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HDB – 7-day ‘cooling off’ period November 15, 2010

Filed under: HDB,MND — Ideal Home SG @ 18:44
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18th Oct 2010, Straits Times

SELLERS of Housing Board flats, acting with or without agents, will have to observe a seven-day cooling-off period after they have completed the resale checklist, before granting an option-to-purchase (OTP) to the buyers from Nov 1.

 

The new condition is part of the enhanced resale checklist and submission procedures to better protect the interests of sellers and buyers and help them make informed and prudent decisions, said the HDB in a statement on Monday.

 

The enhanced checklist also requires flat sellers buying another HDB flat to work out the estimated sale proceeds of their current flat and a financial plan for the purchase of the next flat.

 

Additionally, buyers of resale flats, acting with or without agents, will also be required to complete and submit the resale checklist, which was introduced in 2008 to ensure that HDB flat sellers and buyers are aware of the key resale and financial policies before they commit to a transaction.

 

Said the HDB on the need to toughen the resale checklist: ‘HDB flats are meant for long-term owner-occupation. Buying or selling an HDB flat is a significant financial decision and should be subject to careful consideration.

 

‘Flat lessees who intend to sell their flats should consider their finances carefully and plan for their next accommodation. Buyers should also exercise financial prudence in their flat purchase.’

 

Currently, agents engaged by sellers or buyers are required to go through a resale checklist with the sellers or buyers to highlight key policies and procedures before the sellers or buyers would grant or exercise the option to purchase.

 

Following that, they are required to submit the completed checklist to HDB together with the resale application form.

 

Sellers and buyers without agents are encouraged, but not required, to go through a separate do-it-yourself (DIY) resale checklist. They also do not need to submit the checklist to HDB.

 

The HDB will create a new resale checklist repository in its InfoWeb (www.hdb.gov.sg) for interested parties to download the printed form.

 

Summary

 

The key changes for the different buyer / seller groups are summarised in the table below. (Changes from current procedures are in blue text.)


 

With Agent Without Agent
Buyers Submit resale checklist with Resale Application Form.

No change.

Not required to submit resale checklist.

Submit resale checklist with Resale Application Form.

Sellers Submit resale checklist with Resale Application Form. Not required to submit resale checklist.
Complete Resale Checklist 7 days before granting OTP, and submit Resale Checklist by the following day after completing the checklist.

 

 

The enhanced Resale Checklist, to be used from 1 Nov 2010, can be downloaded from the HDB Infoweb. Agents and members of the public can also obtain the printed form from the HDB Hub Reception Counter or at any HDB Branch Offices.

 

For enquiries, please e-mail to hdbresale@hdb.gov.sg or call the Sales/Resale Customer Service Line at 1800-8663066 on weekdays from 8am to 5pm.

 

For more information, please refer to HDB website for more.

 

One Response to “HDB – 7-day ‘cooling off’ period”

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