This is a DIY guide for selling HDB yourself, without engaging any agent. While doing it all yourself is possible, the BIGGEST hurdle is that you will not have access to the reach of professional listing portals such as propertyguru and 99.co, because only licensed property agent can post on them.

The only platform you can list on 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 🐱

Overview of Process

HDB provided a good and detailed overview (seller process in red boxes).

1. Register Intent to Sell on HDB
2. List on platforms and conduct viewings
3. Issue OTP
4. Buyer exercise OTP
5. Engage law firm (if not using HDB’s)
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. List and 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 original OTP is given to the buyer. Prior to exercising, the buyer has to do these:

1. Request for HDB valuation ($120)
2. Engage a conveyancing law firm if needed (next section)
3. Get a bank mortgage and accept the letter of offer (unless taking HDB loan)

With the above done, the buyer can then exercise the option by signing the OTP acceptance portion, and pay the exercise fee in cheque/cash, and return the signed OTP to the seller.

5. Engage law firm

You need to engage a private conveyancing law firm, if you are using bank loan.

If using HDB loan, then you can use HDB’s conveyancing which is much cheaper, and you can do so by simply selecting in the resale application (go to next section).

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

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

After HDB received the resale application,

1. HDB will send a personnel for an inspection. You will need to rectify if there’s any issue.
2. HDB will inform to endorse the resale documents before a given dateline
3. Payment of legal fess

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

• Ensure the property tax is paid for the year (they will be pro-rated later), at least 1 week before completion appointment
• Download the service & conservancy charges (S&CC) letter from HDB My Flat Dashboard and bring it to your town council to pay the fees up to the completion appointment
• For utility bill (SP), the buyer can open their new account 2 weeks before the completion date, and indicate the hand-over date. Seller account will automatically be terminated upon the hand-over date. Otherwise, seller can also terminate on your own.
• Terminate or relocate Internet service
• Terminate any other GIRO payments

If you engage your own lawyers, they will advise you on all such matters to ensure a smooth completion.

8. HDB completion appointment

Seller has to bring the following:

1. Receipt by Town Council showing the service and conservancy charges have been paid up to
   the completion date
2. Keys to the resale flat
3. IC of all sellers
4. Original OTP

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, if you engage private lawyers. 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!