To All HDB Flat Sellers and Fellow Real Estate Salespersons, With immediate effect, sellers of HDB flats will be able to negotiate with their buyers for a temporary extension of stay in their flats by up to three months after legal completion. This will facilitate sellers who are transiting to their next homes, including those who may need more time for renovation or those awaiting funds from the sale of their current flats, the HDB said on Tuesday (July 22). The temporary extension of stay must be mutually agreed upon by the flat sellers and buyers. Both parties may agree on the terms of the extension of stay (the period of stay must not be more than 3 months after legal completion) and any monetary compensation by the flat sellers to the buyers. Some of the conditions to take note of are: a) Flat Sellers. They must have committed to buy (i.e. exercised an Option To Purchase or signed a Sales and Purchase Agreement) a completed housing unit in Singapore at the time of the resale application. b) Flat Buyers. The computation of the minimum occupation period (MOP) for the flat will be set back by the period which they have agreed to let the flat sellers extend their stay. Also, an administrative fee of $20 (inclusive of GST) is payable to the HDB. As the temporary extension of stay is not more than 3 months, we urge salespersons engaged by flat sellers to continue advising their clients to plan for their next housing before granting an Option To Purchase for the sale of their flats. For more details you may refer to the press release. hdb.gov.sg/fi10/fi10296p.nsf/PressReleases/29E3BA13FD7558AF48257D1D0012BD3D?OpenDocument
Posted on: Tue, 22 Jul 2014 08:22:58 +0000
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