Thursday, July 25, 2024
HomeAdviceDear Buyer/Seller, have you planned your timeline?

Dear Buyer/Seller, have you planned your timeline?

Timeline, what is timeline? How simple is a property transaction? Is it just a matter of buying and selling? There’s much more to consider as you deep dive into the processes. 

Have you ever wondered why every agent emphasise on timeline? The basis of timeline planning is to ensure that every step is done right and within the deadlines. One wrong move and you can be put into a situation where you may have to rent or your funds do not come in quick enough to complete your purchase. 

At the same time, the legal procedures and forms have to be done properly so as to safeguard your interest in the event where things go south. When we talk about HDB, the timeline planning gets even more stringent because we have to follow according to HDB’s rules and regulation.

For example, buyers have to get their HFE before they are able to receive an OTP or Sellers can only issue OTP 7 days after they register the intent to sell. These are just some of the requirements set by HDB. Failing which, the completion date can be dragged further or HDB might even void the transaction itself. 

So now you know, a transaction is not as simple as it seems. Do engage an agent of your own to help you expedite the process, it is definitely worth it.

Nicholas Lim

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