Retaining Your HDB Flat after Life Events

When a loved one departs, things change in more ways than we can imagine. So how can death in the family affect your flat?

1. If a co-owner passes away and you are the other co-owner

Most flats in Singapore are joint-owned – by husband and wife, or parent and child. If a joint-owner passes away, his or her share of the flat will be transferred to the remaining owner.

As the remaining family or single occupier, you can retain the flat ownership if:

• You are a Singapore Citizen or Singapore PR
• You are at least 21 years old
• You fulfil HDB’s eligibility conditions to own the flat

2. If the sole owner passes away

If the flat’s sole owner passes away, their interest in the flat will be distributed according to their will; or if there is no will, according to the provisions of the Intestate Succession Act. A court order is required for legal authority to administer the deceased’s estate. The remaining family or occupiers should engage a private solicitor to apply for the appropriate court orders, which gives legal authority to the person named in the will (or if there is no will, someone as the Administrator) to manage the deceased’s estate.

Grant of Probate is needed if there is a will. This gives the person named in the will (the Executor) legal authority to manage the deceased estate.

Grant of Letters of Administration is needed if there is no will. This gives the Administrator legal authority to manage the deceased’s interest in the flat, which will be distributed according to the Intestate Succession Act.

As the remaining family or single occupier, you can retain the flat ownership if:

• You are a Singapore Citizen or Singapore PR
• You are at least 21 years old
• You fulfil HDB’s eligibility conditions to own the flat

Once the Grant has been obtained, you can engage your own solicitor or appoint HDB’s solicitor to act for you to register your legal right as the Executor or Administrator.

As the Executor or Administrator of the estate, you will have to complete relevant paperwork and apply at the HDB Branch in charge of the flat to transfer flat ownership to the beneficiaries. This is subject to HDB’s eligibility conditions governing transfer of flat ownership.

Sometimes life events may require us to change the ownership status of our flat. For example, when you are getting married and buying a flat with your spouse, or following a divorce or passing of a loved one in the family. It is possible to apply for a change in flat ownership without monetary consideration, as long as all the current and new flat owners are aware of and consent to this change.

As a flat owner, you may apply for a change in your flat ownership to immediate family members if they meet all eligibility conditions. Here are the 4 most common types of change in flat ownership.

• Inclusion of owners (e.g including your daughter as an owner)
• Withdrawal of owners (e.g your daughter withdraws as an owner)
• Substitution of owners (e.g substituting your daughter’s ownership with your son)
• Total change of owners (e.g changing the ownership to your child)

If there is more than 1 owner for the flat, you will need to decide on the manner of holding – either by joint-tenancy, or tenancy-in-common. The former means that all owners own the whole interest in the property, and do not have separate shares. Meanwhile the latter denotes that tenants-in-common own the same property, but each with their own separate shares. HDB allows a maximum of 4 owners for each flat.

Use the following resources to find out how to go about effecting a change in flat ownership within your family:

• Eligibility conditions
• Guide on change in flat ownership
• Application procedure
• Conditions after the change in flat ownership has been completed
• Additional conditions that apply in the case of a divorce

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Source: mynicehome.gov.sg

A Guide to the HDB Resale Portal for Sellers

Selling a flat? Here’s what you need to know about the HDB Resale Portal.

The HDB Resale Portal was created to streamline the process of buying and selling resale flats. With eligibility checks and other processes integrated into the same portal, home owners can even sell their flat on their own, without a salesperson.

1. Get Your Home Ready

Selling your home may be  unfamiliar to you, but we’re here to help! Check out our tips to make your flat selling journey as smooth as possible.

2. Register Intent to Sell at the HDB Resale Portal

Once you have confirmed with your flat buyer on the sale, and have mutually agreed on the selling price, you need to get the formal process started by registering your intent to sell on the HDB Resale Portal.

With the handy SingPass Mobile App, signing in is a breeze. By scanning a QR Code during the login process, your personal information from the Government’s MyInfo service will be automatically and securely populated into the HDB Resale Portal.

When you register the intent to sell, the HDB Resale Portal will also obtain information about your flat to help facilitate the sale – these include whether you have fulfilled the Minimum Occupation Period, and the Ethnic Integration Policy (EIP) quota prescribed to your precinct and neighbourhood.

The next step is to wait for 7 days – the cooling-off period – before you can proceed further. Take this time to exchange information with your buyer for the Option to Purchase (OTP). You can download the OTP form from the HDB Resale Portal (or HDB InfoWEB beforehand) to understand the terms and get started on the sections that you will need to fill in.

The OTP is a contractual document used for HDB resale transactions. Under the Housing and Development Act, sellers (and buyers) must use the Option to Purchase for any sale or purchase of flats. No gentlemen’s agreement or special handshake allowed!

3. Grant The OTP

After 7 days, you can sign on the completed OTP form and grant it to your buyer. You and your buyer will also need to agree on the Option Fee (a sum between $1 to $1,000) which will be paid to you and acts as a “deposit” for the OTP.

The Option you’ve granted to the buyer is valid for 21 calendar days and expires at 4pm on the 21^st day. During this period, you will not be able to grant the Option to another buyer. Even if your buyer decides not to exercise the Option, you will need to wait for the Option to expire. In such situations, the buyer will forfeit the Option Fee.

4. Submit Resale Application and Documents

Once your buyer has signed the OTP, you will need to log into the HDB Resale Portal and submit the resale application along with supporting documents. HDB will verify the information and notify you and your buyer of the application outcome within 8 weeks.

5. Endorse Resale Documents

After submitting the documents, both you and your buyer will be notified via SMS to endorse the documents on the HDB Resale Portal within 6 days.

6. Pay Resale Fees and Wait for HDB’s Approval

Once the documents are endorsed by both parties, you can move onto paying the legal and stamp fees for the flat resale transaction. Credit or debit card payments are accepted.

Once the fees are paid, all you need to do is wait for HDB to review and approve the resale application. You will receive an SMS notification when that happens!

7. Attend Resale Completion Appointment

You’ll also be notified on your Resale Completion Appointment at the HDB Hub in Toa Payoh, where both you and your buyer will need to attend to finalise the transaction.

And with that, the flat is sold!

Source: mynicehome.gov.sg

Retirement Plans: Unlocking Your HDB Flat Value

It’s never too early to think about retirement adequacy — in other words, how you can supplement your income during your retirement years. Beyond CPF monies, personal savings, and possibly investments, home owners can also choose to unlock the value of their HDB flats in their golden years. Depending on your needs and preferences, here are some ways you can monetise your HDB flat:

1. Continue living in your flat

Mr and Mrs Lim, both 65 years old, chose to apply for the Lease Buyback Scheme (LBS) as they wanted to continue living in their existing flat. They received cash proceeds of $58,300, a monthly CPF LIFE payout of $1,090, and a cash bonus of $7,500.

You can consider monetising your flat under LBS if you have fulfilled the minimum occupancy period (MOP). Interested? Check out the eligibility criteria for LBS below, or on HDB InfoWEB:

If you are younger than 65 years old, there is the option of renting out your spare bedroom(s) for income. Remember to submit an application to rent out your bedroom(s) through My HDBPage or Mobile@HDB before the commencement of the tenancy, and refer to CEA’s tenancy agreement template for HDB flats.

2. Moving out and purchasing a 3-room or smaller HDB flat

Mr and Mrs A sold their 5-room flat (bought from HDB) and bought a 2-room Flexi BTO flat. They qualified for a Silver Housing Bonus (SHB) of $30,000 on top of their proceeds.

The SHB is applicable when home owners top-up their CPF RA with the proceeds of the sale. You can view the eligibility criteria below, or on HDB InfoWEB:

For the latest information on monetising your flat for retirement, visit HDB InfoWEB.

Bonus tip: If you do not need an additional source of retirement income but want to learn more about other elder-friendly housing policies, here are 5 things to know about the Community Care Apartments.

Source: mynicehome.gov.sg

Arranging HDB Flat Viewings: Tips for Sellers

So, you have listed your HDB flat on the market and are anxiously waiting for prospective buyers to pop by for a viewing. You may be ready to seal the deal, but is your house ready?

You don’t need huge home staging budgets like the real estate agents on Netflix’s Selling Sunset – all you need are some tips and tricks to spruce up your HDB flat before you arrange for flat viewings.

1. Photography Makes a Difference

Home Tours: A Touch of Peranakan

They say a picture paints a thousand words – this is especially relevant when selling your HDB flat, as you need to stand out from the crowd of existing flat listings. Take good photos showcasing the flat’s layout and space to highlight its potential.

P.S. Remember to take the photos during the day – natural light is key.

2. Declutter the Space

Clearing clutter is not an easy task but no one likes a messy space, especially prospective buyers of a new flat. Clutter makes it difficult for buyers to see the potential of the flat – after all, they are here to view the space.

3. Keep It Clean

Once you’ve gotten rid of clutter, do give the flat a thorough mop and scrub, especially on frequently used appliances and furniture. The flat need not be 100% spotless, but should at least be tidy – you do not want prospective buyers to be put off by the stains and dirt.

4. Showcase the Potential of the Flat

Home Tours: Bringing Back Old School Vibes

If your flat’s got attractive attributes, flaunt them! Whether it’s an unblocked view of the neighbourhood, ample living room space, or a unique kitchen concept, you should leverage these attributes which may appeal to prospective buyers. Open the windows to show the amazing view, rearrange the furniture to highlight the spaciousness of the living room, or if you’ve got a HDB flat with a great view, opt for viewings to happen in the day so that prospective buyers can enjoy the scenery.

5. Create Welcoming Vibes

Home Tours: A Japanese-Inspired Woody Home in Tampines

Make your guests feel welcomed to your home. Add some fresh flowers or potted plant on the dining table, or even use scents to create a warm and cosy ambience in your room or home – these small touches could leave a strong and positive impression on your prospective buyers.

Now your flat is ready to meet its prospective owner!

Source: mynicehome.gov.sg

4 Useful Photography Tips for HDB Flat Sellers

Good photos are key when selling your HDB flat. Not only do they showcase the flat’s potential, good photos will help set your home apart from existing flat listings. MyNiceHome caught up with experienced interior photographer Jino Lee, who gave us some tips on capturing the best side of your home!

1. Capture the Best Bits

Decluttering lets you capture the space and showcase its potential. An organised space also makes for appealing photographs, and helps prospective home buyers to visualise themselves living in the flat. To portray a cosy and lived-in look, include strategically placed coffee table books, coloured cushions or decorative plants in your photos.

2. Adopt Wide Angles

Wondering why the photographs aren’t doing enough justice to your flat? You might be using the wrong lens! Using wide angle lenses when capturing your shots can showcase the space to its fullest extent, and even make your house look more spacious.

3. Position Your Photos

For a more accurate perspective of the space, capture your photos at eye level. At the same time, ensure that your photos angles are straight – if you require a little help, simply enable the grid option on your phone or camera.

4. Let the Light In

Never underestimate the power of good lighting. While natural light helps to soften the look of your photos, indoor lighting can also be used. Most importantly, ensure that the space is sufficiently lit to best showcase the space.

It might take some work, but the effort taken to showcase your flat will definitely be worth it.

All photos by Jino Lee

Source: mynicehome.gov.sg