|
If you are thinking of selling your flat - be it
conducting your DIY
resale, or engaging a housing agent, it's best to do some homework
first.
Learn more about selling a flat through a step-by-step
procedural guide. We will take you through from the beginning
of a resale transaction till the completion. Make sure you are prepared
by familiarizing yourself with the selling process.
Below are some important highlights.
(i) HDB policies that all sellers should be aware of regarding their "eligibility to sell":
|
|
Flat owners who intend to sell their
flat will have to go through the Resale
Checklist, including DIY sellers. Housing agents engaged
by sellers will have to go through the Resale Checklist
for Housing Agent engaged by Sellers with the sellers.
|
|
|
After the
Resale Checklist is completed, it must be deposited in HDB's
Resale
Checklist Repository by the following day. Sellers can
only grant the Option to Purchase to the buyers only after
7 days from the date the Resale Checklist is completed.
|
|
|
Flat owners will also have
to complete the minimum
occupation period before they can offer
the flat for sale. Flat owners can request for a written
confirmation by submitting an on-line
request form.
|
|
|
Ethnic
Group Policy: the ethnic group of your buyer have not
reached the prescribed limits under the Ethnic Integration
Policy (EIP). |
(ii) Financial payments (if applicable) that must be settled before completion of the resale transaction. The list includes:
(iii) Flat owners must regularise the unauthorised renovation works (if any) found in the flat before resale completion. The resale transaction may also be affected should there be any lease infringements.
(iv) Compute estimate
sale proceeds.
(v) Take note of CPF policies or rules e.g. if you sell your flat after reaching the age
of 55, part of your CPF refund may be locked up in the CPF Retirement Account and cannot be used for the purchase of another flat. Generally, when you sell your flat, you would need to refund the CPF savings you had earlier withdrawn for the purchase of the flat. This includes the interest you would have earned, had the savings remained in your CPF Account.
When you are quite sure about selling your flat or might have started the selling process, do plan for your next accomodation early as well. If you are buying or renting another flat, your homework certainly does not end here, there's another set of considerations to watch out for.
|
