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Starter kit to buy/sell a flat

Ever felt overwhelmed when you are about to embark on a property transaction? Fret not, there is plenty of free information available online to help you understand and navigate property transaction processes! The information will be useful whether you intend to engage a property agent or handle the transaction on your own.

In this issue, let's take a look at buying and selling HDB resale flats.

Know your flat prices

Already have a dream location for your future home? Check out HDB's Map Services! This one-stop interactive service allows you to check resale transaction prices within 200m of your selected location.

Using the service, you can find out what the ethnic group and Singapore Permanent Resident quotas are for a specific block, as well as prices of resale flats within 200m from a HDB block or DBSS project.

Want an overview of HDB resale price movements? HDB's selling statistics webpage offers plenty of information. Have a feel of the market by looking at current and past median resale prices and HDB's Resale Price Index.

Are you eligible to sell your flat?

You may have been looking for your next dream home, but are you eligible to sell your current flat?

You must fulfil a Minimum Occupation Period (MOP) before you can sell your flat. Most public housing have a MOP of five years and it is calculated from the date you collect the keys to your flat. If you have rented your whole flat out, the rental period is not counted towards the MOP.

Do also check on the Ethnic Integration Policy and Singapore Permanent Resident quotas for your block/neighbourhood.

Do I need to pay a resale levy?

If you are selling your flat, did you know that you might have to pay a resale levy?

If you are selling a subsidised flat and buying a second subsidised flat from HDB, you will need to pay a resale levy. The same applies if you are selling a subsidised flat and buying an Executive Condominium unit from a developer, where the land sale was launched on or after 9 December 2013. Find out more about resale levies and the amounts payable.

Buying and selling a flat: Get it Right!

Whether you are engaging a property agent to help to sell a HDB flat or DIY-ing, it is important to understand the HDB resale process and plan ahead so you have time to make the necessary preparations.

You need to submit documents to HDB, including a photocopy of your original NRIC or passport, and your spouse's endorsement on the resale application form if he/she is an occupant of the flat.

You must also complete the resale checklist for sellers/buyers.

If you are a co-owner of a flat, only one of you will need to submit the checklist by logging in with your NRIC number and SingPass. Do note that as a seller, you need to complete the resale checklist at least seven days before granting the Option to Purchase to a buyer.

For flat buyers, you have to similarly complete the resale checklist. This should be done before you exercise the Option, as soon as you decide to buy a resale flat. You must also exercise the Option within 21 calendar days. After 21 days, the Option will expire.

Once the buyers have exercised the Option, both the sellers and buyers have to decide when to submit a resale application to HDB. The buyers and sellers have to submit the respective portion of the resale application form separately, but within seven days of each other. Both portions must be submitted within the previously agreed number of days on page 4 of the OTP.

There's plenty more information on HDB's website on selling a flat and buying a resale flat. Do take the time to read the information and be a savvy home buyer!