When involved in an HDB resale transaction, whether you are the seller or the buyer, it is crucial to understand the timeline for submitting the resale application.
- Both the buyer and the seller must submit their respective portions of the resale application within 7 calendar days of each other. This is a critical step in the process, as the application will be rejected if this deadline is not met.
Once the resale application is submitted, HDB typically takes about 2 to 4 weeks to process the application and send an acceptance note indicating whether the submission has been approved or not.
The entire HDB resale process, from the issuance of the Option to Purchase (OTP) to the completion of the sale, usually takes around 3.5 months. However, this can vary depending on several factors, including any requests for extensions or delays in the transaction.
For someone who needs the sale proceeds and CPF to finance the purchase of a new HDB flat, it is essential to plan carefully to ensure that the sale and purchase transactions are coordinated to minimize any gaps in housing. The seller should ideally have a confirmed buyer and a submitted resale application before proceeding with the purchase of a new flat, to ensure that the funds from the sale are available in time for the purchase.
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