Are you having headaches due to complex procedures when buying a resale HDB apartment? Don’t worry, we got your back! This blog will help you effortlessly grasp the WHOLE purchase process! How much time should you allot in the purchasing step? What does the entire process look like, and what are the key notes to keep in mind? What are some of the costs to pay along the way? Read this to prepare yourself as a smart buyer!

• Week 1: Issue Option to Purchase (OTP)

• Week 4: Exercise OTP

• Week 8: Submit Resale Application 

• Week 10: Resale Application Accepted

• Week 12 To 13: Flat Examination And Document Checking

• Week 14 to 15: Resale Approval

• Week 18 to 20: Resale Completion

• Summary Map of HDB Resale Process and Timeline

According to the HDB (Housing & Development Board) organization, the buying process will usually take from 4 to 4.5 months (16 to 20 weeks).

 

[BUY RESALE HDB] WEEK 1: ISSUE OPTION TO PURCHASE (OTP)

After the OTP is granted, purchasers are asked to make a valuation request via their HDB Resale Portal for the apartment they buy by the next working day (unless you are using FULL CASH for purchase).

A HLE letter from HDB or letter of offer from banks is required based on your mortgage loan preference.

Before you proceed to activate the OTP, all required documentation must be available within 21 days after the OTP issue date. It will take 5-7 days to validate your OTP request.

Note: No action is needed from the seller at this step while waiting for the buyer to use the OTP.

 

[BUY RESALE HDB] WEEK 4: EXERCISE OTP

You can exercise the OTP at any time within the next 21 days from OTP expiry.

 

WEEK 8: SUBMIT RESALE APPLICATION 

Within 30 days from the OTP exercise date, both Sellers and Buyers must submit their respective resale applications via the HDB Resale Portal. It is necessary to communicate and decide the time to submit with the other side. 

Note: Any buyer or seller may submit their paper first, but the rest must do so within seven days from the submission of the first party.

 

WEEK 10: RESALE APPLICATION ACCEPTED

After the resale application is approved, sellers and buyers will get a notification through SMS, in which they will be notified of the expected completion date.

Note: Resale application acceptance might take up to 3-10 working days, considering the amount of applications received.

Once approved, HDB begins executing the transaction by verifying the eligibility of the purchasers and sellers, along with processing any necessary documentation.

 

WEEK 12 TO 13: FLAT EXAMINATION AND DOCUMENT CHECKING

This action should be done at least 1-3 days before resale completion. An SMS will be sent to buyers and sellers asking them to sign the paperwork. Various resale papers, such as computations, forms, and commitments, will be handed and will need the individual endorsements of each party.

For example, if there are two owners of the apartment, both Sellers A and B must each log in using their own singpass to endorse the paperwork.

Administrative costs, including caveat and conveyancing fees, must be paid online through the HDB Resale Portal or HDB Hub within three days with the written advice if you have no means to make online payment. 

 

WEEK 14 TO 15: RESALE APPROVAL

An SMS will be delivered, which will notify buyers and sellers that the application has been accepted. Both can find the approval letter in the HDB Resale Portal.

 

WEEK 18 TO 20: RESALE COMPLETION

Resale apartment process typically takes 8 to 10 weeks to be completed after the Acceptance of the Resale Application. Sellers are required to make sure that all giro payments for the apartment have been stopped, the property tax has been paid until the end of the year, and the S&CC has been paid until the completion date.

To receive a receipt from Town Councils, payment for S&CC must be done in person at their offices. During the end ò this step, the receipt for S&CC paid and evidence of payment with no outstanding property tax amount are required.

 

SUMMARY MAP OF HDB RESALE PROCESS AND TIMELINE

By having a deeper knowledge of the HDB resale procedure and schedule, you can better manage time and resources for transition.

The below image has summarized the full HDB resale procedure and schedule to make it simpler for our readers to understand.

Still vague or need more information? Please don’t hesitate to get in touch with us through email, phone or website if you need any help in finding, arranging and moving to your future home. As a large-scale professional agency who has acquired 10 years of experience and satisfied 170 customers, we guarantee to best assist you with the most affordable cost and fast-to-proceed reliable information!