The checklists cover a list of key policies and procedures that agents will need to advise resale flat buyers and sellers before they commit to a transaction.
This is part of HDB’s ongoing efforts to ensure that buyers and sellers are aware of relevant HDB purchase and financing policies concerning such transactions.
From 1 May, housing agents will have to submit the completed resale checklists to HDB together with the resale applications. Applications that do not come with the new checklists will be rejected.
Under the new procedure, agents who are engaged by the sellers will have to go through the checklist with the sellers to highlight important policies, while agents employed by buyers will have to go through a separate checklist with the buyers.
Some see the checklists as a reminder for agents to follow due process such as ensuring that the buyer has enough cash to carry out the transaction.
Eugene Lim, Assistant Vice President, ERA Realty Network, said: “While it may not be rampant, problematic cases do surface. That’s why I think it’s a good move that the HDB has come up with resale checklists.”
Other agents said the new resale checklists will also act as a good reminder not to flout rules.
Recent reports have suggested that some people have used a loophole in the resale market system to profit, with some sellers reporting a low sale price to HDB while striking a deal with buyers to pocket extra cash.
Mohamed Ismail, CEO, PropNex, said: “What concerns us is that there are consumers who may not be aware of what they are doing because an agent may just say, ‘Hey, this is just market practice’. But what is market practice? HDB wants to make it very clear.”
HDB will carry out checks to ensure that the agent has gone through the checklists with his client before granting the Option to Purchase.
Buyers and sellers who do not engage the services of housing agents need not submit the checklists.
However, they are advised to go through the documents to ensure that they are aware of the key resale policies and procedures.
For enquiries, the public can email to HDB at [email protected] or call the Sales/Resale Customer Service Line at 1800-8663066 on weekdays from 8am to 5pm.
Source: Channel NewsAsia – 24 Mar 2008