I understand that stamp duty can be paid by CPF. However, I also heard that stamp duty must be paid upfront in cash first, followed by a refund from CPF. Is this true and if yes, how long does it take to be refunded?
Posted by mojo on Jun 10, 2009 in Home Financing | 4859 Views
Latest Answers by Real Estate Professionals (4 Answers)
Answer Posted on Jun 12, 2009
Hi Mojo,
Its not totally true that stamp duty must be paid in cash first then being refunded by CPF board.
It largely depends on the timing given to the law firm to write to CPF board to release your CPF for stamp duty. Many of my clients, including my own purchase, paid stamp duty directly from CPF without needing to come up with cash first.
Hope this info helps. Do contact me if you had further queries
Lorraine lee
Hp: 96462498
Email: lorraine.layling@gmail.com
Its not totally true that stamp duty must be paid in cash first then being refunded by CPF board.
It largely depends on the timing given to the law firm to write to CPF board to release your CPF for stamp duty. Many of my clients, including my own purchase, paid stamp duty directly from CPF without needing to come up with cash first.
Hope this info helps. Do contact me if you had further queries
Lorraine lee
Hp: 96462498
Email: lorraine.layling@gmail.com
Answer Posted on Jun 15, 2009
Stamp-duty can actually be paid by CPF.
But as part due to the anti-speculation measures introduced by our government, it is now required to be paid at the point of exercising the contract (which is usually 2 weeks' time) instead of the past 2-3mths.
As drawing down funds from CPF is a lengthy process, this really depends on your lawyer and CPF's response speed.
So usually to play safe, in case the draw-down is not fast enough, you are to have the equivalent cash amount ready to handle this.
But as part due to the anti-speculation measures introduced by our government, it is now required to be paid at the point of exercising the contract (which is usually 2 weeks' time) instead of the past 2-3mths.
As drawing down funds from CPF is a lengthy process, this really depends on your lawyer and CPF's response speed.
So usually to play safe, in case the draw-down is not fast enough, you are to have the equivalent cash amount ready to handle this.
Answer Posted on Jun 15, 2009
Stamp-duty can actually be paid by CPF.
But as part due to the anti-speculation measures introduced by our government, it is now required to be paid at the point of exercising the contract (which is usually 2 weeks' time) instead of the past 2-3mths.
As drawing down funds from CPF is a lengthy process, this really depends on your lawyer and CPF's response speed.
So usually to play safe, in case the draw-down is not fast enough, you are to have the equivalent cash amount ready to handle this.
But as part due to the anti-speculation measures introduced by our government, it is now required to be paid at the point of exercising the contract (which is usually 2 weeks' time) instead of the past 2-3mths.
As drawing down funds from CPF is a lengthy process, this really depends on your lawyer and CPF's response speed.
So usually to play safe, in case the draw-down is not fast enough, you are to have the equivalent cash amount ready to handle this.
Answer Posted on Jun 11, 2009
Hi Mojo,
Yes you heard right - stamp duty must be paid by cash first before being refunded from your CPF account. It usually takes 1-2 weeks to effect the withdrawal.
Hope it helps. Please feel free to prompt me if you should need any further clarifications or advise.
Thank you!
Best regards,
Jo Tan
Tel: 900 100 45
Email: jo.property@ymail.com
Website: www.jo.myweb.sg
Yes you heard right - stamp duty must be paid by cash first before being refunded from your CPF account. It usually takes 1-2 weeks to effect the withdrawal.
Hope it helps. Please feel free to prompt me if you should need any further clarifications or advise.
Thank you!
Best regards,
Jo Tan
Tel: 900 100 45
Email: jo.property@ymail.com
Website: www.jo.myweb.sg
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