WE REFER to the letter from Mr Gopinath Maasi, 'Buying resale flat - Why does HDB take so long when most of the transactions are computerised?' (July 18).
HDB adopts a two-stage process to ensure resale transactions are carried out smoothly while safeguarding the interests of both buyers and sellers. At the first appointment, HDB meets both buyers and sellers to assess their eligibility to buy/sell the flat, and explains the relevant policies and procedures. Depending on the volume of resale transactions, it usually takes about five weeks to secure the first appointment.
The next stage involves preparing the legal documents, cheque for sellers, processing housing grants and loans, and so on. For buyers taking a mortgage loan from the banks, more parties will be involved, including the bank's solicitors. On average, this process takes about six to eight weeks, depending on the complexity of the transaction. Overall, a typical resale transaction takes about three months to complete, which is comparable with the time taken to complete a private housing transaction.
In recent months, the volume of resale transactions has increased by more than 50 per cent. As more appointment slots are taken up, some buyers or sellers of resale flats might not be able to book an earlier first-appointment date. HDB will be deploying more manpower resources to increase the appointment slots and shorten the waiting time for first appointments.
We thank the writer for the feedback.
Loh Swee Heng Deputy Director (Resale) for Director (Estate Admin & Property) Housing and Development Board
Source: Straits Times, 28 July 2009