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This document provides instructions and a form for businesses in Sitka to apply for a Resale Exemption Certificate, necessary for making local purchases for resale without paying sales tax. It includes
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How to fill out resale application
How to fill out RESALE APPLICATION
01
Obtain the RESALE APPLICATION form from the relevant authority or website.
02
Fill in your personal details accurately, including your name, address, and contact information.
03
Provide information about the property you are reselling, such as the address and current ownership status.
04
Attach any required documentation, such as proof of ownership or identification.
05
Review the application for any errors or missing information.
06
Submit the completed RESALE APPLICATION to the appropriate office, either online or in person.
Who needs RESALE APPLICATION?
01
Individuals or businesses looking to sell property.
02
Real estate agents facilitating property sales.
03
Homeowners seeking to transfer ownership of real estate.
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When can I submit a resale application?
Both you and your buyer are required to submit your parts of the resale application within a span of 7 calendar days from each other. According to clause 12 of the OTP, you and the buyer must mutually agree upon and adhere to a specific timeline for submitting your application.
How long does HDB take to reply?
If the application is in order, we will notify both parties of HDB's acceptance within 28 working days, via SMS and emails. You may log in to My Flat Dashboard to view the status of your resale application.
How fast can you get a resale flat?
Buying a resale flat After the documents are endorsed and fees paid, HDB will grant an approval for the resale transaction. Resale completion is about 8 weeks from the date of HDB's acceptance of the resale application.
How to exercise OTP HDB?
To exercise the OTP, the buyer must return the signed OTP and pay the option exercise fee to the seller. Buyers taking a housing loan from a bank must have a Letter of Offer from the bank before they can exercise the OTP. The buyer and seller will then submit their respective resale applications on the HDB Flat Portal.
How much to pay for OTP?
The Option Fee should be a sum between $1 and $1,000, to be mutually agreed between you and the flat sellers. Once the flat sellers have granted the OTP to you, they cannot grant another OTP to other flat buyers until the OTP granted to you has expired.
What is the timeline for resale HDB buyer?
The resale completion is about 8 weeks after HDB's acceptance of the resale application. We will notify you via SMS on the specific date and time of your resale completion once it is confirmed and post the information on My Flat Dashboard.
What is the 15 month rule?
Introduced in September 2022, the 15-month wait-out period requires former and current owners of private homes to wait 15 months after selling their private property before they can buy a non-subsidised HDB resale flat. This rule does not apply to those 55 and over who are buying a four-room or smaller resale flat.
How soon can I sell my resale flat?
You may sell the replacement flat only after 5 years from the date of collecting the keys.
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What is RESALE APPLICATION?
RESALE APPLICATION is a legal document that allows a buyer to purchase goods tax-free, under the premise that those goods will be resold.
Who is required to file RESALE APPLICATION?
Retailers and businesses who buy goods for resale are required to file the RESALE APPLICATION to claim exemption from sales tax on those purchases.
How to fill out RESALE APPLICATION?
To fill out the RESALE APPLICATION, provide your business information, including name, address, tax identification number, and a description of the items being purchased and intended for resale.
What is the purpose of RESALE APPLICATION?
The purpose of the RESALE APPLICATION is to enable businesses to purchase inventory without paying sales tax, thereby allowing them to sell these products to consumers at the retail level.
What information must be reported on RESALE APPLICATION?
The information that must be reported on the RESALE APPLICATION includes the buyer's business name, address, tax ID number, a description of the items being purchased, and the seller's details.
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