HDB Resale - Selling Guide

Before you register your HDB Intent-To-Sell, please do work with your property agent on the following pointers:

  1. Check Your Eligibility
  2. Work Out Your Finances & Timeline

Step 1: Check Your Eligibility

You must fulfil a set of eligibility conditions like meeting the Minimum Occupation Period (MOP), Ethnic Integration Policy (EIP), and Singapore Permanent Resident (SPR) quota for your block/ neighbourhood before you can sell your flat.

There are also additional requirements that may have to be met in the event of bankruptcy or divorce. (click here for more info)

 

Step 2: Work Out Your Finances & Timeline

It is critical that you work out how much loan you can get for your next property purchase before you embark on the selling process.

 

You can work out your cash sales proceeds using the following simple formula:

[Selling Price] - [Outstanding Lan, if any] - [CPF Refund (include OA + Accrued Interests)] - [Legal + Agent's Professional Fees] = [Cash Sales Proceeds]

eg: Selling Price = $500k

Outstanding Loan = $100k

Total CPF Refund = $200k

Legal + Agent's Professional Fees = $3k

Cash Sales Proceeds = $197k

 

You also need to make sure you have enough in cash, CPF, or home loans to cover your new home purchase.

Please do bear in mind that you may want to consider the below costs too:

  • Resale levy (if any)
  • Moving expenses
  • Renovation & furnishing expenses for your new home

Please do take note that after paying off your outstanding home loan and refund to your CPF account, you may not have much cash sale proceeds remaining.

Hence please ensure that you have enough cash to cover your next home's down payment – especially if you’re going for a private property, which will require minimum 5% cash.

 

With regards to time-line, in general, the entire HDB selling process takes about 3 months from the day you issue your OTP to the prospective buyer to the day your sales proceeds goes back to your CPF, and to receive the cash proceeds.

If you need the both the CPF & cash sales proceeds from the sales of your HDB, you will need to time your timeline to perfection together with your real estate agent.



 

After you'd worked out the above with your real estate agent, this is how the entire HDB Selling process will look like:

  1. Register Your Intent to Sell
  2. Submit HDB Resale Application
  3. Endorse Your Resale Documents
  4. Pay Resale Application Fees
  5. Receive HDB's Approval
  6. Attend HDB Resale Completion Appointment

Step 1: Register Your Intent to Sell

You can do so via the HDB resale portal here. (You will need your SingPass for this.)

Please do take note that the Intent to Sell is valid for 12 months, and there is a 7-day cooling-off period before you can grant a buyer an OTP. 

eg: 1 Jan - register intent to sell.

8 Jan or later - eligible to grant OTP to potential buyer.

31 Dec - intent to sell expires.

 

Step 2: Submit HDB Resale Application

After your buyers had exercised the Option to Purchase (OTP), both buyers and sellers must submit their respective portions of the resale application, together with the necessary documents, to HDB via the HDB Resale Portal. Both buyer and seller must submit their side of the application within 7 days of each other.

If you had engaged a real estate salespersons, your agent can use the Estate Agent Toolkit to submit resale applications on your behalf.

Upon receipt of the resale application and supporting documents, HDB will verify the information provided and assess the eligibility of both buyer and seller. You and the buyer should ensure that both of you meet all the eligibility conditions and resale requirements when submitting your resale application.

If the application is in order, HDB will notify you and the buyer of their acceptance of the application via SMS/ email.

On average, it will take about 1-3 weeks from the date of HDB’s acceptance of the resale application, to process and approve the resale application.

 

Step 3: Endorse Your Resale Documents

During these 8 weeks, you are required to endorse documents which HDB have prepared for you through the HDB Resale Portal and pay the necessary fees online.

An in-principle approval for resale will be granted once the documents are endorsed. Following which, an appointment will be arranged for buyers and sellers to attend to complete the resale transaction.

 

Step 4: Pay Resale Application Fees

Buyers and sellers must submit their respective portions of the resale application to HDB via the HDB Resale Portal. You will each pay an administrative fee (inclusive of GST) of $40 or $80, depending on the flat type.

Flat Type

Resale Application Administrative Fee*

(Payable by buyer and seller)

1 and 2-room$40
3-room and bigger$80

Payments can be made online via credit card (Visa or MasterCard) when using the HDB Resale Portal, and via GIRO when using the Estate Agent Toolkit.

 

Step 5: Receive HDB's Approval

An in-principle approval for resale will be granted once the documents are endorsed and payment made (step 3 & 4). Following which, an appointment will be arranged for both buyers and sellers to attend to complete the resale transaction, which is uauly 8-10 weeks later.

 

Step 6: Attend HDB Resale Completion Appointment

With the streamlined resale process, buyers and sellers are required to attend only 1 resale appointment at HDB.

You will need to be present for the resale completion appointment if you have engaged HDB solicitor to act for you.

If you have engaged your private solicitors to act for you, your solicitor representative will attend the resale completion appointment on your behalf and you need not be present.

 

And that’s it! You now know just about everything you need to in the selling of your HDB flat!

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