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World Infromation / Blog : No.13804 : Important points for all agents








Posted by on October 06, 2015 at 00:38:56:

Important points for all agents


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  • No:13805
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    Temporary Extension of Stay by Flat Sellers after Resale Completion:

    *The request for Temporary Extension of Stay shall be submitted with the resale application
    *The Temporary Extension of Stay shall commence from the date of completion of the resale of the Flat (“Resale Completion Date”) as agreed by the Buyers and Sellers.
    *The Temporary Extension of Stay period shall not be more than three (3) months from the Resale Completion Date and there shall be no further extension beyond the 3month period.
    *The delivery of vacant possession condition in the Option to Purchase entered into by the Sellers and Buyers for the resale of the Flat and the Terms and Conditions of Sale and Purchase of an HDB Resale Flat shall be varied such that the Sellers shall deliver vacant possession of the Flat to the Buyers only upon the expiry or termination of the Temporary Extension of Stay.
    * The Sellers and Buyers of the Flat may sign a private agreement between themselves on the terms of the Temporary Extension of Stay, including but not limited to terms dealing with monetary compensation and any other mutually agreed considerations. In this regard, both Sellers and Buyers understand that the resale price of the Flat cannot incorporate any intended or prospective monetary compensation for the Temporary Extension of Stay. The Sellers and Buyers also have to sign an undertaking to absolve and indemnify HDB against any liabilities incurred by HDB in approving this arrangement.
    *Either the Sellers or the Buyers may cancel the private arrangement for the Temporary Extension of Stay at any time before the completion date of the resale of Flat. Sellers and Buyers are advised to provide in their private agreement what will happen in this instance, including issues of compensation etc.
    *It is advisable for Sellers and Buyers to include in the private agreement for the Temporary Extension of Stay, a termination clause allowing either party to terminate the agreement upon receipt of a written notice of termination by either party to the other.

    *The Sellers must have committed to buy a completed Property in Singapore that is ready for occupation, i.e. have exercised an Option to Purchase or signed a Sale and Purchase Agreement. For the purchase of an HDB resale flat under the Enhanced Contra Facility, only the contra party may request for the Temporary Extension of Stay.

    *The Sellers must not be subletting the whole Flat at the time of the resale application.

    *During the Temporary Extension of Stay period, the Flat shall only be occupied by the Sellers and the authorised occupiers who are listed in HDB’s records as the occupants of the flat at the time of resale of the Flat from the Sellers to the Buyers. Any approval for the Temporary Extension of Stay will not apply to other persons, including the tenants of the Sellers, if they have been subletting rooms.
    *The start point for computing the requisite minimum occupation period for the purpose of resale of Flat in the open market, subletting of Flat and purchase of private property will be set back by the period of the Temporary Extension of Stay.

    *The Buyers (new owners) must pay for all outgoings from the Resale Completion Date, including but not limited to the commencement of servicing of the housing loan, payments of service and conservancy charges (Samp;CC) (without rebates) and property tax, notwithstanding that they are not in physical occupation of the Flat . They must also ensure that the Sellers move out after the permitted Temporary Extension of Stay period.
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    00:52:54 06/10/15     Link:



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