Option to Purchase (OTP) Process:
Step 1: Negotiate and agree on the resale price with the seller.
Step 2: Seller grants the OTP to you.
Step 3: Review the purchase during the 21-day Option Period.
Step 4: Exercise the OTP or allow it to expire.
Step 5: Submit the resale application to HDB.
Resale Completion: Approximately 8 weeks after HDB accepts the resale application1.
Resale Condo (Private Property):
Step 1: Check payable Seller’s Stamp Duty (SSD) if selling within 3 years of purchase.
Step 2: Conduct market research and post the condo listing.
Step 3: Home staging and renovation to present your condo attractively.
Step 4: Arrange viewings, negotiate, and grant the OTP.
Step 5: Complete the sale process, including payment of fees and balance2.
Typical Timeline: About 15 weeks from booking to completion for private resale transactions3.
Remember that these timelines can vary based on individual circumstances and efficiency. If you have specific questions about your situation, feel free to ask!
Read More
