For sale of premises by mortgagee bank in possession i.e. Mortgagee Sale:

a) A Power of Attorney and/or Company’s Resolution authorizing the Bank’s representatives to execute the application form and all other documents relating to the resale/transfer on behalf of the bank must be attached.

b) The transferors are required to execute and submit the Letter of Undertaking in the format given in Appendix 1 (PDF 7KB) (witnessed by a solicitor) to HDB 2 weeks before the completion of the resale/transfer.

c) The transferors shall ensure that there have been no infringement of the terms of the Agreement for Lease, Lease and Memorandum of Lease by the owner and no outstanding legal action against the owner.

d) The transferors shall give vacant possession of the shop to the transferees on completion of the resale/ transfer.

e) The proceeds of the sale must be used to settle all monies due and owing to HDB first, including any outstanding HDB loan, any ex-tenancy or other arrears/ debts, penalty fee, legal costs, administrative fees and the owner's share of the upgrading costs (if any), as well as all property tax and service and conservancy charges up to the date of completion of resale/ transfer.

Terms and Conditions for Mortgagee Sale