What Can Happen to Your Executive Condominium (EC)?

Children may become deeply unsettled by major life changes. If you have decided to go ahead with a divorce, it is important to make your housing plans bearing in mind the impact on your children. Careful planning is needed for the transition to be as smooth as possible for you and your children.

Eligibility

You will need to meet the Minimum Occupation Period (MOP) of 5 years before you can sell your EC. The MOP is calculated from the Temporary Occupation Permit (TOP) date for your EC. To find out if you have met the MOP, you may wish to check the TOP date for your EC or contact HDB. If you have not met the MOP but are still considering selling your EC, you may make an e-appointment with HDB to find out more about your options.

Estimating Your Net Sale Proceeds

Financial planning is important, especially so if you need to buy your next home after selling your current EC. The HDB’s sale proceeds calculator takes the following payments into account to help you evaluate your financial position.

1. Outstanding bank loan (if any).

2. CPF refunds with accrued interest (if any).

• This refers to the CPF monies that you and your spouse have withdrawn for the flat and housing grants received; and
• any amount you or your spouse has pledged using the flat to make up your or his/her retirement sum if you are aged 55 years old and above.

While you cannot choose to refund a different amount to your CPF Account, you and your spouse do not need to top up the shortfall in cash if the selling price (inclusive of the option monies) less the outstanding housing loan is insufficient to make the full required CPF refunds for you and your spouse. This is provided that the flat was sold at or above market value. In such a case, the required CPF refunds will be pro-rated in the proportion below:

3. Any charges or fees arising from the sale of the EC, for example, admin charges, legal fees, conveyancing fees and stamp duty. 

If there are any remaining proceeds, it may be split between you and your spouse. You and your spouse are at liberty to decide on the allocation, failing which it will be left to the court to make an order as to the allocation.

For an estimate value of your EC based on previously transacted prices, you may wish to refer to the Urban Redevelopment Authority's (URA) e-service.

If you require further assistance on selling your EC, you may wish to book an e-appointment with HDB.