The Complete Guide to Selling Your HDB Flat

Feb 22, 2024By Zen
Zen

Selling your HDB flat can be a complex process, especially if it's your first time. Whether you're upgrading to a larger flat, downsizing, or moving to a private property, it's essential to understand the steps involved in selling your HDB flat to ensure a smooth and successful transaction.

Understanding the Process

Before putting your HDB flat on the market, it's crucial to familiarize yourself with the selling process. This includes understanding the eligibility criteria, valuation, and financial considerations. You should also be aware of the different types of HDB flats and their respective selling restrictions.

beautiful interior magazines displayed in a black wire wall rack against a white wall. A gold floor lamp and a succulent plant in a terracotta pot on a shelf.

Are you ready to embark on the journey of selling your HDB flat? The process is seamless and efficient with My Flat Dashboard guiding you every step of the way. Here's a glimpse of what awaits you:

Step 1: Register Intent to Sell.

Ease into the selling process by registering your Intent to Sell. Our platform offers a preliminary assessment of your eligibility to sell your HDB flat. Plus, you'll get insights into when you can grant an Option to Purchase (OTP) to potential buyers. For those opting to manage the sale independently, dive into the details of managing your flat's sale and consider joining our resale seminars to master resale policies and procedures. To determine the perfect selling price, leverage our HDB Map Services, resale flat prices, and resale statistics.

Preparing Your HDB Flat for Sale

Step 2: Preparing the HDB flat for marketing and viewings.

Prior to listing your HDB flat, it's essential to ensure that your property is in a presentable condition. This may involve decluttering, making minor repairs, and staging the space to appeal to potential buyers. Professional photography can also enhance the visual appeal of your listing.

HDB flat interior

Setting the Right Price

Step 3: Understand the current market trend.

Determining the right selling price and current market demand for your HDB flat is crucial. Conducting a comparative market analysis and seeking professional advises can help you establish a competitive yet realistic asking price. It's important to consider factors such as location, amenities, demand and recent property transactions in your area.

Marketing Your HDB Flat

Step 4: Marketing.

Effectively marketing your HDB flat is essential for attracting interested buyers. This may involve creating compelling property listings on listing portals, utilizing various marketing channels, and leveraging social media platforms to reach a wider audience. Hosting open houses and virtual viewings can also generate interest in your property.


Negotiating and Closing the Sale

Step 5: Negotiation and closing!

Once you receive offers for your HDB flat, it's time to negotiate the terms of the sale. Working closely with your real estate agent, you can evaluate offers, negotiate price and terms, and ultimately reach an agreement with the buyer. Upon acceptance of the offer, the necessary legal and financial arrangements will be made to finalize the sale.

Successfully selling your HDB flat involves careful planning, strategic marketing, and effective negotiation. By understanding the process and seeking professional guidance, you can navigate the complexities of selling your HDB flat with confidence.

Submission of application to HDB

Step 6: Submit Resale Application

Once your potential buyers have exercised the OTP, the next step is to submit the resale application. If you've arranged a temporary extension of stay with your buyers, make sure to mention it in the resale application. HDB will then notify both sellers and buyers within 28 working days via SMS and email. Once HDB accepts the resale application, it marks the beginning of 8 weeks of processing time. A completion date will be given in the acceptance notification and the date stated is the earliest possible date to complete the resale transaction.

Acknowledging Documents online

Step 7: Endorse Documents and Pay Fees Smoothly

Progress through the process by acknowledging and endorsing the resale documents. Don't forget to take care of the necessary fees. It's a crucial step in ensuring a hassle-free transaction.

HDB Approval of sales

Step 8: Get Resale Approval With the fees settled

HDB will grant an in-principle approval for the resale transaction and diligently process your application. An approval notification containing instructions on what needs to be done before the completion will be sent to both sellers and buyers. ie notification to Town Council on payment of Service and Conservancy Charges and BCA windows retrofitting form.

Grand Finale

Step 5: Attend Completion Appointment.

As the final step approaches, around 8 weeks from HDB's acceptance of the resale application, you and your buyers will receive a notification via SMS about the resale completion appointment. For your convenience, all details can be accessed through My Flat Dashboard from hdb.gov.sg via singpass


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