Temporary extension of stay for resale flats
Sellers of HDB flats will be able to negotiate with their buyers for a temporary extension of stay in their flats by up to three months from today.
HDB says this is part of its regular review to respond to the needs of HDB resale flat sellers and buyers.
This move will facilitate sellers who are transiting to their next homes, including those who may need more time for renovation or those awaiting funds from the sale of their current flats.
Flat sellers who wish to extend their stay temporarily must have committed to buy a completed housing unit in Singapore at the time of the resale application.
This means they must have exercised an Option to Purchase or signed a Sale and Purchase Agreement.
The request for the extension of stay is to be submitted to HDB at the time of the resale application.
The extension of stay will automatically cease at the end of three months.
Any earlier termination must also be communicated to HDB, as this will impact flat buyers' Minimum Occupation Period, which starts on the day when they take over the flat.
HDB says such arrangements are, however, subject to the agreement of buyers.
Details of the extension, including the duration and monetary compensation, if any, must be mutually agreed to by both parties.
HDB estimates that 15 per cent of resale transactions, or some 2,700 households a year, will benefit from this relaxed rule.
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