Fudge, I was reading the following article from Channel News
Asia.
Can check with the agent, if they can help out.
Or back date the whole transaction ?
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Changes to dual ownership leave some home owners in a bind
By Joanne Chan | Posted: 02 September 2010 1958 hrs
SINGAPORE: The recent changes to dual home ownership aimed at
cooling the sizzling property market have left some owners in a
bind.
From 30 August, private property owners who want to buy a flat
from the Housing and Development Board (HDB) would have to sell
their private property within six months.
The regulation also applies to those who own property outside of
Singapore.
For some, owning two properties is a retirement strategy - one
to live in, and the other for rental income.
42-year-old "Denise" - not her real name - who currently lives
in a condo was hoping to do just that.
In late July, the single mother of two who asked to remain
anonymous started the process to buy a 3-room resale HDB flat.
She had exercised her option to purchase a flat on the 8th of
August by paying a 4,000-dollar deposit in addition to the option
fee of $1,000 paid earlier. A bank loan was secured on the
18th.
But drawn-out negotiations with the seller meant an application
could only be submitted on 30 August - the day the changes took
effect.
Denise has since written to HDB to appeal.
For home owners who started the resale application process weeks
ago, the changes to dual home ownership came as a shock. They could
be penalised thousands of dollars should they back out of the deal
now.
"I'll lose my deposit and the bank will penalise me a few
thousand dollars because we didn't exercise the contract that we
signed. HDB has a rule that says if we do not buy, the seller can
resell to the market. So whatever difference, we have to compensate
the seller," said Denise.
This means Denise would have to pay the seller the difference
that may arise if another buyer offers a lower price than what she
had offered.
One real estate agency has received more than ten enquiries
since August 30 from those caught in a similar situation has
advised its clients who have proper documentation to appeal.
Mohammed Ismail, CEO of Propnex said, "People
who are affected in such a transition, as long as they can write in
the HDB, showing the necessary documentary proof, for example,
somebody who has paid a deposit of $1,000 and the cheque has been
cleared well before the new ruling came into play, HDB will judge
the merit of each individual case"
As for the rule that owners of properties overseas cannot own a
resale HDB flat, experts say the move is aimed at removing
disparities in the market.
But market watchers point out that it will be difficult to check
if home owners have disposed of their foreign property before
acquiring a flat in Singapore. - CNA/fa
