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Hi, it does not seem so easy for transferring of one ownership to another. It involve the co owner taking over to pay the CPF plus incurred interest to the outgoing party, legal fee, stamp duty and other charges.

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Aaron
 9730 8455 
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Loan repayment apportionment can be arranged as long as your sole income is sufficient to sustain the repayment while your brother seeks out reemployment.

You may wish to explore the finances involved in buying over your brother's share too if your existing finances allow, taking note of the potential stamp duties applicable.

Upon successful ownership transfer, your brother is still eligible to purchase a resale HDB, however, he will be ineglible for housing grant and HDB loan.

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Regards,

Geryl LIM
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Global Alliance Property (L3010679B) - Century 21
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Hi,

1) It dependent on what are your plans in near future, let's assume 5 yrs.
Use it as an investment to collect rental yield or own stay.
Generally, if one party unable to fulfill his share of mortgage, there could be 2 situations happen:

(a) You pay his share of mortgage without any formal transfer of ownership:
Assuming your payment is cash, you are not allowed to use CPF in this case. You have to keep proof of payment, as the bank will not aware who is paying the loan from the cash received.
In event where there is a dispute in future where the property decided to be sold. The sales proceed will distribute according to ownership type in title deed, although one party had contirbute more than the other.
When there is a need to seek legal action, more damage will incurred to both parties since legal, court fee involved.

(b) Decided to do it formally by legally transferring share, the cost & action incurred would be:
(i) Valuation cost from bank, $250~$350.
(ii) Legal fee involving in buy & sell; $4,600 or more dependent on lawyer
(iii) Revaluation of financial capacity to take over loan; TDSR valuation.
(iv) Return all CPF & accurred interest used.
(v) Cash involved if there is a capital appreciation.
(vi) Buyer stamp duty 3% for part share less than $1M, 4% for part share more than $1M.
(vii) Additional Buyer stamp duty if own more than 1 property, 12% for SC, 15% for PR.
(viii)Seller stamp duty if this is done for property bought before Mar 2017; 16/12/8/4 for 4 yrs, bought after Mar 2017; 12/8/4% for 3 yrs.

2) Your brother can get a resale HDB immediately once share is transferred. Thre are no waiting time needed.

Hope the above answer to 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

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Hi,

May I ask if both of you are staying in this condo, or is it being rented out as an investment property?

If it's rented out, the rental would probably cover more than half of the mortgage installment. If it's for your own stay, a loss of income from one side could be vital decision to make.

Transfer of shares is one option, but take note that you will be needed to undertake the balance loan, and refund whatever CPF monies plus accrued interest that was paid by the outgoing party. Stamp duty and legal fees would also be payable.

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 in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More