The HDB advertising system commences with the vendor registering an "Intent to Market" within the HDB Flat Portal, which gives an eligibility Verify, EIP/SPR quota with the block, and up to date transaction rates for close by flats. This intent is valid for twelve months. After a seven-day cooling-off period, the vendor can grant a choice to invest in (OTP) to your buyer for a possibility payment of S£1 to S$1,000, which is legitimate for 21 times. The seller and consumer then submit their respective portions of the resale application to the HDB portal, having to pay an administrative rate of S$40 for one- and 2-area flats or S£80 for 3-home and larger flats. HDB will then confirm the files, and approval is typically granted within two weeks after all paperwork are endorsed on line. The complete course of action culminates inside a resale completion appointment, here commonly about 8 months following HDB accepts the resale application, where by keys are handed more than and remaining authorized paperwork are signed. All through the procedure, sellers should refund all CPF money employed for the acquisition, together with accrued interest, and pay off any exceptional housing loans through the sale proceeds.