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Once an Option to Purchase (OTP) is issued, your buyer will have 14 days to think over the intended purchase and to check his/her eligibility, financing aspects and other issues such as to whether the flat is affected by redevelopment or upgrading, the liability to pay for upgrading costs, levy and so on and then to exercise his/her option.

The completion date will be within 8 weeks from the date of HDB’s acceptance of the resale application, unless extended by HDB.

Upon receipt of a complete resale application from the flat sellers and buyers, HDB will verify the eligibility of flat sellers and buyers, and review the supporting documents submitted. If the application is in order, HDB will notify the flat sellers and buyers of its acceptance of the application via SMS and emails within 7 working days, and post the application progress update in the HDB resale Portal. The date of HDB’s acceptance of the resale application makes the beginning of the 8- week processing time.

HDB will grant an approval for the resale, typically within 2 weeks after the sellers and buyers have endorsed on the documents prepared by the HDB. Buyers and sellers are advised to respond promptly to prevent any delay or cancellation of the resale application.

Once the resale application is approved, flat sellers and buyers will be notified via SMS and emails. The approval letter will also be posted on the HDB Resale Portal for buyers and sellers viewing.

As such, it is advisable to place a deposit once HDB has approved all documents as any delays may impact your timeline. Once this is cleared, you will likewise need to pay an option fee of an amount not exceeding $1,000. If you decide not to proceed with the purchase, you will lose the option fee. You are also given 14 days to think over the intended purchase, similar to the scenario described above.

The Temporary Extension of Stay grants you no more than 3 months from the Resale Completion Date to move to your new home. In your case, the buyer has given you 1-and-a-half months. You will have to move out after this period. You may read more about it via HDB's website here: https://www.hdb.gov.sg/cs/infoweb/e-resale/temporary-extension-of-stay-by-flat

An agent will be able to ensure a seamless experience during the entire selling and buying journey.

Hope this answers your question.

Best Regards,

Team PropertyGuru Read More