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

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"This is a statuary declaration"

Sellers can only grant the Option to Purchase to the buyers only after 7 days from the date the Resale Checklist is completed and submit to Repository.

The original copy of the Resale Checklist and the Financial Calculations (if any) which had been deposited in the Repository must be submitted to HDB at the First Resale Appointment for verification.

If the date on the original copy differs from the scanned copy or if the OTP is dated within 7 days from the Checklist, the resale application will be rejected.

The Resale Checklist will be kept in the Repository for 6 months from the date the sellers go through the Checklist. If the sellers are unable to find a buyer and submit his resale application within the 6 month period, the sellers will have to go through the Checklist again and deposit the new copy in the Repository.

 

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- Only one buyer's particulars being "log in" for 7 days?

- If many potential buyers like the unit, can many of them "log in" same time and wait "fight" 7 days later, at one price + variable coffee money, or angbao? Or need bible to make oath?

- Can buyer A today creates a "7 days" at unit A. Tmr create another "7 days" for unit B, so on so for?

- What if seller's financial plan kena rejected = cannot sell, all buyers L. L.?

- What if buyer A walks out within 7 days(kena like breaking bond after study), then the next qualify buyer B, due to this policy, bopains look for another unit?

Edited by bepgof
 

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- Only one buyer's particulars being "log in" for 7 days?

- If many potential buyers like the unit, can many of them "log in" same time and wait "fight" 7 days later, at one price + variable coffee money, or angbao? Or need bible to make oath?

- Can buyer A today creates a "7 days" at unit A. Tmr create another "7 days" for unit B, so on so for?

- What if seller's financial plan kena rejected = cannot sell, all buyers L. L.?

- What if buyer A walks out within 7 days(kena like breaking bond after study), then the next qualify buyer B, due to this policy, bopains look for another unit?

Bro, this is for seller declarations.

Last time, seller get valuation report, arrange viewing, can let buyer sign OTP.

Now seller must submit Resale Checklist and the Financial Calculations (if any) to the HDB repository

online, 7 days later then can let buyer sign OTP.

This checklist valid for 6 months. Basically seller 1 more step before offer OTP to buyer,

Financial Calculations, how HDB review this calculation, I don't know.

So those who using HDB loan, and wanna park OA, not sure must park first before this calculation.

 

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Bro, this is for seller declarations.

Last time, seller get valuation report, arrange viewing, can let buyer sign OTP.

Now seller must submit Resale Checklist and the Financial Calculations (if any) to the HDB repository

online, 7 days later then can let buyer sign OTP.

This checklist valid for 6 months. Basically seller 1 more step before offer OTP to buyer,

Financial Calculations, how HDB review this calculation, I don't know.

So those who using HDB loan, and wanna park OA, not sure must park first before this calculation.

does this mean the seller must have a specific buyer in mind then submit checklist? (for eg. as compared to submit at the start of the selling process and wait for a buyer?)

 

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does this mean the seller must have a specific buyer in mind then submit checklist? (for eg. as compared to submit at the start of the selling process and wait for a buyer?)

No.... this declaration is only meant solely for the seller. SELLER CHECKLIST. Nothing to do with buyer.

Checklist include the financial calculation of his next home. ( If any )

If just sell, then no calculations. Just submit the checklist... just tick only.

But if intend to buy after selling, must submit this financial calcluations.

This calculations can be obtain form the HDB website ... simi calculator ...

http://www.hdb.gov.sg/isoa072p.nsf/PC66VByFormID/EAPF00057

Edited by Warrior88
 

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Bro, this is for seller declarations.

Last time, seller get valuation report, arrange viewing, can let buyer sign OTP.

Now seller must submit Resale Checklist and the Financial Calculations (if any) to the HDB repository

online, 7 days later then can let buyer sign OTP.

This checklist valid for 6 months. Basically seller 1 more step before offer OTP to buyer,

Financial Calculations, how HDB review this calculation, I don't know.

So those who using HDB loan, and wanna park OA, not sure must park first before this calculation.

1. This meaning that HDB wants to know, at earlier possible time, how many owners have "intention to sell". Tio bo? Kena like LSL's one-year GDP collection become quarterly GDP collection? What are they expecting? The buying "wind" come from china/HK? So now take precautionary action, or something like that, tio bo?

2. Seller cannot grant OTP to buyer if "checklist submission" is less than 7 days, tio bo?

3. Any reason to know seller's financial plan if seller to buy hdb unit again? Zero sum game, implying no supply and no demand, tio bo? Seller "let go" one to the market and "suck" back one from mkt?.

4. Will the same apply for pte resale? Approval party?

Edited by bepgof
 

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1. This meaning that HDB wants to know, at earlier possible time, how many owners have "intention to sell". Tio bo? Kena like LSL's one-year GDP collection become quarterly GDP collection? What are they expecting? The buying "wind" come from china/HK? So now take precautionary action, or something like that, tio bo?

2. Seller cannot grant OTP to buyer if "checklist submission" is less than 7 days, tio bo?

3. Any reason to know seller's financial plan if seller to buy hdb unit again? Zero sum game, implying no supply and no demand, tio bo? Seller "let go" one to the market and "suck" back one from mkt?.

4. Will the same apply for pte resale? Approval party?

HDB throw ball to agent or DIY seller, go through checklist, make sure know all the rules. Not only sales point but must consider buying point. Maybe, got some gong gong seller after OTP realized cannot buy ... blah, claim some many rules complain to HDB. back out OTP... or worst still sell liao,

50% rules apply, not enough cash to buy and pay COV.

1. They will know, but OTP may not realized. They think some may back out within the 7 days.

2. Correct

3. Just additional consideration for seller before selling. (finance prudence)

4. Don't think so, Pte is quite straight forward, not so many rules :)

 

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Seem like our white knight always comes with arrows behind their shield. Measures introduced are so pro-gahment and this latest one seem to tell cpf to keep as much, sale proceeds, as possible in the light of finance prudence. I don't see any agent going thru the resale checklist diligently (introduced in 2008) but rather they are more diligent on their commission forms. Agents wldnt be bother also with prev measures in checking on whether PR owns a pte overseas properties and as long as they complete their sales and with commission in pockets; PR buyers caught after completion dates is not their probmo.

Questions is rather than only "educating" the public, shouldnt they be penalising those errant agents and respective agency? I wonder why CEA is taking so long to hatch. Seem like they taking ages to build up a new nest ard their golden hen -property industry, rather than hatching the egg that gave us a rooster that protects and pluck all the worms from the ground.

 

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This checklist is applicable also to DIY Seller, Seller without agent.

You see the thing is, Agent are not your financial consultant. They can only advised you base on the restriction and requirement of HDB policy. That is if you ask, cos not all seller/buyer are willing to share the full details of their history and status. This checklist is also very brief.

Eg. no mention of dual ownership restrictions policy check. Sell liao, then know that cannot buy cos got pte property.

 

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Bro, this is for seller declarations.

Last time, seller get valuation report, arrange viewing, can let buyer sign OTP.

Now seller must submit Resale Checklist and the Financial Calculations (if any) to the HDB repository

online, 7 days later then can let buyer sign OTP.

This checklist valid for 6 months. Basically seller 1 more step before offer OTP to buyer,

Financial Calculations, how HDB review this calculation, I don't know.

So those who using HDB loan, and wanna park OA, not sure must park first before this calculation.

Ya, downloaded and read all the relevant resales checklists (seller DIY, buyer DIY, Seller's, buyer's) & agent's SD. HDB now serious liao, should have done this earlier.

Got feedback to HDB on buyer's checklist to include the "check if buyer got private property"? Can get you an award ! :D

Also never ask buyer abt the 70% or 80% loan.

What criteria to grant a "ok" if seller wants to get a private property after sell away existing?. Another "re-enhanced resale checklist" need to be created for 2 parties hor , tio bo?

Edited by bepgof
 

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Got feedback to HDB on buyer's checklist to include the "check if buyer got private property"? Can get you an award ! :D

Also never ask buyer abt the 70% or 80% loan.

What criteria to grant a "ok" if seller wants to get a private property after sell away existing?. Another "re-enhanced resale checklist" need to be created for 2 parties hor , tio bo?

This one is next yr appraisal.

This yr do all.

Then next yr appraisal write what

:P

 

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This one is next yr appraisal.

This yr do all.

Then next yr appraisal write what

:P

So ...you come back liao, keep checking your simi MIT shares, got ppl ask question, you must follow la, you start the thread right .... :)

 

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This checklist is applicable also to DIY Seller, Seller without agent.

You see the thing is, Agent are not your financial consultant. They can only advised you base on the restriction and requirement of HDB policy. That is if you ask, cos not all seller/buyer are willing to share the full details of their history and status. This checklist is also very brief.

Eg. no mention of dual ownership restrictions policy check. Sell liao, then know that cannot buy cos got pte property.

Agreed, agents' are not our financial consultant. But in term of mere housing financial advises, I'm just highlighting that these are some basic professional ethics that is currently lacking from some housing agents'. Its a brief but yet mandatory procedure which should be highlighted even without asking, isnt it?

Going back to the topic, can see that HDB is really coming hard to correct the market before the election.

 

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So ...you come back liao, keep checking your simi MIT shares, got ppl ask question, you must follow la, you start the thread right .... :)

MIT.. not me la..

I where got start the thread abt MIT

 

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