Singapore Property: Resale Application
After exercising the Option to Purchase (OTP), you and the sellers must submit your respective portions of the resale application via the HDB Resale Portal, together with the necessary documents. Your Ping Property Agent can use the Estate Agent Toolkit to submit resale applications on behalf of their clients.
Upon receipt of the resale application and supporting documents, HDB will verify the information provided by the seller and buyer. Both parties should make sure that both of you meet all the eligibility conditions and resale requirements when submitting your resale application. If the application is in order, HDB will notify buyers and the sellers of HDB’s acceptance of the application via SMS/ email. On average, it will take about 8 weeks from the date of HDB’s acceptance of the resale application, to process the application.
When must the resale application be submitted to HDB?
There are 2 important time-specific requirements to observe when submitting your resale application: Either buyer or the seller can submit the respective portion of the resale application first. After the first portion is submitted, the second party must submit their portion within 7 calendar days. If this is not done, the application will lapse and both parties will have to restart the process.
Under Clause 12 of the OTP, buyer and the seller will agree on the timeframe to submit the resale application to HDB.
This is a contractual agreement between buyer and the seller. The timeframe can be extended with mutual consent.
What are the information and documents to be provided when submitting the resale application?
– Address of the flat
– Option to Purchase details (E.g. OTP Serial No., Option Grant/ Exercise Date, Purchase price, Option Fee/ Option Exercise Fee)
– Sellers’ particulars
– Buyers’ and Occupiers’ particulars
– Manner of Holding of HDB flat
– Indicate whether you are applying for any CPF Housing Grants/ Proximity Housing Grant
– Indicate whether you are taking any housing loan from HDB/ Financial Institution (FI)
– Declarations regarding your purchase
Resale application fees
If you are using the HDB Resale Portal, payments can be made via credit card (Visa/MasterCard) or by scanning the QR code using any of the supporting mobile payment apps such as NETSPay, DBS PayLah!, POSBANK/DBS Digibank, UOB Mighty and OCBC Pay Anyone. If you are using the Estate Agent Toolkit, payments can be made via GIRO.
What happens after submitting the resale application to HDB?
Upon receipt of a complete resale application from the flat sellers and buyers, HDB will verify the eligibility of flat sellers and buyers, and review the supporting documents submitted. If the application is in order, HDB will notify the flat sellers and buyers of its acceptance of the application via SMS and emails, within 10 working days, and post the application progress update in the HDB Resale Portal. The date of HDB’s acceptance of the resale application marks the beginning of the 8 weeks processing time of the transaction.
During these 8 weeks, both parties will need to endorse documents which HDB have prepared through the HDB Resale Portal and pay the necessary fees online. An in-principle approval for resale will be granted once the documents are endorsed. Following which, an appointment will be arranged for buyers and sellers to attend to complete the resale transaction.
Where can I check the status of our resale application?
Cancellation of resale application
Your application will be cancelled if any of the following occurs:
– The resale is abortive for any reason whatsoever
– Buyer and the seller withdraw your application by giving notice in writing to HDB
– Buyers do not have sufficient CPF savings or cash to finance the purchase of the resale flat
– The information given in the resale application by the buyer/ the seller is incorrect or the buyer/ the seller has suppressed any information required
– The buyer/ seller is not eligible to retain his application under HDB’s policies