Step-by-step guide to selling your HDB flat using the HDB resale portal

Since its launch in 2018, the Housing and Development Board (HDB) Resale Portal has helped streamlined the buying and selling process of resale flats.

The portal was hailed as a breakthrough for the HDB resale market, integrating all the eligibility checks on a single platform. In addition, it also takes away the need for the need to engage HDB valuers separately, as the process is automated.

If you are intending to sell your HDB flat, this step-by-step guide shows how you can use the HDB resale to do so.

#1 GET YOUR SINGPASS ACCOUNT AND CREDIT CARD READY

As with making any transaction with government agencies, the pre-requisite is to apply for a SingPass account.

If you do not have a SingPass account, or if you have forgotten your password, you may apply for a new account or reset your password online or visit any SingPass counters in-person with your original NRIC for verification.

In addition, do note only credit cards will be accepted for payment of resale fees, so it makes sense to also prepare your credit card before commencing the process.

#2 LOGIN TO HDB RESALE PORTAL TO REGISTER YOUR INTENT TO SELL

Before selling your flat, you must first register via the portal your intention to sell your flat. Your personal particulars will be automatically retrieved from the Government's MyInfo service, minimising the need to enter data manually.

Once you have registered, you will be able to get information about the Ethnic Integration Policy (EIP) and see your flat's Singapore Permanent Resident (SPR) quota. Do note that the ethnic group and non-Malaysian Permanent Residents has to be within the prescribed block and neighbourhood limits.

#3 GRANT HDB OPTION-TO-PURCHASE TO BUY

Once you have found a buyer who has agreed to the sale price, the next step will be to grant the buyer an official HDB Option-to-Purchase (OTP). You can only grant OTP to buyers at least 7 days after registering your Intent to Sell. HDB advises sellers to use this cooling-off period wisely and to consider the housing options available.

To grant the OTP, you will need to log in to the portal to download and print out the OTP form and sign it. Your buyer will also have to pay you an Option Fee in exchange for the signed OTP form.

ALSO READ: 5 questions to ask your HDB resale seller

The OTP will be valid for 21 days from the day you grant the buyer the OTP, during which the buyer has to confirm his decision to purchase the flat. The OTP cannot be granted to someone else.

If the buyer does not wish to exercise the OTP, you can keep the option fee. Otherwise, the buyer will pay the Option Exercise Fee before signing on the OTP form. Do note that the amount for option fee and Option Exercise Fee is negotiable, but the total sum cannot exceed $5,000.

#4 SUBMIT RESALE APPLICATION TO HDB

Once the OTP is signed, you and the buyer will need to submit the application, including supporting documents required for purchase, to the portal. This has to be done within 7 days after the first submission by either party.

Supporting documents in this instance include OTP contract details, buyer's and seller's particulars, declaration of purchase and documentary proof of existing housing loan with HDB or banks.

#5 ENDORSE RESALE DOCUMENTS

After the resale documents are submitted, both parties will be notified via SMS to endorse the documents on the portal within 6 days from the SMS notification.

#6 PAY RESALE FEES ONLINE

Once the documents are endorsed, both parties will be required to pay online for the legal and stamp fees using the portal.

#7 WAIT FOR APPROVAL FROM HDB

Once the payment for legal and stamp fees are made, both buyer and seller will have to wait for HDB's approval for the sale to proceed. Once the resale application is approved, the letter will be made available on the portal and you will be notified via SMS

#8 ATTEND RESALE COMPLETION APPOINTMENT

To complete the whole transaction process, both buyer and seller will need to attend the Resale Completion Appointment at HDB Hub to finalise the transaction.

While the process may sound intimidating at first, it is relatively seamless, and the automated process helps to eliminate errors in filling up the details.

In addition, the process from acceptance from OTP to completion of the resale application typically takes 8 weeks, which is half of the time taken for the resale application via the usual paperwork process.

The shorter time stems from doing away with one of the two appointments with HDB, as all the necessary forms and checks are completed via the portal, making it a well-received process for many sellers and buyers.

This article was first published in Dollars and Sense.