Singapore Property: Resale HDB Buying Process
Whether you are a young couple who just ROM or a growing family looking to upgrade, every Singaporean would own a HDB flat at least once in their lifetime. HDB flats are home to over 80% of Singapore’s resident population.
You have thought about your lifestyle, crunched the numbers and made the decision to buy an HDB flat. It can be a complicated, stressful process. However knowing what to expect can reduce some of that anxiety and help you confidently find your way to your new home.
Here is what you need to know about the buying process for resale flats:
Figure out how much you can afford
Find a real estate agent
Make an offer
Closing the deal
With the valuation, you may decide to:
– Proceed with the flat purchase and exercise the OTP. You need to pay the sellers an option exercise fee. The total amount for the option fee and the option exercise fee must not exceed $5,000.
– Give up the flat purchase. The OTP will lapse after 21 days. You forfeit the option fee.
Submit Resale Application
Resale Completion Appointment
If you are unable to personally attend to matters relating to the purchase, you will need to prepare a Power of Attorney (POA). A POA is a legal document that allows an individual to appoint another person to act on his behalf and in his name on matters spelt out in the POA. The attorney can attend the Completion Appointment on the buyer’s behalf.
Obtain vacant possession of flat upon resale completion
If the sellers need more time to vacate the flat, they can arrange with you to extend their stay temporarily in the flat for up to 3 months after the legal completion of the resale transaction. They must have committed to buy a completed housing unit in Singapore, such as another HDB flat or private residential property.