The procedure to apply for resale flat in simple drawings. This is inspired by Dan Brown, who authored the Back of The Napkin.

1. By: Derrick Loo Copyright 2010

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4. Buyers and sellers are to negotiate and agree on the resale price of the flat. The resale price of the flat is based on a willing-seller and wiling-buyer negotiation. By: Derrick Loo. Copyright 2010

5. When entering the OTP: Buyer and seller must declare to HDB the true resale price of flat. Housing agents must also declare all relevant information relating to the resale transaction. By: Derrick Loo. Copyright 2010

6. Under the Oaths and Declaration Act , the penalty for false declaration: Fine and/or… Up to 3 years’ imprisonment . By: Derrick Loo. Copyright 2010

7. Buyer and seller should ensure that they do not enter into any: Supplementary/other agreements, or Arrangements that may cause the true resale price to be inflated or understated . By: Derrick Loo. Copyright 2010

8. Under the Housing & Development Act , the penalty for false information: Fine up to $5,000 and/or… Up to 6 months’ imprisonment . By: Derrick Loo. Copyright 2010

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10. Seller will grant an Option to the buyer to buy the flat at the agreed resale price. This is done by filling up the Option to Purchase (OTP) form. By: Derrick Loo. Copyright 2010

11. At this stage, only the seller and the resale agent are required to fill up the OTP form. By: Derrick Loo. Copyright 2010

12. In exchange for the Option, you need to pay an Option Fee to the sellers. The fee is negotiated between you and the seller. The fee is between $1 to a maximum of $1,000 . By: Derrick Loo. Copyright 2010

13. Seller CANNOT grant another option to another buyer until the option granted earlier expires. By: Derrick Loo. Copyright 2010

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15. Option Period is 14 days , including Saturday and Sunday. It is from the date of granting the OTP . It expires at 4pm(1600hrs) on the 14 th calendar day. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 By: Derrick Loo. Copyright 2010

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18. If you wish to buy the flat, you have to exercise the Option within the Option Period . By: Derrick Loo. Copyright 2010

19. To exercise the Option, you have to: 1. Sign the “ Acceptance ” section in the OTP form (at the bottom half of Page 8) By: Derrick Loo. Copyright 2010

20. 2. Pay the seller a deposit amount not exceeding $5,000 which includes the Option Fee . Deposit (Max. $5,000 Includes Option Fee) By: Derrick Loo. Copyright 2010

21. 3. Deliver the signed OTP to the seller within the Option Period By: Derrick Loo. Copyright 2010

22. If you are intending to take a loan from HDB or a bank to buy the resale flat, you must have the following before exercising the Option: By: Derrick Loo. Copyright 2010

23. Note: the Date of Issue on the HLE or the Letter of Offer must be BEFORE the Date of Acceptance of the OTP. This is to inculcate financial planning and prudence amongst flat buyers. By: Derrick Loo. Copyright 2010

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25. If the buyer do not wish to proceed with the purchase, both buyer and seller need not do anything, but wait for the Option Period to expire. By: Derrick Loo. Copyright 2010 8 9 10 11 12 13 14

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27. Buyer and seller have to decide when they wish to submit a resale application to HDB. (i.e. within how many days after buyer have exercise the OTP ) By: Derrick Loo. Copyright 2010

28. There are 3 modes of submitting your resale application . 1 2 3 By: Derrick Loo. Copyright 2010

30. Buyer and seller each must pay a non-refundable administrative fee 1 Fee payable is inclusive of 7% GST. Payment by either: or By: Derrick Loo. Copyright 2010 Type of Flat By e-Resale 1- & 2-room $30 3-room & above $60

32. 2 Buyer and seller each must pay a non-refundable administrative fee Fee payable is inclusive of 7% GST. Payment by GIRO By: Derrick Loo. Copyright 2010 Type of Flat By e-Resale 1- & 2-room $30 3-room & above $60

33. For application submitted electronically via It is not necessary for buyer and seller to submit any documents to HDB for verification before First Appointment . By: Derrick Loo. Copyright 2010

34. They are required to bring along the relevant documents when they attend the First Appointment at the HDB Resale Office . By: Derrick Loo. Copyright 2010

35. The documents are stated in the First Appointment Letter . Bring all these! By: Derrick Loo. Copyright 2010

36. 3 Buyer and seller need to submit the completed Resale Application together with OTP , by hand/post to: or By: Derrick Loo. Copyright 2010 Resale Application + OTP

37. 3 The Resale Application can be obtained from the Reception Counter at HDB Resale Office. By: Derrick Loo. Copyright 2010

38. 3 Both the buyer and seller must sign on the Resale Application . By: Derrick Loo. Copyright 2010

39. 3 HDB will send both the buyer and seller an acknowledgement card to notify them of the receipt of their application. By: Derrick Loo. Copyright 2010

40. 3 Buyer and seller each must pay a non-refundable administrative fee Fee payable is inclusive of 7% GST. Payment by either: or By: Derrick Loo. Copyright 2010 Type of Flat By e-Resale 1- & 2-room $50 3-room & above $80

53. About Me By: Derrick Loo. Copyright 2010 I like to use images and pictures to visualize ideas and topics. I’m driven with nothing but pure passion. If you wish to know more about what I do, and my passion, click on the following: