TEMPORARY EXTENSION OF STAY BY FLAT SELLERS
As announced today, to help ease HDB flat sellers’ transition to their next home, flat sellers will now be able to arrange with their flat buyers, to extend their stay temporarily in the flat, for a period of up to three months after legal completion.
The temporary extension of stay must be mutually agreed upon by the flat sellers and buyers. Both parties may agree on the terms of the extension of stay (the period of stay must not be more than 3 months after legal completion) and any monetary compensation by the flat sellers to the buyers. Some of the conditions to take note of are:
a) Flat Sellers. They must have committed to buy (i.e. exercised an Option To Purchase or signed a Sales and Purchase Agreement) a completed housing unit in Singapore at the time of the resale application.
b) Flat Buyers. The computation of the minimum occupation period (MOP) for the flat will be set back by the period which they have agreed to let the flat sellers extend their stay. Also, an administrative fee of $20 (inclusive of GST) is payable to the HDB.
As the temporary extension of stay is not more than 3 months, we urge salespersons engaged by flat sellers to continue advising their clients to plan for their next housing before granting an Option To Purchase for the sale of their flats.
More information on the temporary extension of stay can be obtained from the Press Release and HDB InfoWEB.
We would appreciate it if you could disseminate this information to your salespersons.
ALLWIYAH SUIB (MDM)n
DEPUTY DIRECTOR (RESALE PLANNING)
ESTATE ADMIN & PROPERTY GROUP
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