3 Answers

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

Usually, it will take around 2 weeks for your CPF to be refunded to your ordinary account. Once you have received your CPF, you can then use it towards the purchase of your resale flat.

For your case, you may be eligible for the Enhanced Contra Facility subject to HDB's terms and conditions. If you plan to apply for a second HDB concessionary rate loan, the housing loan will be reduced by the CPF monies refunded and up to 50% of the cash proceeds from the disposal of the existing or previously owned HDB flat. This is to ensure financial prudence.

Once a buyer is found, he/she will first need to pay an option fee of an amount not exceeding $1,000. After which, you then issue an Option to Purchase (OTP) form after 7 days from the date of the Intent to Sell. The buyer 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. The buyer is also given 14 days to think over the intended purchase and to check his 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 his/her option. This takes 21 days in total.

During this period, you can start shortlisting your intended resale HDB flat and place an option fee of an amount not exceeding $1,000. Do ensure you exercise your option within the 14 days period after your buyer has exercised his or her option for the sale of your HDB flat. You can then exercise your option by signing the 'acceptance copy' of the Option form, and paying another the Option Exercise Fee (which is a sum not exceeding $5000 - less the deposit already paid).

During the resale completion, HDB will deduct 50% of the cash proceeds from the disposal of your existing HDB flat to reduce your loan amount.

Upon exercise of OTP, you need to pay Buyer's Stamp Duty (estimated 3% of the purchase price) within 2 weeks from the exercise date. This can be via your CPF. Do note, this will again take around 2 weeks for your CPF to be refunded in your ordinary account from the sale of your HDB flat.

At the same time, you should apply for a Temporary Extension of Stay as you will need some time to do your home renovation. This grants you no more than 3 months from the Resale Completion Date to move to your new home.

We advise you to engage an experienced agent who will ensure a smooth selling and buying process.

Hope this answers your question.

Best Regards,

Team PropertyGuru Read More


Aaron Chong

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.

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


Geryl Lim
There is no 1 size fits all solution or advise in your scenario as it highly depends on the market demand of your place after you have found a place to purchase. Timing is often the most critical factor. I am serving a client in similar situation like you, shortlisted the next property to purchase before commencing to market their property for sale. The end result? The shortlisted property was sold before the property was even ready to be marketed as they require time to get the property ready for sale.

I will usually advise my clients to do both the purchase and sale activities concurrently, such that he or she will be aware of what are the units they can commit to in the event that they have received an offer for their place such that a decision can be made instead of missing out on potentials.

I have been in the real estate business since 2009, with more than 10years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

Over the years, I have also established a network reaching out to more than 9,400 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.

With an evolving market, where change is the only constant, I have also been investing in upgrading of my knowledge and skills sets to improve myself and meet the demands of current and future market.

We are offering our clients a complimentary first consultation without obligations (Absolutely FREE!). Schedule for your FREE session today!

Warmest regards,
Geryl Lim
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