Ways to Sell a TPS Flat
For a TPS flat falling within the first two years from the date of first assignment, the owner must first sell the flat back to the Housing Authority (HA) at the list price (where there is no list price, the consideration stated in the assignment). The actual amount of the special credit (if any) granted at the time of purchase must also be returned to the HA. For administrative convenience, this will be deducted from the buyback price.
For a TPS flat falling within the third to fifth year from the date of first assignment, the owner may opt to sell the flat back to the HA at the buyback price to be assessed by the HA, which is the assessed market value at the time of offer deducting the original purchase discount. The owner must also return to the HA the actual amount of the special credit (if any) granted at the time of purchase. For administrative convenience, this will be deducted from the buyback price. If the HA declines to accept the buyback application, the owner can sell, let or assign the flat in the open market subject to payment of a premium to the HA. The owner may also opt to sell the flat to an eligible purchaser in the HOS Secondary Market without payment of a premium to the HA.
For a TPS flat exceeding five years from the date of first assignment, the owner may either sell it to an eligible purchaser in the HOS Secondary Market; or sell, let or assign the flat in the open market subject to payment of a premium to the HA.
