The TEOS is to help sellers to transit to their new homes after they sell their flat. The buyers must agree to allow the sellers to stay temporarily in the flat after the transaction is completed. Both the sellers and buyers must indicate during the submission of their respective portions of the resale application of such an arrangement. A non-refundable administrative fee of $20 (inclusive of GST) is payable by the buyers, being the future owners of the flat agreeing to the extension.
To be eligible for the TEOS, the sellers must:
- Have committed (i.e. exercised an Option to Purchase or signed a Sale and Purchase Agreement) to buy a residential property (HDB flat or private property) in Singapore that is completed and ready for occupation.
- Not be renting out their flat at the time of resale application.
- Be the contra party if the transactions are under the ECF.
a) The extension of stay is for a period of up to 3 months without further extension.
b) The sellers and buyers are advised to sign a private agreement between themselves on the terms of the extension, including the monetary compensation, if any.
c) During the period of extension, the flat buyers (new owners) will have to pay the service and conservancy charges (S&CC) (without rebates, and property tax based on the residential tax rate and not the owner-occupier tax rate.
d) The flat buyers (new owners) must inform the HDB Branch when the sellers vacate the flat so that the minimum occupation period of the flat can commence.