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Our New House - Buying our House

Before I continue on our journey to getting our new flat, here's a pictorial on the procedure of buying a resale flat:

After we saw the house of our liking, we need to act fast as it could be bought by other people too. The agents requested the sellers to grant us the Option to Purchase (OTP) and had sent in the Request for Value on the HDB portal on our behalf . We then paid a deposit which comprised of the option fee and option exercise fee to the sellers via paynow (both add up to a maximum of $5000). I had added a pictogram below for the procedure on the Option to purchase for a better picture. 

The Request of Value took about a week to come back and if the price quoted by the sellers were higher than the price quoted by HDB, we would have to pay the balance by cash. Fortunately for us, the price quoted by HDB and the price quoted by the sellers matches! Which means we would not need to pay any cash upfront.

Before submitting the resale application, the sellers had requested to extend their stay in the house as theirs was not able to complete in time. Our agents proceeded to submit a resale application and the extension of stay to HDB via the HDB portal. 

The day for getting our keys to our new house finally came! We made an appointment at HDB and signed the necessary documents, and the house was ours! But since there was an Extension of Stay, the sellers were able to stay in the house for another 3 months before we could actually get the keys to our house.

If you remember, we had engaged property agents to help with the buying of the house, therefore we would have to pay them a commission of  1% of the price paid for the house, which was about $4000. Boy! Getting a place of our own was expensive!

Do look out for my next post on the renovation and Home Improvement Program journey! Don't forget to share with me your thoughts on the comments below!

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