If you are thinking about selling your flat, here are some key things you should know.

Step 1: Do the Research and the Math

• Before you put your flat up for sale, please make sure that you have met the Minimum Occupation Period (MOP).

• Look up the Ethnic Integration Policy (EIP) and Singapore Permanent Resident (SPR) Quota, as these policies affect the pool of eligible buyers.

• Next, find out what your estimated sale proceeds may amount to, especially if you plan on buying another flat.

• Also, find out if you have to pay the Resale Levy.

(Tips:
i) You can use the Resale Checklist for Sellers to help you know more about the resale policies and procedures.
ii) To have an idea on the current resale flat prices, you can check the Resale Flat Prices e-Service which gives details on resale transactions over the past two years.)

Step 2: Plan for Your Next Flat

• If you plan to buy your next HDB flat with an HDB concessionary loan, check if you are still eligible and note the second concessionary HDB loan policy.

• If you wish to use the sale proceeds and the refunded CPF monies from the sale of your flat, you may apply for the Enhanced Contra Facility (ECF).

(Tip: ECF will help you reduce your monthly repayment. Do read up the terms and conditions on ECF to be sure you qualify.)

• If you think you’ll need more time to vacate your flat, discuss this with your buyer. You could extend your stay for a maximum of three months, if your buyer is agreeable to it. 

Step 3: DIY or Salesperson?

• You can do the resale transaction on your own or engage a salesperson. The choice is yours. You are not obliged to engage a salesperson to handle the transaction.

• If you decide not to engage a salesperson and handle it on your own, you would need to submit all your documents such as the Resale Checklist or Resale Application yourself.

• If you engage a salesperson (as above), ensure that he/she is registered with the Council for Estate Agencies (CEA).

(Tip: To have a better understanding of HDB’s resale policies and procedures, you can consider attending the HDB Resale Seminars.)

Step 4: Complete and Submit the Resale Checklist for Sellers

• Complete the Resale Checklist for Sellers online using your SingPass. There is one Resale Checklist for Sellers who do not engage salesperson, and another one for sellers who engage salesperson (which is to be completed with the salesperson).

• Once the checklist has been completed, an acknowledgement page with a checklist serial number will be displayed upon successful submission of the checklist. The checklist serial number is required when submitting the resale application. 

Step 5: Grant Option to Purchase

• After the Resale Checklist has been submitted, please give yourself at least 7 days before giving the Option to Purchase (OTP), the contract used in a resale transaction, to the buyers.

• Buyers and sellers of resale flats must use only the HDB OTP as the form of contract in resale transactions. This is binding on both parties.

(Tip: The OTP form can be downloaded from HDB InfoWEB by buyer, seller or salesperson. You need to print only one copy of the OTP form. Each form has a unique serial number which must be stated on the resale application submitted to HDB.)

Step 6: Submit Resale Application

• After your buyer has exercised the OTP, you or your salesperson may submit your resale application online via the e-Resale system. Your salesperson may choose to use the Estate Agent Toolkit if he or she has already signed up for it.

• Your buyer will have to submit his/her respective portion of the resale application separately.

(Tip: Please mutually agree on the timing of the submission with your buyer. Either party can submit its respective portion of the application first. But the 7-day timeframe for the second party to submit its portion must be strictly observed. If not, the resale application lapses and the whole process has to be restarted.)

Step 7: Attend Appointments with HDB

• The last steps will be to attend two appointments at HDB. Both you and your buyer have to be present to ensure a smooth handover of flat ownership.

• At the first appointment, an HDB Customer Relations Manager will meet both the resale flat buyer/seller to go through some important administrative matters.

• At the completion appointment, scheduled between 6 to 8 weeks from the date of the first appointment, the transfer and mortgage agreements are signed, and keys are officially handed over to the buyer.

• At this stage, your flat is officially sold. Congratulations on a smooth transaction!

(Tip: If you need to change the date that has been booked for the Resale First Appointment, you can do so online using via My HDBPage. You may also check the status of your resale application at My HDBPage.)

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