How long does HDB Resale Timeline take?
When deciding to sell or buy your HDB flat, the first question that will probably come to your mind is how long does the entire HDB Resale Timeline take.
This is a very important process planning for your selling and buying, as you definitely want to ensure that you have a place to stay while going through the resale transaction.
So, how long does a HDB resale timeline take?
A typical HDB resale timeline normally takes about 3.5 months from the time the Option to Purchase (OTP) is issued for the sale.
And the Option to Purchase is only issued after buyers and sellers both agreed on the price of the property.
This is the exact timeline property agents take to plan for their clients, provided that there are no requests to delay the resale transaction.
Here’s a simple timeline breakdown (with date examples) for you to understand easily:
Seller Issue OTP
Buyer Exercise OTP
Submit Resale Application
So, if everything goes smoothly, this is how a normal HDB Resale Transaction Timeline will look like.
And the HDB Resale Completion Date is going to be the date you are supposed to handover / collect keys to the HDB flat.
The Resale Completion Date is decided and given by HDB.
What are the possibilities of delays in the Resale Timeline?
One of the most common delay in a HDB Resale Timeline is the date where the HDB Resale Application is submitted.
This is the number of days agreed upon by buyers and sellers to submit the resale transaction to HDB..
.. by which HDB will then only start processing the transaction.
• The HDB Completion Appointment Date is normally about 2.5 months after the Resale Application is submitted.
• The agreed number of days for Resale Submission is written down in page 4 of the OTP).
Are there any ways to speed up the Resale Timeline?
Yes, there is..
The one way you can try, is to talk to your buyers to get them to exercise the OTP as soon as they can.
And both parties aim to submit the Resale Application immediately after the OTP has been exercised.
Plan your timeline properly before accepting an offer.
This is really important, especially when you have a date to meet before you can move into your next place.
Of course, there are also options such as Extension Of Stay, which can help you manage your timeline for handing over of the flat too.
Here’s where you can read in detail about: Extension of Stay
Every resale transaction is unique, and each resale timeline will be different, depending largely on buyers and sellers circumstances.
If you really like to have a peace of mind, we can share in full detail how you can manage your selling resale timeline smoothly.
You can also ask us any of your HDB resale questions, absolutely without any sales-pressure!