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Hi, I sold my HDB resale flat 2 years ago and I bought an EC and I am staying here for 2 years now. I would now want to downgrade to 4 Room HDB resale flat. Please advise 1. If I can downgrade 2. Will it be too challenging for me to sale my EC and find a resale flat with minimum lag between selling and buying. Timing has to be very precise as I would not be able to find a rental flat for 1-2 months while I wait for HDB transcation to complete. 3. What are the financial implications(stamp duty, bank loans etc). Thanks, Dan
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1 Answer

Mike Lim
Replied
Evening Dan,

1) Firstly, is your EC a direct purchase from HDB or resale from the open market after 30 Aug 2010. If it's directly from HDB, you have not fulfilled your MOP requirement. If it's from resale market, purchased after 30 Aug 2010, you will be liable for seller's stamp duty.

2) To match your selling along with your purchase have to be pre-arranged with your buyers and and sellers to ensure seamless match on timing. This is due to the fact that you require your fundings from sales to facilitate your purchase, unless you are into bridging loan. It would also be dependent on your asking sales price and requisition requirements on your purchase.

3) For any sales and purchase, stamp fees are dependent on transaction price. Legal fee will be around $1800 for sales and $2500 for purchase. As for the seller's stamp duty, it would be very dependent on your current unit's completion timing.

Do feel free to contact me for detailed discussion.

Regards
Mike Lim
 96929209 
CEA Reg No: R026708F
Email add: m52i@yahoo.com
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