645 HDB flat sellers have requested for a temporary extension of stay in their old flats as at end October, reported the media.
On 22 July, HDB relaxed the rule to help sellers who require more time to renovate their new flats or who are still waiting for funds from the sale of their current units.
The new practice requires both the flat seller and buyer to agree to the temporary extension, which can go by up to three months.
The request for extension must be submitted to the HDB together with the resale application. During such time, the seller must have committed to acquire a completed home, whether it’s a private or HDB unit.
Private arrangements, like the duration of extension and monetary compensation, should also be mutually agreed to by the two parties.
Previously, HDB sellers had to leave their units once the sale was completed, with similar arrangements being made under the table.
The HDB estimates around 15 percent of overall resale transactions, or 2,700 households per year, will benefit from the new practice.
Muneerah Bee, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
