Selling Your HDB Flat Made Easy 7 Steps
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Thinking of selling your HDB flat but not sure where to begin? Follow this guide.
Step 1: Check your eligibility to sell
To sell your flat on the open market, first check if you have met the Minimum Occupation Period (MOP) and your flat’s Ethnic Integration Policy (EIP) and Singapore PR (SPR) quota.
MOP
- You must have physically occupied your flat for some time before it qualifies for resale. This period is calculated from the date you collected the keys to the flat, excluding any period that you didn’t occupy it (such as when it was rented out):
EIP & SPR Quota
- The EIP and the SPR quota are designed to promote social cohesion between ethnic groups. You should check your estate’s EIP and SPR quota to ensure there are no restrictions to sale.
- Learn more about the EIP & SPR quota
Step 2: Plan your finances
It is important to manage your finances carefully throughout the selling process. There are 3 types to consider:
- Costs involved with selling
You will need to pay some transactional fees and settle some payments before you complete the sale. Here’s an overview:
Learn more about these costs
- Resale price
You must next determine your selling price. You can consult the past 2-years HDB resale flats transacted prices for the flats in your location to gauge an estimated resale price. You can further benchmark it against the HDB Resale Price Index, which tracks the overall price movements of the public residential market.
- Cost of next accommodation
You must also factor in financing options for your next accommodation and its affordability if you are buying one.
Tip
If you are buying another resale HDB flat, you can consider tapping on the Enhanced Contra Facility. This helps you use the proceeds and refunded CPF monies from your sale to reduce the cash outlay and mortgage loan for the purchase.
Step 3: Decide if you’re selling it yourself
If you’re doing it yourself: Familiarise yourself with all applicable HDB resale policies and procedures. You can attend resale seminars conducted by HDB to learn more.
If you’re engaging a salesperson: Check that the salesperson is registered with the Public Register of Estate Agents and Salespersons maintained by the Council for Estate Agencies (CEA). Discuss and mutually agree on the terms of service, commission payable, period of representation and other terms like payment of valuation and advertising.
Tip
If you’re selling the flat yourself, consider advertising in the Classified Ads sections of newspapers and property portals, or posting an Internet listing on Nation Property, set up by the Singapore Institute of Surveyors and Valuers.
Step 4: Complete & submit the Resale Checklist
This must be done at least 7 days before you can grant the Option to Purchase (OTP). The Resale Checklist highlights key policies and procedures that you must note before selling your flat.
Read more about the Resale Checklist
Step 5: Grant Option to Purchase
You and the buyer must use HDB’s OTP as the form of contract. Here’s the process:
- Negotiate, agree, and declare the resale price.
- Grant the OTP to the buyer.
- Buyer proceeds with purchase by exercising the OTP. (Otherwise, let the OTP expire 21 days from date of granting.)
- Jointly decide when to submit the resale application.
Read more about the OTP
Step 6: Submit your resale application
You and the buyer must submit your respective portions of the resale application within 7 days of each other via the e-Resale system. A resale application is deemed complete only when HDB receives both portions.
Read more about the submission of resale application
Step 7: Attend appointments with HDB
When both resale applications have been received, HDB will send you a Letter of Appointment to inspect your flat for unauthorised renovations. HDB will schedule the First Appointment date according to the date booked in the resale application. This date must be mutually agreed by both the buyer and the seller of the flat. You will need to prepare documents for this meeting and pay the conveyancing fees. HDB will send you an approval letter within 2 weeks thereafter.
HDB will also schedule a Completion Appointment about 6 to 8 weeks from the date of the First Appointment. This is when you complete the transaction by signing transfer documents and handing over your keys to the buyer.
Learn more about these appointments
Watch: Change in HDB Resale Price Negotiation Process Procedure
To further improve the HDB resale market, HDB has revised some processes in the way Singaporeans buy and sell resale flats. This will improve the long-term stability of the resale market.
HDB Resale Price Negotiation Process (English)
Find out more about HDB Resale Price Negotiation Process
HDB Resale Price Negotiation Process (Mandarin)
Find out more about HDB Resale Price Negotiation Process
HDB Resale Price Negotiation Process (Malay)
Find out more about HDB Resale Price Negotiation Process
HDB Resale Price Negotiation Process (Tamil)
Find out more about HDB Resale Price Negotiation Process
Learn more about HDB Resale Procedures.
Note
- If you cannot attend these appointments, you must have a Power of Attorney
- Your appointed attorney can attend these meetings on your behalf.
- You must vacate your flat on the date the sale transaction is completed. If you need more time, schedule the Completion Appointment for later.
Services and tools
Computation of MOP
Compute your occupation period to see if your flat qualifies for sale.
EIP & SPR quota
Check the buyer’s eligibility to buy into your particular block.
Resale flat prices
Check the past 2-years resale transacted prices in your location to determine a selling price.
Sale proceeds calculator
Evaluate your financial situation by assessing the estimated sale proceeds you may get.
Resale Checklist
Complete and submit it here.
e-Resale system
Submit your resale application here.
MyDoc@HDB
Submit electronic or scanned copies of your documents to HDB here.
Read more….www.ecitizen.gov.sg
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