Delay HDB Resale Submission

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Case Study:

I have secured a buyer for my HDB resale unit in August 2016.

The Seller has requested to stay in the house until April 2017 and the Buyer agreed.

Usually, Agents will work backwards from April 2017 for maximum 3 months extension of stay.

But then the question arise whereby the Option To Purchase (OTP) exercise period cannot exceed 21 days.

So even if you work backwards, the OTP issued date will still not be earlier than January 2017.

How should I do the paperwork process in this case in order to seal the case perfectly?

Solution:

Let say: OTP issue 18th Aug 2016.

Then, exercise OTP 21 days by 8th Sep 2016.

Put the days to submit the resale application to be 90 days till 1st week Dec 2016.

Please note the following documents are still valid upon HDB resale submission:

  • Seller Checklist
  • Buyer Checklist
  • Valuation Report
  • HLE or Bank’s Letter of Offer.

Then in November 2016 you have to monitor and see when the earliest HDB 1st Appointment, plan your submission and book HDB 1st Appointment end Jan to early Feb 2017, 8 weeks later completion will be April 2017.

If all in place in this way, there is no HDB extension of stay required or most is just for 2 to 4 weeks.

Hope the above sharing is helpful. Cheers!