Documents to Bring for Hdb Resale CompletionAdmin
(i) inspection of the resale dwelling to verify that free possession is delivered by the sellers upon completion; and buyers and sellers will receive an SMS to confirm the documents. A number of resale documents, including calculations, forms and undertakings, are prepared and require the individual approval of all parties. that is, seller A and seller B must register on the resale portal via the person`s Singpass to confirm the documents if there are two owners of the apartment. In this guide, we will guide you through the exact steps you need to follow when buying an HDB apartment for resale. From the types of grants available to the submission of the resale application, we have what you need. If both parties agree with the extension agreement, an application for extension of stay must be submitted with the follow-up request. The extension of the duration of the stay takes effect from the day the seller takes over the apartment as the new owner, which is the date of completion of the resale. The balance of the purchase price (minus the option money and down payment) must be paid with the unpaid stamp duty (if any) to complete the transaction. Payment can be made via AXS Machine or via a pos order (payable to HDB). Once the payment has been made, hand over the proof of payment or the cashier`s order to HDB`s Customer Relationship Manager (CRE) when you participate in the closing of the resale. For those who have hired private lawyers, the lawyers will advise you on payment and other closing requirements. Registration allows you to assess your eligibility to purchase a resale apartment, the subsidies to which you are entitled, and your eligibility to apply for an HDB home loan. The completion for the resale of the apartments is usually 8 to 10 weeks from the request for acceptance of the resale.
Prior to completion, sellers must ensure that all outstanding payments relating to the apartment are terminated, that property tax is paid before the end of the year, and that S&CC is paid before the completion date. Payment for S&CC must be made physically to city council to receive a receipt from them. Receipt for S&CC and proof of payment without unpaid property tax amount are required upon resale. In the case of resale requests where private lawyers act for the seller, the lawyers will arrange for the closing of the resale and the handing over of the keys at will and inform HDB as soon as the resale is complete. You must pay the remaining purchase price of fixed and unpaid stamp duty (if any) no later than the closing date of the resale. Typically, you will be notified of the status of your review request within 10 business days via the HDB resale portal. There is also a non-refundable processing fee of $120. As an example, we listed below the longest possible HDB resale process and schedule, based on the 30-day submission for the resale request after the BOP exercise All documents must be ready before they can exercise the BDP within 21 days of the date of issuance of the BOP. A resale transaction lasts approximately 8 weeks (from the date hdB accepts the resale request).
Sellers and buyers are notified of the completion date in the closing letter and can participate in a closing date on HDB Hub. According to HDB, here are some of the basic eligibility criteria for buying a resale apartment. Our detailed schedule below is based on the longest possible HDB resale process schedule for a normal HDB transaction based on a 30-day submission during the OTP exercise. Agents are required to make an affidavit in the form required for the officer`s legal declaration in the presence of a commissioner of oaths at the HDB Resale Office and present it to HDB on the closing date. If you want to buy a resale apartment, read on to find out more! Payment instructions are provided on the HDB resale portal. You must print a copy and bring it with you for payment before meeting our CRM. By becoming more familiar with the hdB resale process and schedule, you can achieve better time and money management in terms of transition and renovation. Buyers are notified of the completion date in the closing letter and can participate in a closing date in the HDB Hub. Useful tip: Documents must be uploaded at the time of submission. You can log in to fill in all the information first up to the page that lists the required documents and save them as a draft.
This way, you have more time to prepare the documents. Fast forward, sellers have now found their buyers and buyers have found their homes. The SCHEDULE of HDB`s resale process begins with the closing of the transaction and the issuance of an OTP. The seller and the buyer will be invited by SMS to indicate that the resale request is accepted. In the SMS, you will be informed of the expected completion date. An SMS and an e-mail will be sent after approval of your resale request. We will look at HDB`s current resale process as well as milestones in the estimated timeline of the transaction, from the option of an HDB apartment to the closing of hdB. Prior to the appointment, make sure you have prepared the following documents: As a lawyer acting on behalf of the buyer, HDB transfers the CPF savings from your regular account to HDB as a stakeholder and prepares the relevant legal documents for the settlement of the resale transaction. For buyers taking out an HDB loan, the closing time can be in the morning (between 10:00 and 12:00) or in the afternoon (between 15:00 and 17:00). For buyers who take out a bank loan, the closing time is in the afternoon (between 3pm and 5pm).
Both the seller and the buyer will be informed of the completion date closer to the completion date. All buyers who purchase the resale apartment under the Fiancé/Fiancée program must celebrate their marriage within 3 months of the end of the resale. This applies whether they apply for the CPF housing subsidy and/or the local housing subsidy. On the closing date of the resale, the buyer signs the mortgage document/agreement (when taking out an HDB home loan), confirms receipt of the keys to the apartment, shares the payment of property tax with the buyers and indicates the method of payment of the service and conservation fees. HDB reviews your application and prepares the relevant documents that you can confirm. Once they are ready, you will receive an SMS from HDB to confirm the documents within 6 days. There will be an additional document, Solicitor Acting Letter, provided by the law firm to download when you submit a resale request. In the meantime, you will have to pay resale fees such as HDB booking and transfer fees.
You will also need to purchase the mandatory HDB fire insurance policy if you take out a home loan from HDB. There will be a slight variation in the hdb resale process, but the timing remains similar to the one shown above. Sellers and buyers who hire a private lawyer must send the practice OTP to their preferred law firm, and buyers must also send their letter of offer from the banks once the OTP is complete. Make sure that the law firm of your choice falls under the bank`s legal panel. After the new changes in CPF, your CPF money will be refunded to your CPF account within 3 weeks of the completion of the resale transaction. This can be done online on the FWD website. The certificate of insurance must be printed and presented on the closing date of the resale. For more information about HDB Fire Insurance, you can call the FWD @6820-8888 application number or visit the website. Find out what you need to prepare before attending the resale closing date and what you need to do during the appointment. We will inform you by SMS of the exact date and time of your resale as soon as it is confirmed and publish the information on the HDB resale portal.
Understanding HDB`s resale process and schedule is critical to your next transition in order to better allocate and adjust the renovation time or create plans for funds such as repayment of CPF funds and disbursement of CPF funds. On the day of the end of the resale at the resale office, sellers submit the original call option to HDB. Sellers must provide proof of payment of service and maintenance fees, as well as property tax. Sellers and buyers sign the legal instruments for the transfer of ownership, mortgage, appropriate forms and obligations, and sellers hand over the keys to the apartment to the buyers. With the launch of the HDB portal since January 1, 2018, the HDB resale process will be made more transparent, efficient and user-friendly, and the timeline will be shortened to help HDB resellers get their keys faster. HDB`s original resale process “First Appointment” is integrated into the system, saving time and shortening the timing of HDB`s resale process. Generally, an HDB resale process for a normal trade (based on submission within 30 days) can be as fast as 10 weeks or as long as 16 weeks between the call option exercise date (OTP) and HDB closing, depending on how quickly you submit the resale request, vs. 12 weeks to 20 weeks with the old HDB resale process. At the end of the resale, you become the owner of the apartment and are responsible for the terms and payments of the property, such as the repayment of the mortgage, the monthly service and conservation fees, the annual property tax, etc. If you have any questions about the ownership of your apartment, you can contact your HDB agency.