You’ve finally found a buyer for your HDB resale flat. Great! But now you’re wondering just how to proceed from here. Once the Option to Purchase (OTP) between you and the buyer is signed, you’ve awarded them the exclusive right to purchase your property from you. But that’s not the end of the paperwork – it’s where your HDB resale application starts.
If you’re confused about what documents to fill out, how much in fees to pay, and how long all of that might take, then you’ve come to the right address. Below we’ll outline in detail what you need to know about your HDB resale application.
As the name suggests, this is what you’ll officially submit to HDB when you want to sell your flat in Singapore. It’s one of the final steps of the HDB resale process and can be completed via the HDB Resale Portal.
You’ll need about 15-30 minutes to complete the application. But don’t worry if you’re interrupted in between: you can save your application as a draft and then continue filling it out later on.
HDB may require soft copies of the following:
Your buyer will also have a number of documents to submit on their end, such as their personal income documents and HLE letter.
Once you’ve submitted your HDB Resale Application, remind the buyer to submit theirs within 7 calendar days. If you fail to do so, the application will lapse and you’ll lose your application fee!
*Note: If you’re using the proceeds from the sale of this HDB to buy a new flat, you’ll need to indicate that you’re applying for the Enhanced Contra Facility on the HDB Resale Application.
Both you and your buyer will each have to pay an administrative fee when submitting the Resale Application. The exact amount differs depending on the size of the flat:
You can pay via Visa / Mastercard on the HDB Resale Portal.
After you’ve paid up, HDB will send you an SMS within 10 working days. This message will either inform you that they’ve accepted your application or that you’ve missed something out. HDB’s official acceptance marks the beginning of the 8-week processing time.
(Read also: The Costs of Selling Your Property)
During the 8-week processing time, you’ll have a number of tasks to clear:
You’ll find a more detailed HDB resale timeline here. Throughout the 8-week timeframe, both you and the buyer can login to the HDB resale portal and check on your application status at any time.
Yes, if you’ve changed your mind about selling your flat. However, you may need the buyer’s consent if you’re doing it later on in the 8-week timeframe — and bear in mind that the OTP is a legally-binding contract that you’ll have to privately settle.
If you’re sure you want to cancel your HDB Resale Application, write in to HDB to do so.
Here are the possible scenarios in which the application might be canceled:
Assuming all the documents have been approved and the financing has come through, you’ll then have to attend the Resale Completion Appointment with an HDB representative – even if you’ve engaged an HDB solicitor to act for you. However, a private solicitor can attend this appointment on your behalf.
The date of the appointment is usually around 8 weeks after the resale application has been accepted. Both seller and buyer will be notified via SMS about the exact date and time.
The HDB resale procedure may seem long at first glance, but in most cases isn’t as painful as it sounds. You can complete the entire process within 6 months, and most steps can be done online.
However, if you have more questions about the resale process, you can take part in an HDB resale seminar or schedule a consultation with a Bluenest advisor for free.
Was this article helpful? Good things must share!