My solicitors have informed me that they need the resale approval letter for the preparation of the legal documents. A66 : Buyers only need to renew the fire insurance policy when the existing policy expires. You are also required to fill up the Health Declaration Forms (HPS) to declare your share of insurance coverage and health status, to apply for the CPF Board’s Home Protection Insurance Scheme. We advise that the second party discuss with the first party on the application. (e) Original duplicate lease of the flat if it has been issued to the sellers. Currently, HDB has streamlined the process so you can Request For Value directly on the resale portal instead of approaching external vendors. Q33: When will HDB inspect the flat and how will the sellers be notified of the inspection? The approval letter will also be available for the sellers and buyers on the HDB Resale Portal. Q8: What can buyers do if they want to change any information from what they have given in the Intent to Buy when applying for an HDB Loan Eligibility (HLE) letter or submitting the resale application? - The applicants must not have an outstanding mortgage loan with a bank or financial institution for the flat they are selling. A40 : Once these documents are ready, they will be posted on the HDB Resale Portal. When the resale application is approved, sellers are notified via email and SMS to log into the HDB Resale Portal to download the approval letter. Wondering whether you are eligible to buy an HDB resale flat? How is HDB going to explain the financing details of my flat purchase to me? A55 : As there are additional checks involved in the processing of CPF Housing Grants, the grant approval may be issued with or after the resale approval. Ohmyhome has in-house tech capabilities that saves you both time and resources so that you can sell at the fastest speed with savings up to $18,000. Q42: What must I do to endorse the documents? # You will need to log into the HDB Resale Portal to endorse the financial plan. Q32: Can sellers or buyers change the completion date of the transaction? HDB Resale Valuation: How Does It Work? For those with personal matters e.g. (d) Confirmation for payment of the service and conservancy charges and property tax. Q71: How are sellers notified after the Town Council payment letter and the BCA windows retrofitting form, etc. A37 : The sale proceeds is calculated based on the resale price less the financial obligations you need to discharge, such as the outstanding home loan, CPF refund, etc. (f) Full set of the keys to the flat, including the duplicates, if any. The portal was hailed as a breakthrough for the HDB resale market, integrating all the eligibility checks on a single platform. A69 : Sellers must bring the followings when they attend the resale completion: (b) Original Option to Purchase (Page 1 to 10). The next step is to register your Intent to Buy which can be done via the HDB Resale Portal.. Q41: If I have questions on the draft financial plan (sale proceeds calculation) or the resale documents, who can I contact to seek clarifications? Pay the Option Exercise Fee. Alternatively, they can use the supporting e-payments mode (AXS website, Mobile, Apps,) to pay in advance before the completion appointment. Q31: How can sellers and buyers monitor the progress of their resale application? Use our calculators to work out your finances before buying your flat. As the documents are in pdf format, you can save a copy for reference. About the HDB resale price index portal. Q63: Who needs to attend the completion appointment? From 1 January 2018, buyers and sellers will enjoy a streamlined resale process with the introduction of the new HDB Resale Portal. Q44: Are the Administrators and Executors able to endorse the resale documents on the HDB Resale Portal? Q6: When should buyers register their Intent to Buy? "The HDB Resale Portal has halved the time needed for resale flat transactions from 16 weeks to around 8 weeks, and reduced the number of appointments with HDB from two to … Q4: Can property agents register the Intent to Sell or Intent to Buy on behalf of their clients? b) The sellers and buyers are advised to sign a private agreement between themselves on the terms of the extension, including the monetary compensation, if any. Since its launch in 2018, the Housing and Development Board (HDB) Resale Portal has helped streamlined the buying and selling process of resale flats. Q35: How can I make changes to the draft financial plan? Buyers and sellers can login to the HDB Resale Portal with their SingPass to start their respective resale … Ohmyhome is Singapore’s leading property transaction ecosystem. The Singpass is required when they login to the HDB Resale Portal for the various processes of selling or buying a flat. required. A51 : You can make the payments online by using your 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. Using the HDB Resale Portal will benefit you in many ways: – Shortens resale transaction time by up to 8 weeks A19 : Contact numbers and email addresses of the sellers and buyers should be provided so that we can update them on the progress of the transaction or to contact them regarding their resale application. After receiving the results of the valuation, you’ll need to pay an option … A36 : You are required to read the draft financial plan and resale documents before endorsing them. Q49: If I have appointed HDB to act for me in my transaction, when do I pay the conveyancing fees? A53 : You will receive the resale approval letter within 2 weeks after HDB's acceptance of the resale application. Come on in and be pleasantly surprised by interesting facts and finds about the heartland, renovation and decor tips, and more. Log in; Register After submission, HDB will notify both buyer and seller of the document acceptance via SMS or … The new portal is the second phase of the HDB Resale Portal launched in January 2018, and was created “after a series of engagement sessions with industry players and stakeholders”, he added. The fees are $40 for 1- and 2-room and $80 for 3-room and larger flats. With nearly 30 percent of transactions in the first half of 2017 being completed without an agent, this is a step forward in the right direction and brings about many benefits for buyers and sellers in Singapore. Q22: How do I submit the resale applications for contra cases via the HDB Resale Portal? Step 1: Register Your Intent to Buy Your journey to buying an HDB resale flat without a wizened property agent’s help starts with you registering an Intent to Buy on the HDB Resale Portal.. Do note that if you are purchasing the flat together with other applicants like your family or partner, only one of you needs to register. You can submit an application, submit an online enquiry, or make an appointment with us. Mr Tan & Mr Lim need NOT indicate "contra" in their applications. A34 : We will rely on the financing information provided by you in the resale application and draft a financial plan for your endorsement online. A67 : Buyers must bring the following when they attend the resale completion: (b) Spouse’s passport and long term social visit pass/work permit if the spouse is not a Singapore citizen nor Singapore permanent resident. I f you have always thought of buying or selling your own HDB, there is no better time to do that because as of 1st January 2018, the new HDB resale portal has been launched in Singapore. To assist you in your planning and preparation for your flat purchase, you may also wish to read up on the following information: Find out how to start looking for an HDB flat and handle the purchase yourself. I am then not able to proceed with the submission of my resale application. If buyers and sellers fail to endorse the documents within the extended deadline, the resale application will be cancelled. 1. Log into the HDB Resale Portal, open and read the document. Property agents can submit the Request for Value via the e-Resale e-Service or Estate Agent Toolkit. Since its launch in 2018, the Housing and Development Board (HDB) Resale Portal has helped streamlined the buying and selling process of resale flats. The HDB Resale Portal streamlines all the resale of flats processes into a single platform, and provides a step-by-step guide for flat buyers and sellers throughout the resale transaction. Just 5 Years. Flat sellers, who are not eligible to register for a Singpass account, can register their Intent to Sell under the ‘I am a non-resident Administrator or Executor’ option. Otherwise, the application will lapse and there will be no refund. When the completion is scheduled, we will notify the flat sellers via SMS to download the completion letter, and remind them of the tasks to follow-up and the documents to bring on completion. If the second party receives the above error message, it means that the information provided by the second party does not tally with that provided by the first party. With the complete set of resale application, HDB will then assess the buyers' and sellers' eligibility to buy/ sell the flat based in the date the second party submits their portion of the application. They have to indicate their request for the ECF in their flat applications. Q24: How can sellers request for a Temporary Extension of Stay (TEOS)? Price on call For those who do not have a Singpass or have forgotten their Singpass password, they can register for one or reset their password via the Singpass website at www.singpass.gov.sg. Here’s a nice overview provided by HDB. This is the final step of the buying process. What about the inspection ah ? A68 : Sellers have to do the following to prepare for the resale completion: (a) Rectify any unauthorised renovation works in the flat and, if required, arrange for another inspection with the Branch before the resale completion. Q29: When will HDB accept a resale application? A8 : The HDB Resale Portal tracks the consistency and correctness of information for every transaction from the Intent to Buy up to the resale completion. If the application and documents submitted are in order, we will notify the flat sellers and buyers of its acceptance of the application via SMS and emails within 10 working. Where can I view the status of my request? Otherwise, the resale application will be rejected. Can I pay with multiple cashier’s orders that add up to the required amount? HDB – Map Services; HDB – Resale Portal; HDB – Submission of Resale Application & Request for Value; HDB – Application for an HDB Loan Eligibility (HLE) Letter; HDB – Eligibility Check Buying HDB Flat and Applying for HDB Loan (New and Resale Flat) HDB – Submit electronic copies of your documents to HDB. After registering their Intent to Sell, they will have to wait out a 7-day cooling-off period before they can grant the buyers an Option to Purchase. When must I have the HLE letter or Letter of Offer (LO) from the FI? The draft application will only be available for editing for two weeks. MyNiceHome is a website by HDB where you can learn more about buying an HDB flat and other home-related content delivered in a refreshing way. HDB advisses that you should register your Intent to Sell before you start … Enjoy a faster and easier resale transaction with the HDB Resale Portal. Mr Tan & Mr Lim need NOT indicate "conversion" in their application. Here’s a quick flowchart to help you understand the various processes better. For buyers taking a bank loan, the completion timing will be in the afternoon (between 3pm to 5pm). 6. Once the necessary documents and fees are endorsed and paid respectively, an in-principle approval for the resale application will be granted by our Customer Relations Manager. A22 For contra cases, there are 3 parties involved. Check these resale statistics to get a better idea of the HDB resale market conditions and make a more informed decision. (c) The Mortgage Fire Insurance Policy certificate if the buyers are taking an HDB housing loan. Endorse resale documents . Mr Koh must indicate "Buying adjoining flat under Conversion Scheme >> Two adjoining flats" in his application & key in the 2 flats addresses that he intends to buy. He expects HDB resale prices to continue to grow by 7 per cent to 10 per cent this year. A33 : The inspection will be scheduled 5 working days after the application is accepted. Guided through the Portal was hailed as a breakthrough for the Proximity housing Grant flat under the ECF such submit. Flat will be required to attend to complete the resale Portal - the applicants are not available, new... Can the sellers and buyers are taking an HDB housing loan ( )! Inspection will be ready for endorsement about three weeks after HDB 's acceptance the. 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