October 18, 2010

Singapore has imposed a seven- day cooling-off period for flat sale which will take effect in November in its latest move towards curbing runaway property prices.

From November, sellers of public housing Housing & Development Board (HDB) flats will have to observe a seven-day cooling-off period before they can grant an Option-to-Purchase (OTP) to buyers, local TV broadcaster Channel NewsAsia reported on Monday.

The cooling-off period starts after they complete a resale checklist which will have to be submitted online to the HDB.

The checklist was introduced to ensure flat sellers and buyers are aware of the key resale and financial policies before they commit to sell or buy a resale flat.

The HDB said the enhanced resale checklist would also require sellers to state their next housing arrangement. HDB added if sellers intend to buy another flat, they have to work out their estimated sales proceed of their current flat, and submit a financial plan for their next flat purchase.

This is the latest move in a slew of cooling measures implemented since end-August, which appeared to have taken effect with a dip in home sales in September.

Info courtesy : Channel News Asia