SELLER'S FAQ


What happens if my buyer forfeits the option fee?


If the buyer forfeits the option fee, it means that he/she no longer wishes to buy your flat. Once the existing OTP has expired, you can proceed to find other buyers and grant the OTP to another buyer. The OTP expires on the 21st calendar day after its grant date.


BUYER’S FAQ


If the valuation is lower than the agreed price, do I still have to proceed with the purchase?


Buyers have a window period of 21 calendar days from the date the Option To Purchase (OTP) is granted, to decide if they want to proceed with the flat purchase.


If the valuation is lower than the agreed price, they can decide not to proceed with the flat purchase, let the OTP lapse and forfeit their option fee.


GENERAL FAQs


Does this mean it is the end of Cash-Over-Valuation (COV)
in price negotiation?


Why is there still a need for valuation?


How do we know how much to price or pay for a flat?


GENERAL FAQs


Does this mean it is the end of Cash-Over-Valuation (COV)
in price negotiation?


Yes. With the new revised resale procedures, negotiation is no longer based on COV but on the total price of the resale flat, as should be the case. This, however, does not mean the removal of the cash component entirely as the price is negotiated between a willing-buyer and willing-seller. If the price agreed on is higher than the market valuation, buyers will have to pay the difference in cash.


GENERAL FAQs


Why is there still a need for valuation?


A valuation report is used to determine the home loan and the CPF monies that can be used for the resale flat purchase. If buyers are planning to take a home loan and/or use their CPF monies, they need to have a valid valuation report when they submit a resale application to HDB. No valuation report is required if buyers are paying the full amount in cash for the flat.


GENERAL FAQs


How do we know how much to price or pay for a flat?


The prices of registered resale transactions are posted daily on the HDB InfoWEB via the Resale Flat Prices e-Service. You can retrieve resale transactions based on flat type, storey, estate, block number, and also of blocks within a 500-metre radius. Through this, buyers and sellers can decide on how much to price the flat for sale or pay for the flat that they wish to buy.

  • GENERAL FAQs
  • BUYER'S FAQ
  • SELLER'S FAQ