HDB Enhances Resale Checklist To Help Sellers & Buyers Make Informed Decisions
 
Date issued : 18 Oct 2010

 The HDB Resale Checklist was introduced in 2008 to ensure that HDB flat sellers and buyers are aware of the key resale and financial policies before they commit to sell or buy a resale flat.

2As part of its regular reviews, HDB has enhanced the Resale Checklist and the checklist submission procedures to better protect the interests of sellers and buyers and help them make informed and prudent decisions. The key changes to be implemented from 1 Nov 2010 are as follow:

      a) Sellers of HDB flats, acting with or without agents, will have to observe a 7-day cooling-off period after they complete the Resale Checklist, before they can grant an Option-to-Purchase (OTP) to the buyers. HDB will create a new Resale Checklist repository in its InfoWEB ( www.hdb.gov.sg). After completing the checklist, sellers are required to deposit the checklist in the repository by the next day.

      b) Flat sellers buying another HDB flat will need to work out the estimated sale proceeds of their current flat and a financial plan for the purchase of the next flat.

      c) Buyers of resale flats, acting with or without agents will also be required to complete and submit the Resale Checklist.


Background


3 HDB flats are meant for long-term owner-occupation. Buying or selling an HDB flat is a significant financial decision and should be subject to careful consideration. Flat lessees who intend to sell their flats should consider their finances carefully and plan for their next accommodation. Buyers should also exercise financial prudence in their flat purchase.


4Currently, agents engaged by sellers or buyers are required to go through a Resale Checklist with the sellers or buyers to highlight key policies and procedures before the sellers or buyers would grant or exercise the Option to Purchase (OTP). After the OTP is granted or exercised, sellers or buyers are required to submit the completed checklist to HDB together with the Resale Application Form. Sellers and buyers without agents are encouraged, but not required to go through a separate Do-It-Yourself (DIY) Resale Checklist. They also do not need to submit the checklist to HDB.


Enhancements to the Resale Checklist and Procedures


5 With effect from 1 Nov 2010, the following enhancements will be implemented:

      a) 7-Day “Cooling Off” Period for Sellers (with or without Agents)

      To give sellers (acting with or without agents) more time to consider the flat sale, a seven-day cooling off period will be imposed from the time the sellers go through the Resale Checklist to the granting of the OTP.

      After completion of the Resale Checklist, sellers are required to deposit a soft-copy of the Checklist and the supporting documents (e.g. estimated sales proceeds, financial plan, etc) in the repository in HDB’s InfoWEB by the following day.

      Sellers are also required to submit the original copy of the Resale Checklist together with the OTP at the First Resale Appointment. If the date on the original copy differs from the softcopy submitted through InfoWEB, or if the OTP is dated within 7 days from the Checklist, the resale application will be rejected.


      b) Enhanced Resale Checklist for Sellers (with or without Agents)

      In the enhanced Resale Checklist, sellers will have to state their next housing arrangement. If they intend to buy another flat, they have to work out their estimated sales proceed of their current flat, and submit a financial plan for their next flat purchase. Sellers can make use of the following e-services in the HDB InfoWeb to compute the required information.

          i) Estimated Sale Proceeds Calculator
          ii) Financial Plan
            Enquiry on Sales Financial Plan (for new flat purchase)
            Enquiry on Resale Financial Plan (for resale flat purchase )
            Enquiry on Design, Build and Sell Scheme (DBSS) Financial Plan (for DBSS purchase)

      c) Resale Checklist Procedure for Flat Buyers with or without Agents

      Currently, only buyers with agents submit the Resale Checklist to HDB together with the Resale Application Form. Henceforth, buyers without agents will also be required to complete and submit the Resale Checklist to HDB with their Resale Application Form.


Summary


6The key changes for the different buyer / seller groups are summarised in the table below. (Changes from current procedures are in blue text.)

With Agent
Without Agent
Buyers
Submit resale checklist with Resale Application Form.

No change.
Not required to submit resale checklist.

Submit resale checklist with Resale Application Form.
SellersSubmit resale checklist with Resale Application Form.Not required to submit resale checklist.
Complete Resale Checklist 7 days before granting OTP, and submit Resale Checklist by the following day after completing the checklist.


Enquiries


7The enhanced Resale Checklist, to be used from 1 Nov 2010, can be downloaded from the HDB Infoweb. Agents and members of the public can also obtain the printed form from the HDB Hub Reception Counter or at any HDB Branch Offices.


8For enquiries, please e-mail to hdbresale@hdb.gov.sg or call the Sales/Resale Customer Service Line at 1800-8663066 on weekdays from 8am to 5pm.