In Singapore, if you are unable to sell your HDB flat within the 6-month timeframe after collecting the keys to your new flat, you will be considered to be owning two HDB flats simultaneously. This is not allowed under HDB rules.
**Potential Consequences:**
If you fail to sell your flat within the stipulated 6 months, you may face the following consequences:
1. **Financial Penalties:** HDB may impose a penalty for each month you exceed the 6-month deadline. The penalty amount varies depending on the flat type and the length of the delay.
2. **Compulsory Acquisition:** In extreme cases, HDB may compulsorily acquire your flat if you persistently fail to sell it. This means they will buy back your flat at a price determined by them, which may be lower than the market value.
**What to Do if You Can't Sell in Time:**
If you are approaching the 6-month deadline and haven't found a buyer, you can consider the following options:
1. **Request Extension:** You can submit a written request to HDB for an extension of the 6-month period. HDB will assess your request on a case-by-case basis, considering factors like genuine efforts made to sell the flat, reasons for the delay, and prevailing market conditions.
2. **Lower Asking Price:** If your flat is not attracting buyers, you might need to adjust your asking price to make it more competitive.
3. **Rent Out the Flat:** If all else fails, you can consider renting out your flat. However, you will need to obtain HDB's approval for this and comply with their rental regulations.
**Important Considerations:**
* **Start Early:** Don't wait until the last minute to start marketing your flat. Begin the selling process as soon as you receive the keys to your new flat.
* **Engage a Property Agent:** A property agent can help you market your flat effectively, negotiate with potential buyers, and handle the paperwork involved in the transaction.
* **Be Realistic:** Set a realistic asking price based on the market value of your flat and be prepared to negotiate with buyers.
By taking proactive measures and exploring your options, you can increase your chances of selling your flat within the 6-month timeframe and avoid any potential penalties.
For further information and assistance, you can contact HDB directly through their website or hotline.
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