The procedure to buy a resale HDB flat in Singapore involves several steps, and the transaction typically takes about 8 weeks to complete from the date HDB accepts the resale application.
Here's a breakdown of the procedure:
1. Prepare Financially:
Check your eligibility: Ensure you meet the eligibility conditions to buy a resale flat.
Get an HDB Loan Eligibility (HLE) letter (if applicable): This will tell you how much you can borrow from HDB.
Obtain an In-Principle Approval (IPA) from a bank (if applicable): If you're taking a bank loan, get an IPA to know your loan quantum.
2. Search for a Flat and Negotiate:
Search for suitable flats: Use online property portals or engage a property agent to find flats that meet your needs and budget.
View the flat: Visit the shortlisted flats and assess their condition, location, and surroundings.
Negotiate the price: Once you've found a suitable flat, negotiate the price with the seller.
3. Grant the Option to Purchase (OTP):
Pay the option fee: If you decide to proceed with the purchase, pay an option fee (usually 1% of the agreed price) to the seller. This grants you the exclusive right to buy the flat within a specified period (usually 21 days).
Exercise the OTP: Within the option period, decide whether to proceed with the purchase. If you do, pay the remaining option exercise fee (usually 4% of the agreed price) to the seller's lawyer.
4. Submit Resale Application:
Submit the resale application online: Both you and the seller must submit your respective portions of the resale application through the HDB Resale Portal.
5. Endorse Resale Documents and Pay Fees:
Endorse the resale documents: HDB will prepare the necessary documents for you and the seller to endorse electronically.
Pay the fees: Pay the administrative fees and stamp duties online.
6. Attend Resale Completion Appointment:
Attend the appointment at HDB: You and the seller (or their representatives) must attend a resale completion appointment at HDB Hub to complete the transaction.
Timeline:
The entire resale transaction usually takes around 8 weeks from the date HDB accepts the resale application. However, the actual timeline can vary depending on factors such as:
Complexity of the transaction: If there are complex legal or financial issues involved, it might take longer.
Availability of appointments: The availability of resale completion appointments can also affect the timeline.
Important:
Engage a lawyer: It's highly recommended to engage a conveyancing lawyer to guide you through the legal process and ensure a smooth transaction.
Check eligibility and grants: Research the various housing grants you might be eligible for and factor them into your financial planning.
Stay updated: Refer to the HDB website for the latest information and updates on the resale process.
I hope this information is helpful!
WhatsApp me at: ABLE Toh (65) 98 56 92 55 or through this link.:https://wa.me/6598569255
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