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askguru expert
Hi there, thanks for writing to us on AskGuru.

All SPR owners and essential occupiers must have SPR status for 3 years before they can buy a resale flat.

You will first need to pay an option fee of an amount not exceeding $1,000. After which, the seller then issues you an Option to Purchase (OTP) form after 7 days from the date of the Intent to Sell. You can then submit the OTP to HDB to request for a valuation. An assigned valuer will then inspect the HDB flat to determine its valuation. You are also given 21 days to think over the intended purchase and to check your eligibility, financing aspects and other issues such as whether the flat is affected by redevelopment or upgrading, the liability to pay for upgrading costs, levy and so on and then to exercise your option.

To exercise the option, you must sign the 'Acceptance' portion on the OTP by ensuring that the date of issue of the HDB Loan Eligibility or bank's Letter of Offer is before the date of acceptance. You must then deliver the OTP to the seller and pay the Option Exercise Fee (which is a sum not exceeding $5000 - less the deposit already paid) to you. All this must be done within the 21-day option period. Upon exercising the Option, a binding contract is formed between the seller and buyer for the sale and purchase of the flat. If you decide not to proceed with the purchase, you will lose the option fee.

After exercising the Option to Purchase (OTP), you and the sellers must submit your respective portions of the resale application via the HDB Resale Portal, together with the necessary documents. Either you or the seller can submit the respective portion of the resale application first. After the first portion is submitted, the second party must submit their portion within 7 calendar days.

The resale completion is about 8 weeks from the date of HDB's acceptance of the resale application. HDB will notify you via SMS on the actual date and time of your resale completion once it is scheduled. You can also check the appointment details from the HDB Resale Portal.

When you are submitting your resale application, you will need to indicate if you are taking an HDB loan or a bank loan.

Your application will be cancelled if the procedures are not followed.

You may refer to our buying guide here: https://www.propertyguru.com.sg/property-guides/the-ultimate-guide-to-buying-an-hdb-resale-flat-12568

Hope this answers your question.

Best Regards,

Team PropertyGuru Read More

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