FAQs
Why does HDB need about 6 weeks (from first appointment date) to complete a resale transaction?
The average 6-week time frame for a normal resale transaction is required for HDB to:
- assess the eligibility of both sellers and buyers and grant approval of the resale transaction
- ascertain the outstanding mortgage loan and the CPF refund to sellers
- transfer the CPF monies from buyers' account to HDB as stakeholder
- prepare the legal documents: (a) mortgage instrument (to be executed by buyers if they are taking a mortgage loan) and (b) transfer document
- process, compute and prepare the net proceeds of sale to be released to the sellers
- conduct Bankruptcy Searches on the sellers before release of net proceeds of sale
- obtain confirmation from the Branch Office on the rectification of unauthorised works (if applicable)
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I need to change the appointed completion date. How do I go about it?
Both buyers and sellers must give their written consent to HDB to change the completion date. The appointment will be re-scheduled to another date/time at HDB's discretion.
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What documents must I bring along for the resale completion?
You will have to bring along the following documents:
- Identity Card and Entry Permit (for SPR)
- Keys to the resale flat
- Latest receipt /statement of account on Property Tax payment
- Latest receipt / letter of confirmation from the Town Council on Service/Conservancy Charges payment
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What will take place during the resale completion?
On the appointed day of resale completion:
- The sellers will execute transfer instruments
- The buyers will execute mortgage instruments (if applicable)
- The sellers will handover keys to the buyers
- The sellers will collect net sales proceeds (if any)
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When will my CPF monies will refunded to my CPF accounts?
The CPF monies will be refunded to the respective CPF accounts of sellers within 7 days from completion of the resale transaction.
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