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Hi,

Thank you for your enquiry. Unfortunately, it is not so straightforward and not in your interest to do, if your plan is to dispose the private property within the next 1 year.

When you transfer the property ownership to your sibling, if your sibling needs to finance the property through bank loan, the bank has to approve the loan amount based on his income and age profile. Further, there will be an approx 8% stamp duties payable (based on market valuation) since its your SPR sibling's 1st purchase. And if he sells the condo within the 1st 3 years of holding period, a Seller's Stamp Duty will also apply. Legal fees are also incurred for every transfer of the property be it through sale or through transfer of ownership. These costs will eat into your potential profits of the property.

It may be good to do both sale & purchase concurrently so to ensure a smooth transition. There would not be ABSD applicable if you purchase first since its understood you be required to sign an undertaking to sell off the private property within 6 months of the HDB completion.

I have worked on similar cases and would be happy to share the best approach for transition. 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.

Warm Regards,

Ivan Ng Realtor
ERA Senior Marketing Director
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I would like to express my appreciation to Ivan Ng for his excellent work. Ivan is a dedicated, client-focused, patient and sincere agent. Throughout the whole process of selling and looking for our next property, he has always acted very professionally that makes my wife and I feel at ease and assured. Ivan is not a pushy and hard sales agent. Ivan listens and understands our needs and carefully guided us through. We are fortunate to have Ivan as our agent. Thank you Ivan. Read More

Dear Sir/Mdm,

It is possible to sell or transfer the property to your sibling. However, your sibling must be able to take up a sufficient loan in order to buy over the property. The loan is required because the CPF that you and wife have used so far will be returned after the transfer of the property.

The stamp duty will be based on the market valuation of the property. In this case, your sibling will need to pay the normal buyer stamp duty and the additional buyer stamp duty.

If your sibling is keen to take over and hold for the medium term then it is fine. If not, it may be better for you to sell this property and buy a HDB. If you need the funds from the sale to purchase the HDB, we can plan and time it such that you are able to minimise your cash outlay and will also not need an interim place to stay.

Please feel free to contact me so that I can understand your situation better and provide you with more informed assistance and advice.

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS) / Cert-in-REA
(E) nick96444854@gmail.com

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“Nick provides a delightful customer experience from day one when I engage him as my agent to look for a flat of my choice to the completi Read More

Hi, I would be most glad to assist you further and pls feel free to let me know if you need any assistance. Hope to hear from you soon and have a great week ahead. By the way, yes the transferring of ownership process is easy but it is the CPF, bank loan as well as the stamp duty payable which makes it challenging for the one who is taking over.

Regards
Aaron Chong
 9730 8455 
aaronchong2774@yahoo.com.sg Read More

HI,

Just to check if there any existing loan and also if you have use CPF to finance the condo?

Transferring to your sibling is equivalent to selling the condo to your siblings. ABSD will apply to them to take over the unit. In addition, if they have existing HDB and still not hit the MOP, then they won't be able to take over the condo. If there are existing loan, then they will have to check if they can finance the loan.

Is moving to a bigger resale HDB the best option for you? You won't be eligible for HDB loan or grant unless you want to wait for 30 months. In addition, resale HDB won't be the best option if you plan to sell it 5 years later.

Perhaps we can discuss more to find the best option for you as we have to do a prudent financial planning.

Thanks!

Alan Sng
ERA
 92707548 
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Hi Sir/Madam

I will need more information to be able to advise you
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
Thank you.

Warmest regards,

Silvia Yang

Senior Marketing Director
ERA Realty Network Pte Ltd
Mobile: (65) 9660 8508 
Email: Silviayang8@gmail.com Read More

Hi , do contact me at 97970200  to discuss more

Mark, your RIGHT choice
Propnex Read More

Hi Sir,

Yes, you can transfer your private property to your sibling.

However, do take note that a transfer is equivalent to a change of ownership, hence all stamp duties are payable, similar to that of a purchase.

If you had held the property for less than 3 years, you will be liable for Seller Stamp Duty (SSD). As your sibling is a SPR, he/she will be liable for Additional Buyer Stamp Duty (ABSD) rate of 5% (assuming it's his/her first Singapore residential property ownership). This is on top of the normal Buyer Stamp Duty (BSD) for all purchases/transfers.

Also, if your CPF has been utilized for the property, your sibling will also have to refund back to your respective CPF whatever you and your wife had used from your CPF.

And lastly, if your property is still under loan, your sibling will also have to have the financial capacity to undertake the balance loan for the property that is being transferred to him.

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.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More