60 days resale application submission

[marandaz]

Hi all,

I am in the midst of negotiating with the seller for a resale HDB flat. A deal is very close

A condition from the seller is that they wish to be afforded with a time period of 60-80 days to submit the resale application after the OTP has exercised by me. In principal, I am agreeable to this however I have a few questions I hope bros and sis here can clarify.

1. Is the 60-80 days period legal under HDB rules and regulation. From the posts in this threads, it seems like a norm? Can I get some confirmation on this? And what is the max amount of days that can be stretch for the resale application?

2. How would this affect my letter of offer (bank loan; DBS)? Is there a dateline that I must adhere to or other the LO would be invalid? Would there be a change in the terms (interest rate offering) for the LO is stretch that long?

Thanks in advance

Regards

 

[Magnificent7]

Point 1. It's a private agreement between sellers and buyers. Basically the sellers are selling you their unit at the current price BUT only want to effect the transaction at a later date. They're doing it either to hedge against a potential lower price in the next 2 to 3 months time, or to lock in a sale first and use the 60 to 80 days to source for their next house. Your completion date will be delayed by 60 to 80 days accordingly, this is excluding the HDB completion timeline of 8 to 12 weeks upon resale approval.

2. Yes bank loan offer might be affected depending on validity period, and you might incur a penalty if loan is drawn down within that period. Check your offer letter since it vary from bank to bank.

 

[sgpropertyblog]

Hi all,

I am in the midst of negotiating with the seller for a resale HDB flat. A deal is very close

A condition from the seller is that they wish to be afforded with a time period of 60-80 days to submit the resale application after the OTP has exercised by me. In principal, I am agreeable to this however I have a few questions I hope bros and sis here can clarify.

1. Is the 60-80 days period legal under HDB rules and regulation. From the posts in this threads, it seems like a norm? Can I get some confirmation on this? And what is the max amount of days that can be stretch for the resale application?

2. How would this affect my letter of offer (bank loan; DBS)? Is there a dateline that I must adhere to or other the LO would be invalid? Would there be a change in the terms (interest rate offering) for the LO is stretch that long?

Thanks in advance

Regards

its a mutual agreement between both parties, nothing illegal.. u want to put 100 days submission also can, provided both party agree ..

yes, it will affect your bank LO as there is a specific timeline that the loan must be disburse..pls check with ur banker..