Within First Two Years - Sell Back to the HA
Within the first two years from the date of first assignment [Note 1], Owners of Tenants Purchase Scheme (TPS) flats 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. The HA will deduct from the buyback price any outstanding debts of the authorised mortgage and other deductible amounts required for the buyback.
The owner must apply in writing to the relevant District Tenancy Management Office of the Housing Department to sell the flat back to the HA. The application will then be passed to the Housing Subsidies Sub-division for processing. The HA will charge a total of $3,890 as administrative fee, and the owner must pay the partial administrative fee of $1,710 and assignment fee [Note 2] charged by the HA's appointed solicitor within a specified period after the HA has accepted his / her application. The payment of the partial administrative fee is not refundable under any circumstances, but is deductible from the total administrative fee.
|Note 1:||"The date of first assignment" does not refer to the date when an individual estate was first launched for sale. For TPS flats, it refers to the date of the first deed of assignment of a particular flat from the HA to a purchaser.|
|Note 2:||The assignment fee depends on the prevailing charge when the HA's appointed solicitor processes the assignment. Deviation in the charge will be adjusted upon completion of assignment.|