Source: HOUSING & DEVELOPMENT BOARD Circular dated 5th June 2015
HDB has made improvements the HDB resale procedure. This will make the experience of buying a resale flat even more pleasant.
From 2 Jun 2015, buyers who attend their resale first appointment and need to pay the 10% of the resale price or stamp fees in cash, can now make these payments on the day of resale completion. The conveyancing fees, title search and caveat fees remain payable on the day of resale first appointment.
With this enhancement, buyers no longer need to make another trip to the HDB for the payment of 10% of the resale price or stamp fees, which previously need to be made within 10 days from the resale first appointment.
In addition, as part of the initiatives to move towards cashless payments, the payment of the balance purchase price and stamp fees in cash must be made by cashier’s order or NETS.
The changes are summarized in the table below:
|Payments||Current Procedure||Revised Procedure||Current Mode of Payment||Revised Mode of Payment|
|· Conveyancing fees
· Title Search Fees
· Caveat Fees
|Pay on the day of resale first appointment||No change||Cash, cashier’s order, NETS or Cheques||Cashier’s order or NETS|
|· 10% of resale price
· Stamp fees (if CPF monies is insufficient)
|Pay within 10 days from the resale first appointment||Pay on the day of resale completion|
|· Additional Buyer Stamp Duty (ABSD)||Pay within 10 days from the resale first appointment||No change|
|· Cash on completion||Pay on the day of resale completion||No change|
You may refer to the HDB InfoWEB for more details on the changes in Financing and Resale Procedures mentioned above.
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