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Dear experts,
I have a private property shared with my friends at 50-50% each for 2 years upon signing of OTP. She would like to remove her name from this property and i shall become the sole owner. May you advice how should i go about it. Thanks and appreciate your advice.
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5 Answers

You would need to get a lawyer to remove the name of your friend from the property and thereafter, you would also need to take over the loan and refund the amount paid by your friend as applicable. Call 94386522  or email dfsr2010@gmail.com to have a lawyer for this to be recommended.
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Hi,

You need to engage a law firm to do the necessary. The CPF OA utilized+accrued interest by the outgoing owner must be refunded to her, and you must be able to take over the financing and pay stamp duties for the market value of share transferred over. As its also within 4 years holding period, she will also incur seller's stamp duties. May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.

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Ivan Ng ERA ASAP
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Dear Sir/Mdm,

You may do a part purchase from your friend. However, she will be subjected to seller's stamp duty. It will be good if you can talk to a lawyer directly on the costs and procedures.

Please feel free to contact me so that I can link you up with my partners in the law firm!

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Nick Tan
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Robbie Chen Chee Howe
Hi,

As this is considered a valid transaction, you will need to get a lawyer to do the conveyancing for you.

However, do take note that your friend will need to pay Seller Stamp Duty (SSD) of 8% on the sale of her shares to you. On your part, you will need to be refund whatever CPF that your friend has paid for the property. You will also need to be able to undertake the remaining loan for the property, based on your age and income.

Should you need any further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you and your partner in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More
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YT Tan (陈永达)
Good afternoon,

You will need to seek lawyers to help you with this.

Do take note that you must have financial ability to take over her ownership in terms of loan and refund her what CPF OA funds that she had utilised. On top of that, if the value goes up during these 2 years, you might have to come up with additional cash as well.

Hope my explanation helps!

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YT TAN 陈永达 | ACCA Graduate, RES
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R043025D
Propnex Realty Pte Ltd
Blk 480 Lorong 6 Toa Payoh, #11-95 HDB Hub East Wing, Singapore 310480

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