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Hi

Are you planning to purchase another property soon or in the future? Pros of keeping a name free is to be able to buy another property without ABSD in the future, and you do not have to go through decoupling process again (save on legal fees) to free up the name next time. Cons of her taking over is she has to take over the outstanding loan amount, and have to refund your cpf utilized plus accrued interest. Also she will have the full legal rights to the property.

If under both names, good thing is your legal rights to the property are maintained, she cannot sell without your consent. And if one passes away, assuming joint tenancy, the share will be automatically transferred to surviving owner.

Above are some of the pros and cons that come to mind. Which way works better also depends on the owners. Perhaps we can do a call to discuss more?

Hope the above clarifies. I am well-versed with HDB and private property transactions, having helped more than 100 homeowners transit smoothly with their housing plans. Please reach out to me at 97432395  for a more in-depth discussion :)

May I have more info on your requirements so as to make better recommendations? Thanks and looking forward to chat more

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Mr & Mrs Wee : We would like to share our appreciation and commendation to Ivan for their professionalism and dedication in handling our property transaction. It was a great pleasure to work with him as he was patient throughout the entire process and explained to us and clarified any doubts we had without fail. He was also very prompt in responding to all the queries we had. While we were unsure if we were able to sell off the property in time, Ivan constantly reassured us that it was possible and offered his professional advice. In fact, he managed to secure an offer to sell the property above our expected price while concurrently negotiated the buying price for our next property. Having Ivan as our agent significantly made the entire process seamless and fuss-free. We will definitely recommend Ivan to our family and friends. Read More

Dear Owner,
Since you are not selling, there is no need for you to engage an agent to resolve this issue. What you need is a conveyancing lawyer to settle this and your banker(s) as there are costs attached to both these options.

1. Part transfer to your spouse - depending on the percentage transfered, the lawyer will be able to compute the BSD and his legal fees.

2. Full ownership transfer - this practically is like selling the unit to your wife. She has to be able to pay back your CPF+interests, if you had used your CPF. If it is purely cash, it will be quite straightforward. Again your lawyer will be able to advise you of the costs involved.

So, please contact your lawyer for a quick resolution to your issues. If you need any referral, do contact me.

Cheers!

Elan Govan
MABA (Lancaster)
 90170747 
jayelan@gmail.com
www.goodpropertiesguide.com Read More

The second option you described is something I would probably avoid. It is highly unlikely that transferring ownership to your wife entirely will help you financially, because of the stamp duty fees involved as well as your CPF + interest that she would have to fork out to buy you out completely.

The first option where you sell her a part share of your condo would work out financially for the two of you in the short term if your primary objective is just survival.

Actually, there are 2 more options you did not explore, which we have supported clients successfully on. These could put you and your wife in a better position financially than the 2 methods you described above, if your objective is not to just to survive but to thrive.

I'm a Harvard graduated real estate agent with a degree in economics, and have supported clients on more than $1 billion in transactions.

Do reach out and I would be happy to schedule a FREE consultation to help you and your wife weigh the pros and cons of all 4 options to determine what is best for you.

Kay Cloud
The Harvard Educated Agent
Propnex Realty Pte Ltd
cloud@propnex.com
Tel: (+6.5.) 8.5.6.7.4.5.8.5
Whatsapp -> https://wa.me/6585674585 Read More

Good day to you,

With the change in ownership, the main issues are BSD and ABSD, if applicable, since they are calculated based on the portion of ownership that is being transferred.

Consequently, selling or transferring the unit to your spouse is a significant choice. First, you give up your ownership. Then, your spouse will need to find the funds to repay the CPF contributions you made, as well as to cover the remaining loan.

Therefore, the most suitable option is to include your spouse as a co-owner. Once this arrangement is established, she can begin using her CPF to support the monthly mortgage payments.

Navigating a property transaction can be complex, especially with major life events. As a seasoned property consultant with 15 years of experience, I provide informed guidance on complex property matters.

I assist my clients with -
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You may consider selling 1% share to your wife in this case so that she is able to utilise her CPF monies for the monthly instalments. In general, if this is not escaping tax payable, it is still legal to do such part sale.

——

I have been in the real estate business since 2009, with more than 15 years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

Over the years, I have also established a network reaching out to more than 15,900 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.

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Hi, appreciate your sharing. Able to check with legal service in assisting you for the above situation.
Looking forward to assist you at 9696 4398  or email me at stewartlim96964398@gmail.com

Cheers
Stewart-PropNex (Senior Associate Division Director) Read More

Hi Do contact me at 97970200  to understand more and discuss.

Mark, your RIGHT choice
Propnex Read More

Good morning,

Care to share more about your situation so I will be in a better position to advise you?

Cause one hat doesnt fill all.

1) If you will like to sell and have the whole property solely under your wife's name, she must have the financial capability to take over.

But question is is there a need to do so?

2) Are you thinking to retire or just taking a break from employment?

You can consider to sell 1% ownership to your wife so she can use her CPF OA to finance monthly mortgage as a borrower too.

Let's work out the numbers before pushing ahead with any plans.

Best regards,

YT Tan
Property Kaki
You dream. I create. We make it happen!

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1. If you plan to buy another property in the future, keeping one name free avoids ABSD and saves you from having to decouple later (which means lower legal costs).
2. If your spouse takes over fully, she must take on the outstanding loan, refund CPF with interest, and she will hold full ownership rights.
3. Keeping both names means you share legal rights, and she cannot sell without your consent. With joint tenancy, the share passes automatically to the surviving owner.
4. To move forward, you mainly need a conveyancing lawyer and your banker, as both options involve costs. No need to engage an agent since the property is not being sold.
5. Option A: Partial transfer – lawyer will calculate Buyer’s Stamp Duty and legal fees based on the share transferred.
6. Option B: Full transfer – like selling the unit to your wife. She must refund CPF (plus interest) if used, or pay in cash if available. Lawyer will confirm the costs.

Best next step: Speak to a lawyer for clear advice and costings. If you need referrals, I can connect you.
WhatsApp me at: ABLE Toh (65) 9856-9255  or through this link.:https://wa.me/6598569255

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Hi,

1) There is nothing such as register the property under someone's name.

2) When you wish to share the ownership with someone, you have to either sell or gift it when you are still alive.
(a) Sell: can be part-share selling or selling it wholly.
(b) Gift: Similar to sell except that no monetary in exchange.
However, there are conditions to meet before allow to do gifting.

3) You have to engage a conveyance lawyer for both methods. You may raise any questions to your lawyer and they will handle the case accordingly
4) Both methods are subject to the same stamp duty and legal cost.

5) Transfer of ownership is a layman term. The transfer of ownership can only realise via (2).
6) The transfer of ownership after death is known as inheritance.

All The Best!!!

Hope the above answers your main concerns, but if there are more queries, please feel free to contact me at 90110636  or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
ling.ck7@gmail.com
https://www.linkedin.com/in/ckling/
https://agents.huttonsgroup.com/R056727F/

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