This not only simplifies the timeline but also reduces concerns about potential homelessness during the transition. 

In the best case, rental income from the flat can help the mortgage process for the condo. However, for some people, affordability remains a big question. 

Therefore, this blog provides simple steps to help you check your current situation and prepare well to assure seamless moving from an HDB flat to a new launch condo. 

Step 1: Make sure you reached the MOP (Minimum Occupation Period)

The Minimum Occupation Period (MOP) for an HDB flat in Singapore is the minimum duration that homeowners must live in their flat before they are allowed to sell it in the open market or buy private property. 

Most HDB flats have a standard MOP of five years from the date of key collection. 

During this period, residents need to physically occupy the flat. 

Exceptions may apply in certain schemes or situations, such as the Prime Location Public Housing (PLH) scheme, the Selective En bloc Redevelopment Scheme (SERS), or when buying resale flats without CPF Housing Grants.

You can check your remaining MOP by visiting HDB resale portal and registering Intent to Sell.

You can find the full list of HDB MOPs in the Housing & Development Board, Eligibility webpage. 

Step 2: Begin financial planning for home loans and CPF

You’ll likely need a loan in case you don’t have enough ability to afford a new condo. 

The maximum loan you can get depends on your Total Debt Servicing Ratio (TDSR) and Loan-to-Value (LTV) ratio:

• TDSR is the percentage of your income used to pay debts, capped at 55%. 
• LTV determines the maximum bank loan and minimum downpayment, based on your age, loan tenure, and outstanding housing loans. 

Understanding these ratios helps you figure out if the new home fits your budget.

Step 3: Make a list of new launch condos and visit them

After knowing the amount of loan you can receive, you should now visit potential new homes to help envision the space and plan any renovations. Note that some interior decorations and furniture may not be included. Besides, having an unbiased property agent during viewings will help you compare options objectively. Guided tours, professional advice and information about the latest condos are always updated on our website buycondo.sg. 

Step 4: Pay a 5% deposit for your chosen new launch condo

Once you’ve chosen your desired home, you must secure it by paying a 5% booking fee in cash. This triggers the issuance of the Option to Purchase (OTP) by the developer.OTP is a written agreement, signifying your commitment to purchasing the property. Ensure you’re entirely certain at this stage, as backing out after receiving the OTP may lead to forfeiting up to 25% of the initial booking fee.

Step 5: Sign the Sale and Purchase Agreement (S&P) and activate the Option to Purchase (OTP)

After you receive the Option to Purchase (OTP), your property developer will issue the Sales & Purchase Agreement (S&P) within two weeks. 

Once you receive both documents, you will need to sign them and make relevant payments within a stipulated period of time to make sure the property transaction will be convenient. 

The following table breaks down the payment timeline during this period. 

BSD is calculated according to the following formula:

• 1% for the first $180,000
• 2% for the next $180,000
• 3% for the next $640,000
• 4% for the remaining amount

For example, a condo costing $1,700,000 will charge a BSD of about $52,600. 

Also, starting from May 9, 2022, new laws regarding residential properties transferred into a living trust have been implemented:

• An Additional Buyer’s Stamp Duty (ABSD) of 35% will now be applied to any transfer of residential property into a living trust.
• ABSD will be payable even if there is no identifiable beneficial owner at the time the residential property is transferred into a trust.

Step 6: Promote marketing activities for the HDB flat

To market your flat, we can help you effortlessly do so by making a post on buycondo.sg website and virtual showroom. 

During 10 years in the market, we have sold 138 properties, promising to bring you the most pleasant experience.

Step 7: Pass the HDB flat keys to the new occupants

Once you sell your flat successfully, moving out and handing over the keys by the HDB completion appointment date is compulsory. 

If your new condo is not ready, applying for a Temporary Extension of Stay for up to three months can be considered, subject to new HDB flat owner’s approval. 

Another option is temporary accommodation with friends or relatives to avoid legal issues and additional charges.

Step 8: Receive the keys to your dream condo

The day you receive the keys to your new property is mentioned on the Temporary Occupation Permit (TOP), an official document indicating government approval for residence. 

This marks the completion of purchasing your new condo after selling your HDB. 

The TOP, provided by the developer, specifies the key collection date, concluding the process of acquiring your new condo before selling your HDB flat. Congratulations!

The post 8 Simple Steps to Buy A New Launch Condo Before Selling Your HDB Flat appeared first on Wing Tai Holdings Singapore.

Are you having headaches due to complex procedures when buying a resale HDB apartment? Don’t worry, we got your back! This blog will help you effortlessly grasp the WHOLE purchase process! How much time should you allot in the purchasing step? What does the entire process look like, and what are the key notes to keep in mind? What are some of the costs to pay along the way? Read this to prepare yourself as a smart buyer!

• Week 1: Issue Option to Purchase (OTP)

• Week 4: Exercise OTP

• Week 8: Submit Resale Application 

• Week 10: Resale Application Accepted

• Week 12 To 13: Flat Examination And Document Checking

• Week 14 to 15: Resale Approval

• Week 18 to 20: Resale Completion

• Summary Map of HDB Resale Process and Timeline

According to the HDB (Housing & Development Board) organization, the buying process will usually take from 4 to 4.5 months (16 to 20 weeks).

[BUY RESALE HDB] WEEK 1: ISSUE OPTION TO PURCHASE (OTP)

After the OTP is granted, purchasers are asked to make a valuation request via their HDB Resale Portal for the apartment they buy by the next working day (unless you are using FULL CASH for purchase).

A HLE letter from HDB or letter of offer from banks is required based on your mortgage loan preference.

Before you proceed to activate the OTP, all required documentation must be available within 21 days after the OTP issue date. It will take 5-7 days to validate your OTP request.

Note: No action is needed from the seller at this step while waiting for the buyer to use the OTP.

[BUY RESALE HDB] WEEK 4: EXERCISE OTP

You can exercise the OTP at any time within the next 21 days from OTP expiry.

WEEK 8: SUBMIT RESALE APPLICATION 

Within 30 days from the OTP exercise date, both Sellers and Buyers must submit their respective resale applications via the HDB Resale Portal. It is necessary to communicate and decide the time to submit with the other side. 

Note: Any buyer or seller may submit their paper first, but the rest must do so within seven days from the submission of the first party.

WEEK 10: RESALE APPLICATION ACCEPTED

After the resale application is approved, sellers and buyers will get a notification through SMS, in which they will be notified of the expected completion date.

Note: Resale application acceptance might take up to 3-10 working days, considering the amount of applications received.

Once approved, HDB begins executing the transaction by verifying the eligibility of the purchasers and sellers, along with processing any necessary documentation.

WEEK 12 TO 13: FLAT EXAMINATION AND DOCUMENT CHECKING

This action should be done at least 1-3 days before resale completion. An SMS will be sent to buyers and sellers asking them to sign the paperwork. Various resale papers, such as computations, forms, and commitments, will be handed and will need the individual endorsements of each party.

For example, if there are two owners of the apartment, both Sellers A and B must each log in using their own singpass to endorse the paperwork.

Administrative costs, including caveat and conveyancing fees, must be paid online through the HDB Resale Portal or HDB Hub within three days with the written advice if you have no means to make online payment. 

WEEK 14 TO 15: RESALE APPROVAL

An SMS will be delivered, which will notify buyers and sellers that the application has been accepted. Both can find the approval letter in the HDB Resale Portal.

WEEK 18 TO 20: RESALE COMPLETION

Resale apartment process typically takes 8 to 10 weeks to be completed after the Acceptance of the Resale Application. Sellers are required to make sure that all giro payments for the apartment have been stopped, the property tax has been paid until the end of the year, and the S&CC has been paid until the completion date.

To receive a receipt from Town Councils, payment for S&CC must be done in person at their offices. During the end ò this step, the receipt for S&CC paid and evidence of payment with no outstanding property tax amount are required.

SUMMARY MAP OF HDB RESALE PROCESS AND TIMELINE

By having a deeper knowledge of the HDB resale procedure and schedule, you can better manage time and resources for transition.

The below image has summarized the full HDB resale procedure and schedule to make it simpler for our readers to understand.

Still vague or need more information? Please don’t hesitate to get in touch with us through email, phone or website if you need any help in finding, arranging and moving to your future home. As a large-scale professional agency who has acquired 10 years of experience and satisfied 170 customers, we guarantee to best assist you with the most affordable cost and fast-to-proceed reliable information!

The post Efficient Timeline When Buying Resale HDB Flat in Singapore (Update 2023) appeared first on Wing Tai Holdings Singapore.

 

Trilinq Condo Review

For Trilinq, the beauty just next to Nan-Hua Primary School and walking distance to Clementi MRT station.

Given that this Condo has an advantage over the proximity to Clementi MRT, we need to go into shortlisting the right unit in the Trilinq condo suitable for Home Seekers.

Let’s dive in to this unit at Trilinq condo for sale that the Owner has appointed us to Market.

It is in Prestige Condition and simulates a show flat, given the tastefully done-up Loft as a study area. The 6-metre Ceiling Height gives the feeling of a Penthouse with a complete full Glass Panel that allows so much natural light into the apartment.

Below, the sturdy Stairway gives a lot of storage space that one should have. A Customized Bunk bed in the bomb shelter has also been installed to offer a suitable living condition for the in-house helper.

We have met up with sufficient home seekers at Trilinq to know the concerns one can face. The buyer profile mix includes variables such as local young families with children, multi-generation families and PR Citizen Families.

Buying a Condo when you have to sell your Property first can be a stressful process.

We are here to be a one-stop, making the entire process easy and non-stressful. Let us do the heavy lifting for you.

Gives a feeling of Luxury Living. 6-Metre High Ceiling.

Proximity to Near MRT. –  7 Minutes walk to Clementi MRT.

Elite School in the West – Nan Hua Primary School.

Big land Generous common area and facilities –  262,829 sqft Land

Low manintainence fees – $378/per month for a 4 bedroom apartment. (Subject to MCST price change)

Considerably New- TOP 2017. 5 Years Old.

Attractive Price per Sqft Compared to Newer Development – $1646psf if we calculate based on $2,500,000.

Trilinq Condo for Sale Timeline – Looking to Sell HDB First and Buy a Condo. (With HDB Extension) (Local Family.)

Trilinq Condo for Sale Timeline – Looking to Buy the Condo First and Sell HDB with 6 Months. (Singaporean and PR Spouse),

Buyers and Home Owners who wants to as a hassle free selling and buying experience is welcome to have a 1-1 Discussion Meet up for your Next Home Planning.

Trilinq condo for rent, Trilinq for rent Transactions. The Trilinq unsold units.Trilinq condo for sale

What is the price range for 3 bedroom units in The Trilinq?

S$1,700,000 – $1,950,000

What is the price range for 4 bedroom units in The Trilinq?

The post Trilinq Condo For Sale appeared first on Wing Tai Holdings Singapore.