Asked by Anonymous
Hi Gurus, we have a question on HDB selling, we have 2 4-rm HDB units, both that are side-by-side. I have simplified the terms in points form here:
1) Tom is the owner for Unit A
2) John is the owner for Unit B
3) Tom and John are brothers
4) Unit A and Unit B are both fully paid with no outstanding mortgage and loans
5) For some reason, Tom and his family are living Unit B, where Unit B is under Tom’s name
6) John and his family are living in Unit A, where Unit A is under John’s name
7) This arrangement has been in effect for the past 30 years
8) Both parties now wants to officially switch the names of the HDB to their respective names at minimum costs
I have done some research and there seems to be these options to make the scenario work:
A) Use the HDB ‘Change in Owner’ service <— Any idea how strong the case above is for HDB’s approval?
B) Buy/Sell to each other at $1 but incur potential fees such as:
- Option fee
- Resale fee (?)
- Lawyer fee
- Buyer’s Stamp Duty
- Agent fee
- Are there other potential fees?
Thanks in advance for the help. Both parties are now trying to achieve the name swapping for the HDB while trying to minimise any fees involved.
1) Tom is the owner for Unit A
2) John is the owner for Unit B
3) Tom and John are brothers
4) Unit A and Unit B are both fully paid with no outstanding mortgage and loans
5) For some reason, Tom and his family are living Unit B, where Unit B is under Tom’s name
6) John and his family are living in Unit A, where Unit A is under John’s name
7) This arrangement has been in effect for the past 30 years
8) Both parties now wants to officially switch the names of the HDB to their respective names at minimum costs
I have done some research and there seems to be these options to make the scenario work:
A) Use the HDB ‘Change in Owner’ service <— Any idea how strong the case above is for HDB’s approval?
B) Buy/Sell to each other at $1 but incur potential fees such as:
- Option fee
- Resale fee (?)
- Lawyer fee
- Buyer’s Stamp Duty
- Agent fee
- Are there other potential fees?
Thanks in advance for the help. Both parties are now trying to achieve the name swapping for the HDB while trying to minimise any fees involved.
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