HDB flat sellers can now stay on for up to three months after sale

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http://www.todayonline.com/singapore/hdb-flat-sellers-can-now-ask-right-stay

Housing and Development Board (HDB) flat sellers can now negotiate with their buyers to remain in their homes for up to three months after the sale has been completed, to help them complete renovations in their new property or get the cash from the sale needed to purchase their new home.

About 2,700 households — or 15 per cent of all resale transactions — stand to benefit from this new rule, which takes immediate effect, the HDB announced yesterday.

However, any such arrangements are subject to the buyers’ agreement, it added. Both parties must also agree to the details of the extension, including the duration and monetary compensation, if any.

Previously, those who sold their HDB flats had to move out as soon as they completed the resale transaction as buyers were required under the lease to immediately occupy their new homes.

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, said the HDB.

This means they must have exercised an Option to Purchase or signed a Sale and Purchase Agreement. Sellers will also have to submit their request to the HDB for the extension of stay at the time of the resale application.