SINGAPORE: More changes are on the way for the regulation of Singapore's property market. From November, sellers of Housing & Development Board (HDB) flats will have to observe a seven-day cooling-off period before they can grant an Option-to-Purchase (OTP) to the buyers. And foreign owners of landed property could face tougher rules under changes being proposed by the Law Ministry. The HDB said in a statement on Monday that the seven-day cooling-off ruling is part of the enhanced resale checklist and submission procedures to better protect the interests of sellers and buyers and help them make informed and prudent decisions. From November 1, sellers of HDB flats, acting with or without agents, will have to observe a seven-day cooling-off period after they have completed the resale checklist, before granting an OTP to the buyers. The enhanced checklist also requires flat sellers buying another HDB flat to work out the estimated sale proceeds of their current flat and a financial plan for the purchase of the next flat. Additionally, buyers of resale flats, acting with or without agents, will also be required to complete and submit the resale checklist, which was introduced in 2008 to ensure that HDB flat sellers and buyers are aware of the key resale and financial policies before they commit to a transaction. New rules are also in store for foreign ownership of landed residential property, if a new Bill introduced in Parliament on Monday is passed. The Law Ministry is <b>...</b>