This is a DIY guide for selling HDB yourself, without engaging any agent. While doing it all yourself is possible, the tradeoffs is that you will not have access to the reach of professional listing portals such as propertyguru and 99.co.

The only platform is HDB official resale portal, but most buyers don’t search there.

If you engage an agent, you will have to pay a commission of 2%. This is to cover for the numerous viewings and the marketing cost involved. If you need an agent, you know who to look for :)

The Process

1. Register Intent to Sell on HDB
2. Conduct viewings
3. Issue OTP
4. Buyer to exercise OTP
5. Engage law firm
6. Submit resale application
7. Pre-completion checklist
8. HDB completion appointment

In total, it takes about 8 weeks from issuing OTP to completion.

Let’s elaborate the details for each step.

1. Register Intent to Sell

Go to HDB portal > Select Selling a Flat > Register Intent to Sell

Once registered successfully, you should have a Eligibility to sell.

But you do have to wait 7 days (aka cooling period) before you can issue any Option to Purchase (OTP).

Download and print their prescribed OTP, which is a legal contract to use with the buyer.

2. Conduct viewings

This is the most tedious step, and can take as long as a year. It takes fate, and therefore time, to find a willing buyer.

To get viewings, you need to do marketing. Without an agent, you can post on HDB official resale portal, and Carousell/Gumtree..

They don’t get as much eyeball, so if attracting buyer is an issue, do consider engaging an agent. You might even engage an agent at a lower commission just to do the marketing (while you conduct the viewings yourself).

3. Issue OTP

Once there is an acceptable offer, you can issue the OTP!

Use the OTP provided in HDB portal (see step 1), fill up the contract and collect the Option Fee. The recommendation is $1,000. It can be $1, but not any lower!

You will also need to note down the subsequent Exercise Fee. The recommendation is $4,000. Similarly, it can be $1, but not any lower.

You also cannot grant another OTP within 21 days. Because the buyer now has the rights to buy the HDB before the exercise date. If he doesn’t exercise, you get to keep the option fee.

If he does exercise, you must sell. It is a binding contract.

4. Buyer to exercise OTP

The actual OTP is given to the buyer. Prior to exercising, the buyer has to get a bank mortgage and accept the letter of offer.

Only with a bank’s letter of offer, the buyer can then exercise the option by signing the OTP acceptance portion, and pay the exercise fee in cash. This can be done by the conveyancing law firm, with the lawyer as a witness.

5. Engage law firm

Both buyer and seller will have to engage their own law firm for conveyancing.

In law, conveyancing is the transfer of legal title of real property from one person to another.

Buyer and seller also cannot use the same law firm to represent them.

Conveyancing lawyers have their panel of banks that they can serve. So you have to check if they play well with your bank first.

You can ask your law firm on any clarifications that you might have. While you might not have a property agent to advise on the process, you do have the even more capable lawyers to serve you. Make use of them! Ask them anything!

6. Submit resale application

Both buyer and seller must submit to HDB resale portal, within 7 days of both parties, providing quite many details.

Finally, pay $80 resale fee.

7. Pre-completion checklist

There are a couple of miscellaneous todo before the final completion appointment:

• HDB will send a personnel for an inspection
• terminate any GIRO payment
• ensure the property tax is paid for the year (they will be pro-rated later)
• ensure service & conservancy charges is paid up to the completion appointment

Not to worry. You will be advised by your lawyers on all matters to ensure a smooth completion.

8. HDB completion appointment

The buyer has to prepare the cashier order (eg. to pay CPF) as advised by the lawyer. This must be done a few days prior to the appointment. Cashier order cost $5 for POSB/DBS, regardless of the amount.

HDB completion appointment is usually in the afternoon, where the buyer lawyer, seller lawyer, banks, CPF and HDB will sort out the monies. You need NOT attend. The lawyers represent the buyer and seller.

Buyer and seller will meet the lawyers only after they finish thrashing it out, to collect some stuff.

Buyer will receive the keys and some HDB document

Seller will receive some documents (for reference), and the cheque for the cash proceeds!