PEOPLE intending to sell their Housing Board (HDB) flats from Nov 1 will have to observe a seven-day cooling-off period before the deal can proceed.

If the designated waiting time has not been met, the HDB will reject the resale application. The seven-day period starts from the time the resale checklist has been completed until the granting of the option to purchase.

The new rules announced yesterday underline the need for financial prudence before buying or selling a home, said the HDB. It noted that its flats are meant for long-term owner occupation and that buying or selling one is a significant decision that should be considered carefully.

The cooling-off move is part of a series of enhancements to the resale checklist and sale procedures to help buyers and sellers make informed decisions, the HDB said.

Checklists were introduced in 2008 to ensure that both parties in a transaction know the key resale and financial policies before they sign on the dotted line.

People who intend to sell their flats should consider their finances carefully and plan for their next accommodation, while buyers should also exercise financial prudence, the HDB said.

Cooling-off period for sellers