Step 1: Eligibility Check

  1. Verify Eligibility: Ensure you meet the eligibility criteria to sell your HDB flat, such as meeting the Minimum Occupation Period (MOP).
  1. Financial Clearance: Ensure there are no outstanding loans or arrears on the property. If your property is mortgaged to a Bank, you will have to engage a Conveyancing Lawyer to help you with the redemption of your existing bank loan and your sale process.

Step 2: Register Intent to Sell

  1. Log in to HDB Resale Portal: Use your SingPass to log in to the HDB Resale Portal.

  2. Register Intent to Sell: Fill out the necessary information and submit the intent to sell.You will receive a checklist of the next steps and eligibility criteria.
  1. Acknowledgement: Receive immediate acknowledgement from HDB and a uniqueregistration number.

Step 3: Engage a Conveyancing Lawyer

  1. Hire a Lawyer: Engage a conveyancing lawyer to assist with the legal aspects of the sale.
  1. Legal Advice: Seek advice on the sale process, necessary documents, and compliance with HDB regulations.

Step 4: Granting Option to Purchase (OTP)

  1. Negotiate Sale Price: Negotiate and agree on the sale price with the buyer.

  2. Issue OTP: Grant the OTP to the buyer and collect a deposit, and the buyer has 21 days to exercise it.

Step 5: Exercise of OTP by Buyer

  1. Buyer Exercises OTP: The buyer signs the OTP and pays the exercise fee. Exercise fee and deposit collected should not be more than $5000.
  1. Submit Resale Application: Both the seller and buyer must submit their respective portions of the resale application via the HDB Resale Portal.
  1. Receiving HDB Acceptance letter: HDB will inform both parties of the completion date, which is usually 8 weeks from the Acceptance Letter date.
  1. Financial planning and signing of legal documents: make appointment with your conveyancing lawyer to go through the financial planning and signing of legal documents relating to the purchase.

Step 6: Endorsement of Documents

  1. Endorse Resale Documents: Log in to the HDB Resale Portal to endorse the resale documents.
  1. HDB Review: HDB will review the resale application and documents and provide an approval for the application.

Step 7: Attend HDB Appointment

  1. Attend Appointment: Both seller and buyer must attend the HDB resale appointment. If you are represented by a lawyer, the lawyer will represent you at the completion instead.
  1. Complete Sale: At the appointment, the sale is completed, and the buyer takes possession of the flat.

Conclusion

Following these steps on the HDB Resale Portal ensures a smooth and efficient resale process. Engaging a conveyancing lawyer helps navigate the legal complexities and ensures compliance with all regulatory requirements. By understanding and adhering to these steps, sellers can efficiently manage the sale of their HDB flats in Singapore. For the best experience, let’s meet in person! Our Conveyancing Lawyer is eager to help you through the conveyancing process inSingapore. Don’t hesitate to call us at 6326 8888.