Both myself and my spouse are Singapore Citizens, If we would like to purchase a private property (either new launch condo or resale condo) before disposing our current HDB, does the ABSD need to be paid first on the completion date? Or I can request the ABSD to be waived by signing the letter of undertaking that my existing HDB will be sold/disposed within 6 months? And also, whether such letter of undertaking will be submitted to IRAS or HDB? Is there any link that I can use as a reference with regards to the letter of undertaking? Appreciate for all the advises. Thank you very much.
IRAS will take into consideration the date of execution of the acceptance to the option to purchase or the date of Sale & Purchase Agreement. For more information, please refer to IRAS's link here: https://www.iras.gov.sg/IRASHome/Other-Taxes/Stamp-Duty-for-Property/Working-out-your-Stamp-Duty/Buying-or-Acquiring-Property/What-is-the-Duty-that-I-Need-to-Pay-as-a-Buyer-or-Transferee-of-Residential-Property/Additional-Buyer-s-Stamp-Duty--ABSD-/
You can find the terms for the Letter of Undertaking here under clause 28.5 (a): https://www.hdb.gov.sg/cs/infoweb/-/media/doc/Doc/termsandconditionsofsaleandpurchaseofanhdbresaleflat.pdf
Hope this answers your question.
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If you would like to do the purchase first, unfortunately ABSD has to be paid first at point of exercising the OTP or S&P of the condo. You can then apply for the ABSD refund once the hdb is sold later, assuming both properties are owned jointly as the matrimonial property and you fulfill the ABSD refund eligibility conditions. It is not possible to do a waiver by signing any letter of undertaking.
Alternatively we can also plan the timeline in such a way that the transition is smooth. We can negotiate for an extension from the buyer buying your HDB so that you have time to reno the next property (if buying completed). IRAS looks at your property count at the point of exercising the OTP of the next property, so long the hdb is sold by then, ABSD will not be applicable.
If its for new launch, most likely we have to look at selling first and to move to an interim place if you prefer to avoid the ABSD outlay upfront.
I have worked on various type of scenarios and would be happy to share the best approach tailored to your plans. 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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We would like to thank you for ensuring a smooth and well-explained process throughout the whole selling and buying of our property. We got to know you thru Property Guru, where we are scouting for condo around West area. We remember that we are quite tight in our budget in purchasing the condo unit,but you are still very willingly explaining and calculating our financial liabilities. Read More
Ivan has given the correct answer. ABSD has to be paid first and if there is any eligibility to claim for remission, the refund will be done later upon the sale of the existing property, therefore in the event of funds concern for the ABSD, it is advisable to dispose the current property first before committing to a purchase. Also, if you are considering a new launch project, do take note that the authorities have introduced recently a regulation that does not allow developer to re-issue the option to purchase, therefore it is important to plan well on your next move.
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Unfortunately, IRAS will require you to pay the ABSD first upon purchasing the condo and the stamp duties can be refunded back to you if you are able to sell the HDB within a 6 months period. They do not make exception on this ruling and therefore it wont help even if you undertake to sell within 6 months.
If you are buying a resale condo, it is possible to time the sale and purchase back to back such that you will not need to pay any ABSD and you can also minimise your cash outlay. However, for new launch, as the completion date is some time away, you will definitely need to find an interim housing solution.
Besides the timeline, you may also want to plan for the finances such that you can minimise your cash outlay and reuse the sales proceeds and CPF that is currently tied to the HDB flat. I have assists many of my clients to upgrade from HDB to condo seamlessly without the need to pay ABSD. Please feel free to contact me so that I can understand your situation better and provide you with further assistance.
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Unfortunately, you have to pay the ABSD first once you exercise the OTP and to get the refund if you sell the existing HDB within 6 months, provided you met the criteria for remission.
If you purchase resale condo, then timeline will be very important thus it will be good if you can engage an agent to assist you.
What matters to me is not just the timeline of the completion of the sale and purchase but also include renovation if required on the resale condo.
Feel free to contact me at 92707548 to discuss further.
ERA Read More
You have to sell your hdb BEFORE buying the private property to avoid the upfront ABSD , although it can be claim back if certain conditions are fullfilled.
Kindly contact me joanne chia at Hp 8333 3327 for a no obligations chat for your property needs.
My charges are 1% commission for exclusive selling rights to your property or 2% for open listing.
NO COMMISSION CHARGEABLE WHEN I SERVE PRIVATE PROPERTY BUYERS.
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I will be glad to assist
I won't be able to contact you first as I do not have your contact, appreciate if you can contact me at (65) 96608508 or Silviayang8@gmail.com with details of your unit
or click here https://bit.ly/WaSilvia to whatsapp me for no obligation discussion
Senior Marketing Director
ERA Realty Network Pte Ltd
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Email: Silviayang8@gmail.com Read More
Should you purchase a private residential property before you sell off your current HDB, you will be liable for the ABSD. ABSD is to be paid latest 14 days upon exercising of OTP for your purchase. There is no waiver allowed on ABSD for second property purchase.
You could however get ABSD refund should you meet these 2 conditions:
1) purchase the private property as your matrimonial home
2) sell off the HDB flat within 6 months upon the purchase of (resale condo) or TOP (for new launch)
To avoid ABSD entirely, you will need to sell your HDB first, before exercising the OTP for your private condo purchase. Depending on the property you're purchasing, the Timeline could be planned property for you to avoid paying the ABSD.
I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans.
Should you need require 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.
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Unfortunately, you have to pay ABSD before applying for a refund if you managed to sell off your HDB within the 6 months timeframe. You may consider timing your HDB sales and private property purchase together. I have experience assisting HDB upgraders like yourself for a smooth transition. Do contact me at 93375051 for a free and non obligatory discussions on this.
ERA Realty Network Pte Ltd Read More
If you have not dispose off your current HDB before purchasing your next property, you will be subjected to the ABSD upfront. But you can claim for refund when you sell your HDB within 6mths from the TOP date/ completion date of your resale unit, provided its matrimonial home and at least one is Sporean. The only exception whereby you dont need to pay the ABSD is when you buy an EC direct frm developer , even though you are currently holding on to your HDB. Pls feel free to contact me for further discussion as I’m unable to contact you via here.. Thanks..
Associate Group Director
Propnex Realty Pte Ltd
Https://r025113i.propnex.net Read More