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Hi gurus,

I am 34 years of age residing with my mom 51 years in 3 rm flat which is fully paid off I want to know what are options for the followings.

1)Can I buy a bto 4rm or 5rm me as the 1st owner and my mom being the 2nd owner but I want to contribute cpf to house solely is it possible??

2)Understand my mom have to sell the present house within 6 months when I collect the keys of the bto please confirm if this is correct

3) Will the entire sales proceeds go back to my mom or do we have to pay any tax,charges back to hdb after selling.
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2 Answers

Geryl Lim
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1) How many times did you mum purchase a flat direct from HDB? If she has done so twice, I am afraid that outright, you will be ineligible to purchase a BTO with the described arrangement.

2) Yes, the period to sell if unit is held with the arrangement above is correct.

3) Sales proceeds will be in your mum's name and whatever CPF monies used for the purchase will also be returned to her account accordingly. The charges for HDB sale will be resale application fees, conveyancing charges as well as sales commissions if you decided to engage the services of a salesperson to sell the HDB.

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  • JA
    Replied
    1) only once from HDB present house is fully bought over as resale flat so in this case i believe my mom and me can buy a BTO but for my mom not to contribute CPF she have to occupier is it.

    2) so we will still have time frame for smooth transition in selling the flat and going over to the new BTO

    3) since this house if fully bought over how to know how cpf she contributed for the present flat.
Robbie Chen Chee Howe
Replied
Hi,

Whether or not you can buy a BTO depends on your mother, how many times did she get a subsidized flat from the Government?

And yes, she will be required to sell off her HDB flat within 6 months of getting the keys to the new BTO.

Sales proceeds will be first returned back to her CPF, if there is any balance, will be cheque in her name. No taxes applicable for sale, only legal fees or HDB conveyancing fees applicable.

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
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