Purchasing that Flat... Finally!

So you've been hunting, and have finally found the resale flat of your dreams. And NOW you're finally ready to purchase that flat!

The paperwork crunch has just begun.

This is a list of things you need to get through if you're DIY Buying.

1. Check age and racial quota eligibility of property you're considering on the HDB Map Services
2. Apply for a Housing Loan Eligibility (HLE) or a Bank Loan to see how much you can afford for your budget (can be done up to 6 months in advance, I believe, but MUST have been obtained before exercising OTP.)
3. Complete the Resale Checklist online before (though at least 7 days for Sellers just before for Buyers) signing the OTP. The application will take about 15 minutes to complete. You'll need to get ready:


• Resale flat address
• All sellers'/ buyers' NRIC number
• Email addresses of all sellers'/ buyers'
• Contact details of one seller/ buyer
• A scanned copy of the estimated sale proceeds calculation and financial plan for the next purchase (applies only to sellers who plan to buy another HDB flat).
A Sample Copy of the Resale Checklist is available. Practice makes smooth. (Don't be the one to foul up the process. Gives DIY Buyers a bad reputation and further proliferates the existence of Buyer Agents.)



4. Complete the Option to Purchase Form (can only be inked on your 35th birthday or after.) granted to you by the Seller. You don't need to sign yet. You'll need to pay the Seller an Option Fee which is agreed between you and the Seller, between $1 to a maximum of $1,000. The Option is valid for 24 days, and during this time, the seller is not able to grant an Option to anyone else. Make sure YOU keep the original of the OTP and advise the Seller the same as some Rogue Seller agents are known to fill in the blanks or change details if left with them, when a better offer comes by. Then you've been potong jalan on your flat.
5. Exercise the OTP. You'll need to pay a deposit to the Seller. This including the previously paid Option fee, must not exceed $5,000 in total. Again, this is decided between you and the Seller.
6. Submit the Resale Application (+ Valuation Request) via the e-Resale service. You have to time it within 7 days between you and the Seller and within the previously agreed time indicated on page 4 of the OTP.
7. Book the Resale First Appointment with HDB on an agreed date with Seller. (HDB would conduct an inspection of the resale flat before the 1st Appintment. The date would be announced on the 1st Appointment Letter. If unauthorised renovation works are found, Seller would have to remove or reinstate any illegal modification/renovation to the flat before Completion of Sale. Within 10 days of 1st Appointment, Buyer has to pay for 10% Downpayment of the Resale value, if any. Final Payment has to be done on/by? 2nd Appointment.) To give you an idea how things get dragged out, the next available date from today, 8 June 2016, is 17 August 2016 at 8:45am ONLY. So does that mean the market is slow? If there are 45 workings days booked up with 7 slots each day, that is 315 Resale Seller/Buyers at least. On hold for now. There are another 12 slots taken up in August. That's 327 HDBs changing hands in the next few months.
8. Time for the Second Appointment with HDB. HDB would schedule it 6 to 8 weeks after the 1st. Bring along your Fire Insurance Certificate if a loan is taken. Note: Buyer is to produce receipt of final cash payment (if any) on the completion of the resale at the Resale Office/2nd Appointment.
9. If you've managed to clear all the hoops, both seller and buyer will sign the legal documents. 
10. Congratulations on finally receiving your key from Seller. Welcome to your own House, soon to be Home!

Note: Make sure Seller/Seller Agent is on the ball too, as if things fall through, both get affected and stand to lose (lots) of money.

This list was compiled in reference to the HDB Documents and Checklist.
There is a more comprehensive guide in the Resale Procedures Help Guide.