HDB resale transaction process will be shorter and easier for both sellers and buyers of HDB flats from 1st Jan onwards. The Housing Board is upgrading its resale portal to make it easier to file applications and conduct eligibility checks, it said in a statement on Thursday (Oct 19).
As a result, only one appointment with the HDB - instead of two - will be required. The entire transaction time will be shortened by up to eight weeks, from 16 weeks currently.
The change, which was promised during March's debate on the National Development Ministry's budget, will kick in on Jan 1, 2018. In a Facebook post, National Development Minister Lawrence Wong said the new platform was one of the initiatives under the Real Estate Industry Transformation Map and "part of our move towards being a smart nation".
As a result, only one appointment with the HDB - instead of two - will be required. The entire transaction time will be shortened by up to eight weeks, from 16 weeks currently.
The change, which was promised during March's debate on the National Development Ministry's budget, will kick in on Jan 1, 2018. In a Facebook post, National Development Minister Lawrence Wong said the new platform was one of the initiatives under the Real Estate Industry Transformation Map and "part of our move towards being a smart nation".
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Said an HDB spokesman: "By harnessing technology and transaction data to establish the reasonableness of a transacted price, some cases may not require a valuation for this purpose. This will help expedite the processing of resale transactions. Nevertheless, where a valuation is assessed to be needed, it will still be done."
The updated portal will also minimise the need for buyers and sellers to manually key in their data, as it will pull in common information used by government services, such as names, IC numbers and addresses, for the relevant forms.
Buyers and sellers will also be able to check their eligibility for housing grants or HDB loans, or whether they can even buy or sell a flat, at a glance, rather than have to check multiple e-services on the current website.
Flat buyers and sellers will have to use a new Option to Purchase form - a legal document giving buyer the exclusive right to buy a flat - when the changes take effect. The current form is valid till Dec 31.
The updated portal will also minimise the need for buyers and sellers to manually key in their data, as it will pull in common information used by government services, such as names, IC numbers and addresses, for the relevant forms.
Buyers and sellers will also be able to check their eligibility for housing grants or HDB loans, or whether they can even buy or sell a flat, at a glance, rather than have to check multiple e-services on the current website.
Flat buyers and sellers will have to use a new Option to Purchase form - a legal document giving buyer the exclusive right to buy a flat - when the changes take effect. The current form is valid till Dec 31.
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Among other things, the new system will require buyers to get the HDB to confirm the value of a potential flat directly, instead of getting a report through a panel of valuers. This will cost $120 for all flat types, instead of $156.45 for one- and two-room flats, or $226 for three-room and larger flats.
Said an HDB spokesman: "By harnessing technology and transaction data to establish the reasonableness of a transacted price, some cases may not require a valuation for this purpose. This will help expedite the processing of resale transactions. Nevertheless, where a valuation is assessed to be needed, it will still be done."
The updated portal will also minimise the need for buyers and sellers to manually key in their data, as it will pull in common information used by government services, such as names, IC numbers and addresses, for the relevant forms.
Buyers and sellers will also be able to check their eligibility for housing grants or HDB loans, or whether they can even buy or sell a flat, at a glance, rather than have to check multiple e-services on the current website.
Said an HDB spokesman: "By harnessing technology and transaction data to establish the reasonableness of a transacted price, some cases may not require a valuation for this purpose. This will help expedite the processing of resale transactions. Nevertheless, where a valuation is assessed to be needed, it will still be done."
The updated portal will also minimise the need for buyers and sellers to manually key in their data, as it will pull in common information used by government services, such as names, IC numbers and addresses, for the relevant forms.
Buyers and sellers will also be able to check their eligibility for housing grants or HDB loans, or whether they can even buy or sell a flat, at a glance, rather than have to check multiple e-services on the current website.
Flat buyers and sellers will have to use a new Option to Purchase form - a legal document that gives a buyer the exclusive right to buy a flat - when the changes take effect. The current form is valid till Dec 31.
The HDB spokesman said there is no change to the role of estate agents, as buyers and sellers can continue to engage them if they wish. Mr Wong also said the changes will "free them up from time-consuming administrative work and allow them to focus on higher value-added work".
The spokesman also noted that the proportion of resale flat buyers and sellers who opted for the do-it-yourself route has increased from 11 per cent in 2010 to 27 per cent in the first half of this year.
"In particular, we have observed a clear and increasing trend of flat buyers carrying out transactions on their own. This upward trend could be due to the fact that resale flat buyers are generally younger and more tech savvy than resale flat sellers," she said.
The HDB spokesman said there is no change to the role of estate agents, as buyers and sellers can continue to engage them if they wish. Mr Wong also said the changes will "free them up from time-consuming administrative work and allow them to focus on higher value-added work".
The spokesman also noted that the proportion of resale flat buyers and sellers who opted for the do-it-yourself route has increased from 11 per cent in 2010 to 27 per cent in the first half of this year.
"In particular, we have observed a clear and increasing trend of flat buyers carrying out transactions on their own. This upward trend could be due to the fact that resale flat buyers are generally younger and more tech savvy than resale flat sellers," she said.
Click below to download the file to understand the new HDB resale procedure:
| new_hdb_resale_procedure.pdf |
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