 10% can be paid in part cash and part CPF. If the purchase price is less than the valuation, then 10% of the purchase price can be fully paid by CPF within 10 days from 1st Appointment. This 10% includes the cash deposit of not more than S$5,000/- paid earlier by the buyer to the seller.
We hope you are more confident now to sell your own HDB flat. Have confidence in yourself. Go ahead & sign up with us. Click Register . You can start planning where to go for your holiday with the Cost Savings. Need our property consultant for help & assistance, email : admin@andersonpropertyconsultants.com or call Vincent 96816288.
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