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Sales of HDB Flat (Seller Eligibilty (Singapore Permanent Resident (SPR)…
Sales of HDB Flat
Seller Eligibilty
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Singapore Permanent Resident (SPR) Quota #
Buyer Household's Citizenship & Quota to Meet
SC Household - EIP
(At least 1 SC listed as buyer)
Msia SPR Household - EIP
(No SC listed & at least 1 SPR listed as buyer)
Non-Msia SPR household - EIP & SPR
(All buyers are non Msia SPRs)
No restrictions if:
- Proportion of buyer's ethnic grp / SPR quota is within prescribed neighbourhood limits ie. 8-12 blocks
- Buyer & seller is the same ethnic grp or citizen type
If it is a mixed marriage, its a bonus for RES!
Eg. if Chinese ethnicity is max, you can change wife (Malay) to be the first name in S&P so buy if Malay ethnicity is not met. However, when selling, it will be considered a Malay household
Additional Requirements
eg. Bankrupt, divorce, death
Bankruptcy
Under HDB Act, if 1 owner is SC, will not be compelled to dispose house
Divorce
To dispose of house, still need to meet MOP. However, can appeal based on case-by-case basis.Docs required:
- Writ for Judicial Seperation
- Interim Judgement (Decree Nisi)
- Interim Judgement Final
- Divorce certification (for Malays)
- Order of Court
Resale Levy
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Deferment of Resale Levy
if opt to defer till purchase of another HDB flat, interest @ 5% p/a charged
Payment method
Only through flat sales proceed or cash (CPF not allowed)
Levy determined at the point 2nd subsidised flat is booked
regardless of ownership type (joint tenancy, tenancy in common)
HDB mortgage financing will not be extended to cover resale levy
Timeline of payment
Scn 1: 1st subsid flat sold after possession of 2nd subsid flat - Resale levy deducted from sales proceed & shortfall paid in cash
Scn 2: 1st subsid flat sold before possession of 2nd subsid flat - Resale levy paid in cash upon possession of 2nd subsid flat
Power of Attorney (POA)
Definition:
Legal document that allows a person to appoint another to act on his behalf & in his name on matters specified in the POA
Requires lawyer to prep POA
Procedure to appoint POA
- Prep the POA (by laywer)
- Sign the POA
Appointer sign the POA in the presence of lawyer (local) if overseas, sign in the presence of:
a. Notary Public
b. Singapore high commission (Embassy)
c. Singapore Ambassador in country of your stay (if no Embassy)
- Register the POA with High Court Registry (for stamping of doc)
- Submit required docs to HDB (any 1 of following)
- Original POA + 1 photocopy
- Cert true copy from High Court + 1 photocopy
- 2 cert true copies of POA by an advocate & lawyer
- Letter from lawyer confirm standard format for POA provided by HDB is used
- Cert true copy by an advocate & lawyer together w computer printout w High Court seal. This is required where POA is registered through Electronic filing system
Limits of POA
Cannot be used for signing of:
-Application form
-Statutory Declaration (signed in front of Commisisoner of Oaths or Notary Public)
-Any undertaking
FYI - choose POA of longer period for convenience though higher costs (3,5,10 years options)
FYI - Tell HDB officer its a POA case & they will give you all docs to send owner for signatory before the HDB appointment
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Difference between DBSS & EC
- EC has condo facilities DBSS does not
- EC has security guards & gates, DBSS does not
- EC 10 years later becomes Private property