Good news to all users of noagentresidential.com.sg who are HDB flat buyers or sellers. In a press release by HDB, the process of buying and selling of HDB flats will be further streamlined come 1st Jan 2018. This was announced at the MND’s Committee of Supply in March 2017. Under the initiatives of the Real Estate Industry Transformation Map (REITM), this is part of HDB’s continuous efforts to streamline its resale transaction process thus reducing transaction time and providing added convenience to flat buyers and sellers. With the rising trend in HDB flat owners choosing to sell HDB flats themselves without engaging the service of a property agent, this piece of news cannot come at a better time and will further encourage HDB home owners to buy or sell their HDB flats by themselves.
The current procedure to sell hdb flat takes roughly 16 weeks to complete and require 2 appointments with HDB – the first appointment to work out the sellers’ sale proceeds and to assess the buyers’ financial plan and followed by a final second appointment to complete the resale transaction and signing of all legal documents. A current comprehensive guide can be found here at “How to Sell HDB Flat“.
With the new streamlined procedure due to be implemented on 1st Jan 2018, a new HDB Resale Portal will be launched. The new streamlined resale transaction process integrates all the eligibility checks on a single platform thus reducing transaction time to 8 weeks and once the online application is approved, HDB will arrange an appointment with both parties to complete the resale transaction thus reducing to only needing 1 appointment.
We will keep you updated once the new portal is launched. You can also read more from the HDB press statement.