The Housing & Development Board (HDB) has announced a timely upgrade of its resale portal in an effort to further expedite the transaction process between buyers and sellers. This will make the entire sale procedure simpler and faster to benefit both the buyer and the seller in every resale.
In a statement recently released by the Housing Board, it hinted that an enhancement in the property transaction process would be anchored in a planned revamp of its online portal to make it a one-stop service to facilitate all necessary procedures as part of every resale. It is also implementing many other improvements for the advantage of all concerned parties.
The changes to be implemented are part of the commitment that was finalized during the budget debate for the National Development Ministry in March. It is also among the efforts under the Real Estate Industry Transformation Map as part of general initiatives towards becoming a ‘smarter nation.’
The site revamp is streamlining the process by facilitating access to many functions in a single page. For one, eligibility checks (for housing loans and grants as well as ethnic quotas in a flat/neighborhood) are made simpler as it can be initiated in a page instead browsing through multiple pages to do it.
The requirement to key in data for buyers and sellers is also slashed. Instead, the portal would automatically turn to common information obtained from related government services (like legal names, IC numbers, addresses, among others).
Moreover, the upgraded system could facilitate provision of valuations straight from HDB, eliminating the need to obtain the report from valuers, which usually add up to the tediousness of the current process. Involved costs in getting such reports is also cut: $120 applicable to all flat types from $156.45 for one- and two-bedroom units and $226 for three-room and bigger dwellings.
Consequently, the number of required appointments to complete a transaction will be significantly trimmed to just one. In the current process, the initial appointment is designated for working out sales proceeds of sellers and assessment of financial plans of buyers. The second appointment is for signing all mandatory legal documents.
In the streamlined process, the first appointment would be scrapped. This is because uploading and verification of financial statements will be coursed online. Thus, the appointment would only be set for affixing signatures in contracts.
This development would logically speed up the transaction process—the time required to complete a purchase would be cut into half from 16 weeks to just 8 weeks.
On top of all these, the HDB also announced that it would set up and designate a helpline and help desk to further address concerns by sellers and buyers. The command quarters for such assistance center would be housed at HDB’s Toa Payoh hub.
All these changes will be fully implemented by January 1, 2018.
By: Singapore New Launch Condo
10 Jan 2018