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Hi,

1) In today's market, unless you are paying a very good price for the condo. The seller properly won't give a 30 days option period and wait for you.
2) Yes, your HDB OTP must be exercised before you exercise your purchase OTP in order to avoid paying the ABSD.
3) According to the CPF, the CPF board will need 14 working days to credit back your sales to your OA.
4) It is ideal to carry out both sales and buy at the same time. Meaning you start your marketing and viewing of your purchase concurrently. You can only offer once a buyer exercised the OTP.
In this way, unless there are hiccups on the buyer you should have your funds back on time for the purchase.
But do note that private transactions usually only got 14 days to exercise the OTP, thus your HDB resale submission must be done before your exercising.
5) Strongly suggest discussing this with your agent and plan a workable timeline before carrying out your plan.

Hope the above answer your main concerns, but if there are more query, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer

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Good afternoon,

Firstly you have to fulfill your MOP of 5 years before you can do any sale or purchase of residential property.

Yes you can make an offer for the condo first but the seller may not be willing to wait too long (option period) for you to find a buyer for yout HDB. Yes we need to time the exercise date of the HDB OTP to be before the exercise date of the condo. As once the HDB OTP is exercised, it is considered interest disposed and property sold and no longer a property count.

Do note such a method also involves some risks, as HDB may not approve the sale for whichever reason or touchwood the buyer of your HDB somehow couldn't complete the purchase. This is where I can value add by qualifying and securing a buyer that will ensure a seamless process, especially when your timeline and funds are quite closely tied to both the sale & purchase transaction.

We should time our completion dates to have approximately a 3 week gap, for the CPF refund and disbursement and conveyancing purposes. The sale cash proceeds (if any) you will receive upon completion of sale. CPF refund takes about 5 to 10 working days.

I have helped various clients in similar situation to transit smoothly and will be happy to collaborate on the same.

May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,

Ivan Ng Realtor
ERA Senior Marketing Director
ERA Diamond Achiever

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-- EC Sellers, Private Property Buyers Dr. Chan & Ms. Xie --

I would like to compliment Mr Ivan Ng for his professional work and effort.I sent my first post in Jan 2019 and Ivan replied promptly, so I have decided to contact Ivan for follow up. My EC was not ready for sale due to MOP (another 3 months from Jan) at that time and Ivan was able to give me advices on how to proceed from there. Initially we have decided to try to write to HDB for early sale but since it was only 3 months left, eventually we waited for another 3 months while we looked for our next property. Ivan was able to arrange for new property showroom appointment at a timely manner while helping us to list for our EC for sale. We were a bit worried when our EC sale time was longer than expected due to trade war, but Ivan was able to reassure us that our EC would sell. By November, he managed to secure a buyer for our EC. Thank you.

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Hi, appreciate your sharing. It depends on your next move ? Whether you wish to rent or have interim place to stay with parents ? Looking forward to assist you soon. Thank you Stewart Lim 9696 4398  Read More

Hi,

Timeline planning is especially important in your situation. You will need to ensure that you can get 75% loan (if needed), avoid paying ABSD, and also manage you funds inflow and outflow to ensure the sale proceeds are ready to be disbursed for your purchase.

This is very common for HDB upgraders to condos. Apart from the above, I think it would also be helpful if you could avoid the hassle of having to shift house more than once during this transition too.

I am experienced and well-versed in both HDB and private transactions, and I have assisted many clients in their upgrading plans over the years. I will be able to assist you in your property plans. Please get in touch with me for a more in-depth discussion.

Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More

Hi,

I would be most glad to assist you further and please feel free to let me know if you need any assistance. Have a good day ahead. By the way, it is advisable to find a buyer for the HDB flat first before you pay the option for the private property lest the 1% deposit gets forfeited.

Regards
Aaron Chong
 9730 8455 
aaronchong2774@yahoo.com.sg Read More

Dear Sir/Mdm,

1) It is very important to plan the sale and purchase concurrently when you are upgrading. I will suggest that you issue the HDB OTP first and wait for the buyer to exercise before making an offer for the condo. This is so that you can minimise your risk as you will need to put up a 1% option fee for the condo purchase and if the buyer do not exercise the HDB OTP, you may face the risk of paying the ABSD.

2) To avoid the ABSD, you can exercise the OTP for the purchase of the condo once the buyer for your HDB has exercised the OTP. You do not need to wait for the HDB approval of sale.

3) For the HDB sale, you will receive your sales proceeds on the day of completion. As for the CPF, it will take about 1 to 2 weeks to be back into your CPF account. However, to draw out the CPF for usage for your condo, it take another 1 to 2 weeks.

4) To purchase the condo concurrently with the sale of the HDB, you will need to set aside about 8% of cash, 5% down payment and about 3% for stamp duty. As for the CPF, if you wish to use the CPF from the sale of the HDB towards the purchase, it is recommend to plan the completion of the condo to be at least 4 weeks after the completion of the sale to allow time for the CPF to flow.

I have assisted many of my clients who are in the same situation to upgrade from a HDB to a condo smoothly and seamlessly. Please feel free to contact me so that I can understand your situation better and provide you with further assistance.

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS) / Cert-in-REA
(E) nick96444854@gmail.com
SEAA Salespersons Achievement Platinum Award 2020

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Hi
To answer your question in short:
1. Technically you can do so but not many sellers would agree to issue option up to 30 days especially when the private property market is in a high demand now. Moreover even if you managed to do so, there is no certainty that you can find a buyer within a short time period that can cater exactly to your timeline.
2) Yes condo OTP should only be exercised after HDB OTP to avoid ABSD. You did not need to wait till HDB approval of resale to exercised your condo OTP. If you are a married couple, you may claim a refund of the ABSD should you exercise the option for the condo first but managed to sell your HDB (option exercised) within 6 months after the option exercised date of the condo.
3) CPF will be credited back to your respective CPF account typically within 1 to 2 weeks for the sales completion date
4) Generally in order to make use of your CPF for the next purchase, a 3 weeks gap between the sales completion and purchase completion would suffice.

I am well versed in both HDB and private property transactions and have assisted a couple of clients transited smoothly from a resale to a condo with some of them did not have to put up with a temporary place of stay. Do contact me at 93375051  for a free and non obligatory discussion on this and I would do my best to assist.
Regards
Taufik Hussein
CEA Reg No: R061607B
Contact No: 93375051 
ERA Realty Network Pte Ltd Read More