What is HDB Option Fee?

If you decide to sell your flat, you may grant an Option to the buyers, to sell the resale flat at the agreed resale price. You are required to sign on the OTP, in exchange for an Option Fee from the buyers. The Option Fee should be between the sum of $1 to $1,000, to be negotiated between you and the buyers.

How does HDB OTP work?

Step 2: Sellers Grant the OTP to You The Option Fee should be a sum between $1 to a maximum of $1,000, to be negotiated between you and the seller. Once the seller has granted the OTP to you, he cannot grant another OTP to another buyer until the OTP granted to you has expired.

Can buyer back out after exercising Option HDB?

Either party can back out after the OTP has been exercised, but not without cost. If you (the HDB flat seller) are the one backing out, you’ll have to return the deposit to the buyer.

How much is Option exercise fee?

The Option Fee is typically 1% of the sale price of the property, but is negotiable between parties.

How do I get an option to purchase from the HDB?

After registering your Intent to Sell, the HDB Resale Portal will prompt you to download a copy of the Option to Purchase (OTP). You and the buyers must use the HDB-prescribed OTP as the form of contract in the transaction.

Is there an option period for HDB flats?

The Option Fee (1 percent of the buying price for private property and not exceeding $1,000 for HDB resale flat). However, Option Fee HDB can be negotiated with the seller. The Option Period (usually 14 days) can also be negotiated. For HDB resale flats, this period should be 21 days, including weekends and public holidays.

Why do you need an optional component scheme for HDB?

In general, HDB Optional Component Schemes is not meant as a full replacement of your home renovation (except for seniors who can choose Package 3 for short-lease 2-room flexi flats). Instead, OCS save you a bit of time by including essential works such as flooring and installation of internal doors.

What can I do with my HDB flat?

Find out the procedures and details for selling your HDB flat. Enjoy a faster and easier resale transaction with the HDB Resale Portal. Make your home as enjoyable as possible by learning about home maintenance, safety, and insurance. Here is where you can get information on flat matters that you may experience living in an HDB flat.