Complete Selling & Buying Guide

HDB Flat to Executive Condominium

All you will need to know before selling your current HDB Flat to move into an Executive Condominium

1.0 – Check Sale PRice

Check your neighbouring transaction prices for an estimate of your current property sale price.

1) Enter Your HDB Flat Details Here to check out recent transactions in your area; or
2) Consult Me Directly Now to check your sale price & structure a complete moving plan.

2.0 – Check Remaining Loan

Check your remaining amount payable

[Remaining Loan Payments] + [Interest from Bank Loan or CPF Accrued Interest]

3.0 – Check Resale Levy

Check for Resale Levy

You will be liable to pay a Resale Levy amount if you have used your first subsidised flat privilege with HDB. Read more about it here.

Buying a new Executive Condominium (EC) is considered as buying a subsidised flat from HDB, and a Resale Levy will apply to you if you're using this privilege for the 2nd time (e.g. if you sell your first BTO HDB Flat to buy a New EC). Read about subsidised flats here.

4.0 – Check Cash Proceeds

Determine a Profitable Sale or Negative Sale

From the information gathered above, you will be fairly certain whether selling your HDB Flat and moving into an EC will be possible or not; including estimates of cash proceeds.

However, if you've already found yourself reading this, profitability is less of a concern. HDB to EC upgraders like yourself have come into money and are typically more concerned with a lifestyle upgrade instead of capital gain profits.

4.5 – Consult an Agent

Consult on Decision to Sell

There are other factors which may sway your decision such as eligibility for Top-Up Grant, other grants, and Unique Loan Structuring.

Request For A Comprehensive Consultation Here if you want to make sure you've covered all your options, and begin this process with a proper timeline plan.

5.0 – Check Household Income

Determine your current total/combined household income (for next loan)

Here are incomes not considered for credit assessment:
- Alimony/maintenance fee
- Bonuses
- Claims/reimbursement/expenses
- Director's fee
- Dividend income/interest from deposit accounts
- Income from overtime work
- National Service allowance
- Occupier's income
- Overseas cost of living allowance
- Pension
- Rental income
- Scholarship overseas allowance

6.0 – Check Affordability

Calculate financial affordability in cash & in loanable amount

In Cash:
- In the case of having to pay the Booking Fee (5%), Stamp Duties & other intermittent transaction fees.
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In Loanable Amount:
To check your loanable amount from private banks. You are not eligible for a HDB Loan when buying an EC.

7.0 – EC Purchase Process

Buying an Executive Condominium (EC)

1) Check Eligibility
Make sure you meet the eligibility conditions for buying an EC. You can check the conditions through this link.
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2) Search For a Suitable EC & File an Application
Find a suitable EC and file an application with the developer.
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3) Sign & Pay For OTP When Accepted
Once the developer accepts your application, you will be invited to sign the Option to Purchase (OTP) and pay the 5% Option Fee to book the EC.

If eligible, you will have to submit the application form for CPF Housing Grant to the developer.
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4) Engage a Lawyer & Confirm Housing Loan
Approach a private bank and obtain the Letter of Offer for your intended housing loan for the EC.
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5) Sign Sale & Purchase Agreement (S&P)
You will be invited by the developer to sign the Sale and Purchase (S&P) Agreement. Submit the Letter of Offer which you have obtained from the private bank for your housing loan.

At this point, you will have to pay the remaining:
- Exercise Fee (15% of the purchase price); and
- 1-3% Legal and Stamp Duty Fees (using CPF money or cash, within 9 weeks from the date of OTP or signing of the Sale and Purchase Agreement)
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6) Begin your NPS or DPS Payments
The remainder of your EC payments till project completion will be staggered through the Normal Payment Scheme (NPS) or Deferred Payment Scheme (DPS).
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7) Completion of EC Purchase (TOP Date)
The developer will invite you to collect the keys when the EC is completed. When you collect the keys, it marks the Temporary Occupation Period (TOP) Date.

8) IMPORTANT: Sale of HDB Flat
Upon the Temporary Occupation Period (TOP) Date, you will be given 6 months to sell your existing HDB Flat.

Ideally, you would begin marketing your existing HDB Flat with your seller agent nearing the TOP Date.
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You can Also read about the EC application Procedure through this link.

7.5 - Hire a Seller agent

Marketing & Sale of Existing HDB Flat

‍Hire A Seller Agent
You will have to engage a licenced agent to put your property on the market. An agent will be able to leverage their existing group's buyer network to help you find a suitable buyer quickly. The agent will also be able to protect you from underhanded negotiation tactics to lower your sale price. We will cover these scenarios if you choose to sell with me.

8.0 – Register to Sell

Selling your HDB Flat

1) Register to Sell
Log in to your HDB Resale Portal and register for the HDB Flat Eligibility. Valid for 6 months.
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2) Find Buyers & Issue OTP (after 7-days cooling off period)
You are required to observe a 7-day cooling off period before you can issue an Option-to-Purchase (OTP) to potential buyers at a S$1000 Option Fee.
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3) Exercise Option (within 21-days)
The buyer will have 21-days to 'Exercise the Option' buy signing on the OTP Acceptance section & paying the remaining S$4,000 Exercise Fee.
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4) Submit Resale Application (within 7-days of each other)
Both you and your buyer will have to submit a Resale Application within 7-days of each submission; submission dates to be decided together.
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5) Acknowledgement of Documents
Both you and your buyer must log in to the HDB Resale Portal to acknowledge the submitted documents online.
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6) Delivery of Vacant Possession (within 8 weeks)
You will have to handover the keys & prepare to finalise some documents.
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7) Completion of Sale
You will receive the cash order of the sales proceeds (if any) and your CPF will be refunded to your respective Ordinary Account (OA) within 14 working days.

7.5) Temporary Extension of Stay
If you require a little more time to move out of your current home due to unplanned timing inconveniences, you may arrange with your buyer to apply for a temporary extension of stay (for up to 3 months; not to be abused)

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