S’poreans welcome HDB’s new 7-day cooling-off period

Singaporeans have generally welcomed the 7-day cooling-off period for buying and selling HDB resale flats.

The cooling-off period takes effect from November 1.

The process starts as soon as the seller completes and sends out an online resale checklist to HDB.

In that checklist, they have to state clearly their next housing arrangement.

A financial plan for the next home purchase has to be made clear as well.

Real estate agents said the new rule benefits sellers because it gives them time to think.

Buyers are not complaining either.

“It’s a good last-minute buffer period where you can give up on the (purchase) or the sale. But apart from it, if you want to buy, you will buy; the 7 days doesn’t really matter,” said one HDB flat buyer.

“For the sellers, they have the choice to back out of the sale. They find that after they sell, they may have a problem looking for a place – to buy a place or to rent a place – so I think it’s good to give option to the seller. Right now, I think there’s no option for the seller to back out,” said James Lee, a real estate agent.

Source : Channel NewsAsia – 19 Oct 2010

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