Good day Mr. Mateen Phang,
Thank you for your query.
For change of legal title of property such as yours, it is best to approach a Conveyancing Lawyer directly for assistance. Should you require recommendation, please feel free to contact me.
The costs depend on whether you intend to transfer the share of your property by Way of Gift or by Way of Sale which may involve loan and/or CPF. Seek the lawyer for advice on the pro and con of each. Please be informed that if conveyed by Way of Gift, the gift is voidable under Bankruptcy Act (Cap. 20) if you are declared bankrupt within 5 years.
As a guide, the following costs may apply to you and the newly added owner:
1. Lawyer’s Fee: From $3,500 + GST (Without Loan & CPF) or from $5,500 + GST (With Loan & CPF)
2. Registered Valuer’s Fee
3. Stamp Duty: 1% for First $180,000, 2% for Next $180,000 and 3% for Remainder of Market Value or Sale Price, whichever higher
4. ABSD if applicable: 0% to 15% of Market Value or Sale Price, whichever higher
5. SSD if applicable: 0% to 16% of Market Value or Sale Price, whichever higher
Please feel free to contact me should you have more queries or require further assistance.
Thank you and have a pleasant weekend.
Warm Regards,
Karrien N. Chan
CEA Reg. No.: R052532H
Mobile: +65 822 50 212
Email: karrien.realty@yahoo.com
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