Officially, HDB allows for a maximum 3-month temporary extension of stay after the completion date of your HDB resale transaction. This is only applicable if you have committed to purchasing a completed property in Singapore and need more time to move out. There are no extensions beyond this 3-month period.
However, in practice, some sellers and buyers might agree on a longer extension period through a private contractual agreement. This is not officially recognized by HDB and carries certain risks and considerations:
**Risks and Considerations:**
* **Legal Implications:** The buyer becomes the legal owner of the flat upon completion. Extending the stay beyond the official 3-month period could be seen as a form of unauthorized tenancy or even tax evasion.
* **Financial Implications:** You'll need to compensate the buyer for the extended stay, either through rent payments or adjusting the sale price. You might also incur higher property taxes as a non-owner occupier.
* **Potential for Disputes:** If there are any disagreements or issues during the extended stay, resolving them could be more complex due to the lack of official HDB involvement.
**Alternatives to a Long Extension:**
* **Negotiate a Later Completion Date:** If you need more time, try negotiating a later completion date with the buyer during the initial stages of the transaction.
* **Temporary Accommodation:** Consider renting a temporary place or staying with family/friends during the transition period.
* **Storage Facilities:** If your concern is mainly about storing belongings, look into renting a storage unit for a short period.
**Recommendations:**
* **Consult with HDB:** Seek clarification from HDB regarding the extension of stay rules and any potential implications of exceeding the 3-month limit.
* **Legal Advice:** If you decide to proceed with a private agreement for a longer extension, consult with a lawyer to draft a comprehensive contract that protects both parties and outlines the terms and conditions clearly.
* **Open Communication:** Maintain open and transparent communication with the buyer throughout the process to avoid misunderstandings and potential disputes.
It's important to weigh the risks and benefits carefully before pursuing a long-term extension of stay after completion. While it might offer convenience in the short term, it could lead to legal and financial complications down the line.
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