As A Resale Flat Buyer, When Is A Flat Officially Mine?

[Kalidor 0]

I know there's 1st and 2nd appointment.

My question is, when exactly does the flat change ownership from the seller to me and when can I start reno without worrying that the deal might somehow fall thru and the flat reverting back to original owner??

[merryman 0]

I know there's 1st and 2nd appointment.

My question is, when exactly does the flat change ownership from the seller to me and when can I start reno without worrying that the deal might somehow fall thru and the flat reverting back to original owner??

After you sign on your 2nd appt

Edited November 12, 2009 by merryman

[annjoy 0]

2nd appt need to sign things one meh?

[merryman 0]

2nd appt need to sign things one meh?

On that day of completion

2.1 HDB will witness:

* the signing of the transfer document by the seller.

* the signing of the mortgage document/agreement by the buyer (if applicable)

* the handover of keys from the seller to buyer after:

(i) The buyer finds the physical condition of the flat acceptable (having inspected the flat before the completion date);

(ii) The seller has paid the service and conservancy charges and property tax up-to-date and produces official receipts for full payment.

The buyer will receive a confirmation letter of ownership that enables him to apply for electricity and water supply and renovation permit.

The seller will receive his cheque for the net sale proceeds (if any). The HDB will arrange to refund the seller's CPF monies to his CPF account within 7 working days from the completion of the resale transaction.

Note: For Singapore Permanent Resident households, the HDB will complete the resale transaction only upon confirmation from Supreme Court that the seller is not bankrupt.

[therat 18]

Note: For Singapore Permanent Resident households, the HDB will complete the resale transaction only upon confirmation from Supreme Court that the seller is not bankrupt

this will be done before 2nd appointment or after?

[Kalidor 0]

Is there any way that I as a buyer can check if the seller is a bankrupt?

[berry_surprise 0]

Is there any way that I as a buyer can check if the seller is a bankrupt?

Of course.

You can go to http://www.isis.gov.sg/ and click on individual search.

Then you must have either one of the following.

1.NRIC

2.Bankruptcy No.

3.Exact name

4.Business name

It will cost u $6.

But if u go for 1st appt, HDB will know whether u r a bankrupt or u owe them debts (taxes and etc)

Note: I remember 6 or 7 years ago, when i did a bankruptcy search, it was free.

But $6 is ok la.

[rainne 0]

only after 2nd appointment is the flat offically yours. And to use $6 to find out if a person is bankrupt is nothing as compared to some forumers went thru after going thru the documentation only to find out tt the seller is a bankrupt!

[jeda 0]

if you had an agent, get the agent to do the checks for you and pay for the fee as it should be under their scope.

[berry_surprise 0]

if you had an agent, get the agent to do the checks for you and pay for the fee as it should be under their scope.

I did raised this bankeruptcy checks to my agent but he dissed me off and say, i think it is possible but must pay.

However I already know the procedures on how to go about it, so i want to test him.

in fact a lot of qns i asked him, he simply have no ans and he say will ask his colleague.

but i already know all the ans to my qns.

Just happened that He was the one who showed me the flat.

Therefore, i doubt is the housing agents' scope to do the checking.

With that said, they can MIA if things goes wrong but still continues to chase u for his commisson.

[jeda 0]

I did raised this bankeruptcy checks to my agent but he dissed me off and say, i think it is possible but must pay.

However I already know the procedures on how to go about it, so i want to test him.

in fact a lot of qns i asked him, he simply have no ans and he say will ask his colleague.

but i already know all the ans to my qns.

Just happened that He was the one who showed me the flat.

Therefore, i doubt is the housing agents' scope to do the checking.

With that said, they can MIA if things goes wrong but still continues to chase u for his commisson.

for this bankruptcy checks, i had initially asked my agent and he said should not be an issue cos seller is doing contra. but after being advised by BIL to better check, i called up my agent and gave him the website to do a check. i told him that it is his 'due diligence' duty. i also asked for MOP and flat ownership documents. i asked for all these before signing the OTP. husband said i was over paranoid.

so for those people who have yet to exercise OTP, please try to squeeze your agent.

[forgotten 1]

for this bankruptcy checks, i had initially asked my agent and he said should not be an issue cos seller is doing contra. but after being advised by BIL to better check, i called up my agent and gave him the website to do a check. i told him that it is his 'due diligence' duty. i also asked for MOP and flat ownership documents. i asked for all these before signing the OTP. husband said i was over paranoid.

so for those people who have yet to exercise OTP, please try to squeeze your agent.

Good piece of advice to people who are shopping for their house.