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Hdb Imposes 7-day Cooling-off Period For Flat Sale

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http://www.channelnewsasia.com/stories/sin...1087746/1/.html

HDB imposes 7-day cooling-off period for flat sale

By Mustafa Shafawi | Posted: 18 October 2010 1139 hrs

HDB flats

SINGAPORE: From November, sellers of Housing & Development Board (HDB) flats will have to observe a seven-day cooling-off period before they can grant an Option-to-Purchase (OTP) to the buyers.

The cooling-off period starts after they complete a resale checklist which will have to be submitted online to the HDB website.

The checklist was introduced in 2008 to ensure flat sellers and buyers are aware of the key resale and financial policies before they commit to sell or buy a resale flat.

The HDB said the enhanced resale checklist would also require sellers to state their next housing arrangement.

HDB added if sellers intend to buy another flat, they have to work out their estimated sales proceed of their current flat, and submit a financial plan for their next flat purchase

Buyers of resale flats, acting with or without agents, will also be required to complete and submit the resale checklist.

The HDB said the enhancement was part of regular reviews to better protect the interests of sellers and buyers and help them make informed and prudent decisions.

Currently, agents engaged by sellers or buyers are required to go through a resale checklist with the sellers or buyers to highlight key policies and procedures before the sellers or buyers would grant or exercise the OTP.

After the OTP is granted or exercised, sellers or buyers are required to submit the completed checklist to HDB together with the resale application form.

Sellers and buyers without agents are encouraged, but not required, to go through a separate Do-It-Yourself (DIY) resale checklist.

They also do not need to submit the checklist to HDB.

-CNA/wk

 

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wah liao..

want to sell flat, still need to do a financial report.

Guess.. more seller will not willingly to do all this especially to those elder HDB owner.

 

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wah liao..

want to sell flat, still need to do a financial report.

Guess.. more seller will not willingly to do all this especially to those elder HDB owner.

So mafah troublesome!

PAP is desperate to reduce transaction volume before GE, hoping it will stop the resale index from going up further?

Edited by forgotten
 

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ya lor.

look like ah horse has run out of idea. How to control the price.

So.. since no idea. Best way, make those seller life difficult.

 

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ya lor.

look like ah horse has run out of idea. How to control the price.

So.. since no idea. Best way, make those seller life difficult.

It looks like the new measures rolled out on 30 August aren't working as horse wanted, so he 'invents' something last minute again.

Horse is definitely desperate. He promised Lift Upgrading for all blocks in Tampines!

Edited by forgotten
 

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HDB page:

"(iii) During the Resale First Appointment, sellers have to produce the original copy of the Resale Checklist, Estimated Sales Proceeds and Financial Plan calculations (if applicable) deposited in the Repository for verification. "

Horse win liao... there're more possible things to screw up the 1st HDB appointment.

 

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HDB page:

"(iii) During the Resale First Appointment, sellers have to produce the original copy of the Resale Checklist, Estimated Sales Proceeds and Financial Plan calculations (if applicable) deposited in the Repository for verification. "

Horse win liao... there're more possible things to screw up the 1st HDB appointment.

HDB aware that those on HDB loan deliberately park their CPF. Catching time :)

 

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HDB unable to allow exemptions for those who inherit overseas properties: Mah

By Claire Huang | Posted: 18 October 2010 1602 hrs

http://www.channelnewsasia.com/stories/sin...1087794/1/.html

SINGAPORE : The Housing and Development Board (HDB) is unable to allow subsidised flat owners from owning overseas properties, even if they are inherited.

National Development Minister Mah Bow Tan said this in Parliament on Monday in response to a question from MP Lee Bee Wah, who asked whether HDB will allow exemptions to those who inherit foreign properties out of bequests.

"HDB is unable to allow exemptions for those who inherited these overseas properties as a general policy. However, I will ask HDB to look into the circumstances of special cases on appeal," said Mr Mah.

Mr Mah said the ministry has received a few hundred appeals from Permanent Residents (PRs) on this issue.

When asked how many of the appeals have been successful, Mr Mah said HDB is in the process of assessing them.

Under the current policy, HDB flat buyers are not allowed to own local or overseas private properties concurrently, within the Minimum Occupation Period.

From end August this year, the same rule also applies to buyers of non-subsidised flats.

Mr Mah said this is to ensure that those who can afford private properties anywhere do not compete for limited public housing subsidies.

He added that HDB flat buyers are required to declare any interest or ownership in private property, local or overseas.

Mr Mah also said that HDB conducts spot-checks locally and overseas.

The penalty for false declarations is a fine of up to S$5,000 or a jail term of up to six months, or both. - CNA /ls

 

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http://www.channelnewsasia.com/stories/sin...1087746/1/.html

HDB imposes 7-day cooling-off period for flat sale

By Mustafa Shafawi | Posted: 18 October 2010 1139 hrs

HDB flats

SINGAPORE: From November, sellers of Housing & Development Board (HDB) flats will have to observe a seven-day cooling-off period before they can grant an Option-to-Purchase (OTP) to the buyers.

The cooling-off period starts after they complete a resale checklist which will have to be submitted online to the HDB website.

The checklist was introduced in 2008 to ensure flat sellers and buyers are aware of the key resale and financial policies before they commit to sell or buy a resale flat.

The HDB said the enhanced resale checklist would also require sellers to state their next housing arrangement.

HDB added if sellers intend to buy another flat, they have to work out their estimated sales proceed of their current flat, and submit a financial plan for their next flat purchase

Buyers of resale flats, acting with or without agents, will also be required to complete and submit the resale checklist.

The HDB said the enhancement was part of regular reviews to better protect the interests of sellers and buyers and help them make informed and prudent decisions.

Currently, agents engaged by sellers or buyers are required to go through a resale checklist with the sellers or buyers to highlight key policies and procedures before the sellers or buyers would grant or exercise the OTP.

After the OTP is granted or exercised, sellers or buyers are required to submit the completed checklist to HDB together with the resale application form.

Sellers and buyers without agents are encouraged, but not required, to go through a separate Do-It-Yourself (DIY) resale checklist.

They also do not need to submit the checklist to HDB.

-CNA/wk

What I can say is:

- NDM SIOW liao. - Open backside big big let opposition "shoot".

- I thought only Shanghai - i household 1 property is "siow". This one lagi "siow" - Ah Horse Jialat this time. Sure die flat flat.

- Hong Lim Park will be busy liao.

- Simi financial plan? Uncle, Aunty, ah mah, ah Kong know meh !

- All sellers need to Take financial course counducted by Financial Consultant Katak Horse, before selling house liao.

- I thought only tiolet cleaners need to take course.

- If someone starts petition boycott this, I sure join in. This is against free will by exerting undue influence, no human rights......

21/10/10, 1337hr added:

Apology making about statements. Now understand the rule better. Good for seller/buyer, agents need more hardworking and spend more sylivia now.

Edited by bepgof
 

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- Simi financial plan? Uncle, Aunty, ah mah, ah Kong know meh !

- All sellers need to Take financial course counducted by Financial Consultant Katak Horse, before selling house liao.

Don't say them..

I also had a hard time to understand those Financial Consultant. They don't understand what I want.

They keep on insist husband and wife must do financial plan together.

Wah liao..

which law say.. wife cannot do her own self financial plan.

Why must die die , must do couple one.

Kick them 1 side..

Forget abt those consultant.. I plan myself, using my own words and logic.. :P

Should we buy financial house share?

Seem like they will have a long run business :P

 

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Dun understand how it works. Cool for 7 days means confirm liao ?

But got seller still walk out before 2nd appointment and there is nothing HDB or lawyer can do. Even though we keep saying can sue seller. Anyone really sue and court cases before ?

This 7 days only drag the whole transaction application. Thus, slowing down transaction voume. What is some announcement again during the 7 days. so many rules change this year.

 

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Warrior,

I think it means sellers must submit their checklist and financial report, wait 7 days, then can grant OTP to buyer.

I pity the staff at HDB. More new rules mean more admin work and phone calls for them.

Next year end, I gonna attend HDB resale seminar cos I want to sell my house by myself.

Edited by forgotten
 

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