Temporary extension of stay for resale flats – HDB flats for sale
Sellers of HDB flats will, with effect from today, be able to negotiate with their buyers for a temporary extension of stay in their HDB flats, by up to three months. This is part of HDB’s regular review to respond to the needs of HDB resale flat sellers and buyers. This move 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, eg. contra cases. HDB flats for sale.
Relaxed Rule to Help Flat Sellers
Flat sellers who wish to extend their stay temporarily must have committed to buy a completed housing unit in Singapore at the time of the resale application, i.e. they must have exercised an Option to Purchase or signed a Sale and Purchase Agreement.
The request for the extension of stay is to be submitted to HDB at the time of the resale application.
The extension of stay will automatically cease at the end of three months. Any earlier termination must also be communicated to HDB, as this will impact flat buyers’ Minimum Occupation Period, which commences on the day when they take over the flat. HDB flats for sale.
Private Agreement
Any such arrangements are, however, subject to the agreement of buyers. Details of the extension, including the duration and monetary compensation, if any, must be mutually agreed to by both parties.
Enquiries
HDB estimates that 15% of total resale transactions, ie. some 2700 households a year, will benefit from this relaxed rule (based on total resale volume of 18,100 in 2013).
Sources: HDB InfoWeb
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