Implementation of HDB Resale Portal and Streamlined Resale Transaction Process
Best wishes for the new year!
As you are aware, with effect from 1 January 2018, HDB implemented the streamlined resale transaction process with the introduction of the new HDB Resale Portal. The HDB Resale Portal is available via the HDB InfoWEB. Flat buyers and sellers have to login using their SingPass to access the portal.
Here is a re-cap of the changes:
i. Sellers who wish to grant an Option to Purchase (OTP) from 1 January 2018 must use the new OTP form, which is available for download from the HDB InfoWEB (www.hdb.gov.sg).
ii. Sellers must register their Intent to Sell in the HDB Resale Portal at least 7 days before granting an OTP to the buyers. Buyers must register their Intent to Buy before the sellers grant them the OTP. Buyers who are eligible for and intend to obtain a housing loan from HDB must have a valid HDB Loan Eligibility Letter when the sellers grant them the OTP.
iii. The Resale Checklist for Sellers/Buyers e-Service has been discontinued from 1 January 2018. Sellers and buyers who have submitted a Resale Checklist on or before 31 December 2017, and the Resale Checklist is still valid, need not register the Intent to Sell or Intent to Buy in the HDB Resale Portal.
iv. The previous OTP form was valid until 31 December 2017. Resale applications with OTPs granted before 1 January 2018 using the previous OTP form will continue to be processed under the previous procedures, including attending a 1st Appointment at HDB Hub. Such resale applications must be submitted to HDB by 31 March 2018.
v. Buyers who are granted an OTP on or before 31 December 2017 (using the previous OTP form) but have not submitted a Resale Checklist, must from 1 January 2018 register an Intent to Buy before exercising the Option to Purchase.
vi. Salespersons can continue to submit resale applications for their clients via the e-Resale system or Estate Agent Toolkit (for agencies which are subscribers). They can also use the same facilities to submit their client’s Valuation Request (for transactions under the previous OTP) and Request for Value (for transactions under the new OTP from 1 January 2018).
vii. Under the streamlined process, a resale transaction takes about 8 weeks (from the date of HDB’s acceptance of the resale application) to complete. To facilitate HDB’s acceptance of the resale application, salespersons must ensure that their clients have all the relevant documents required to be attached with the resale application. For HDB’s approval of the resale, it is necessary that their clients endorse all the documents and make the necessary payments according to the timeframe as requested by HDB.
For more information, please check out the “Frequently Asked Questions” on the HDB Resale Portal.
Please disseminate the information to your salespersons.