Hi,
(1) MOP
Minimum Occupation Period has to be observed and fulfilled. This is a condition agreed upon when signing the Sales and Purchase (S&P) agreement before or during key collection.
The only exception to sell or surrender during MOP has to appeal through HDB and seek approval on case-by-case basis.
(2) The difference between Surrender and sell
(a) Finance:
The most obvious difference is the price, by surrendering is at the lowest end at market value irregardless of the condition.
(b) Reality:
One of the most common question brought up by buyer is "how long have you been staying here?", to decide whether this is a "good" or "poor" buy. It is not difficult for them to realize this is selling within MOP.
Various questions will raise on "WHY?". Majority of the answer would normally not good, thus either has to lower selling price drastically or just walk away.
(3) Penalty
No penalty is printed black & white for selling during MOP.
(4) Renting from HDB
You are only allowed to apply for subletting after 30 months upon selling existing flat.
You have to fulfill the eligibility for renting a flat from HDB.
(5) Others
You will face lots of difficulties during these 30 months renting room. As most of the landlords are skeptical to sublet room to SC, because worrying of not able to collect rent promptly.
It is best you think twice on how else to solve your financial problem rather than to give up on your flat.
Best regards
Ling CK
90110636
ling.ck7@gmail.com
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