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HDB • Valuation process, option exercise fee for resale flats ensure fairness in transactions
The Straits Times
|October 02, 2024
We thank Mr Zhang Jinwei for his feedback (Relook practices governing resale of HDB flats, Sept 18).
HDB resale transactions are conducted on a “willing-buyer-willing-seller” basis. After a resale price has been agreed upon, the flat sellers will grant an option to purchase (OTP) to buyers, who pay an option fee of up to $1,000 in cash. When buyers exercise the OTP, they will have to pay an option exercise fee. This, together with the option fee, is capped at $5,000 and forms the deposit for the flat.
Flat buyers who decide not to exercise the OTP will forgo the option fee paid to the seller. The option fee is kept affordable for flat buyers while safeguarding flat sellers’ interests.
This story is from the October 02, 2024 edition of The Straits Times.
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