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Alienation Arrangements of HOS/TPS Flats
HOS/TPS flat owners may alienate their flats under the following arrangements:
1. Within the first two years from the date of first assignment
sell back to HA at original purchase price (for HOS flats) or at the list price specified in the deed of assignment (for TPS flats)1.
2. Within the third to fifth years from the date of first assignment
sell back to HA at market value assessed by the Director of Housing at the time of the owner's offer to assign less the original purchase discount1; or
upon HA's declination of the owners' offer to assign their flats to the HA, owners can sell, let or assign their flats in the open market after payment of a premium to the HA2; or
sell to eligible purchasers under the HOS Secondary Market Scheme3 at a freely negotiated price without payment of a premium.
3. Upon expiry of five years from the date of first assignment
sell, let or assign their flats in the open market after payment of a premium to the HA2; or
sell to eligible purchasers under the HOS Secondary Market Scheme3 at a freely negotiated price without payment of a premium.
1 The actual amount of the special credit granted at the time of purchase must also be returned to the HA.
2 Where an agreement for sale and purchase (including provisional and formal agreement) is to be entered into before the premium as assessed by the Director of Housing (the Director) is paid to the HA, such agreement must contain a condition providing for the premium as assessed by the Director to be paid to the HA prior to the assignment and within 28 days of the date of the agreement or within such period as may be otherwise stipulated by the Director.
3 Under this Scheme, the purchaser and the vendor are required to produce to each other or the estate agent a valid "Certificate of Eligibility to Purchase" and a "Certificate of Availability for Sale" respectively from the HA before entering into a Provisional Agreement for Sale and Purchase in the prescribed form. The purchaser will assume the liability to pay the premium to HA upon future alienation of the flat in the open market.
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