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Hi Mr. Woo,

Has your MOP of 5 years been fulfilled? Is your son 21 years and above? He needs to be of that age to be legally eligible to buy over your property. The stamp duties that will apply will depend on the property count of your son, but 3% Buyer Stamp Duties will apply.

I have helped clients to do a similar transfer of ownership arrangement and will be happy to share more. Perhaps we can do a call to discuss further? May I have more info and requirements about your plans so as to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,

Ivan Ng Realtor
ERA Senior Marketing Director
ERA Diamond Achiever

SEAA Salesperson Achievement Award 2021 (Gold)
SEAA Singapore Accredited Mortgage Planner (SAMP)

ERA Top 93th Achiever for Full-Year 2020 (Top 1.5% Company Level)
ERA Top 11th Achiever in June 2020 (Top 1% Company Level)
ERA Top 91th Achiever in 2nd Quarter 2020 (Top 2% Company Level)
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SMU BBM (Finance), Magna Cum Laude
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**Note: We are not prompted when you respond here, hence please get in touch directly. Look forward to hear from you soon! ** Read More

Hi Mr Woo,

I would be most glad to assist you further and please feel free to let me know if you need any assistance. Have a good day ahead. By the way, firstly has your unit hit MOP? And secondly, has your son liaise with a banker to sort out the loan eligibility yet?

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

Hi Mr. & Mrs. Woo,

1) A lawyer should be a better person to advise you in order to get the full picture.
2) Over here, I can only provide a general situation for your understanding and consideration.
3) Selling below market value is not unusual in the property market. This is not a crime to do so.
4) It will be a crime if the reason for doing it is due to tax evasion.
5) Buyer stamp duty will be based on the market value instead of the selling price, i.e. buyer stamp duty would be ~4% of 1.4M rather than ~3% of 1M. The market value is determined by the bank providing the loan. They will engage a valuer to assess the unit to determine the market value.
6) The first condition of selling your EC is it must have reached the 5yrs MOP. No early selling before MOP under normal situations. The success rate of a successful appeal to the HDB for early selling is extremely low.
7) Your son must have the financial capacity of getting a loan of $750k in order to buy over a $1M property. Failure to do so must top up the difference in cash.
8) He must at least 21 yrs old and be able to pay the 25% down payment of which 5% must be in cash, and the other 20% can be in cash and/or CPF.
9) The selling process is the same as if it is selling to someone you don't know.
10) Finally you will need to engage 2 lawyers to complete the selling and buying process. Do note that there will be 2 lawyers involved in the process. A single lawyer cannot represent both the buyer and seller as this is a conflict of interest.
11) So if you could identify the lawyer now you can raise your questions and any concerns you have to them so that you get better legal advice from them.

Hope the above answer your main concerns, but if there are more query, 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
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer

Note:
Any response to our answer does not reach us.
The best way to get a follow-up is to Whatsapp or email us directly. Read More

Hi Mr. & Mrs. Woo,

1) A lawyer should be a better person to advise you in order to get the full picture.
2) Over here, I can only provide a general situation for your understanding and consideration.
3) Selling below market value is not unusual in the property market. This is not a crime to do so.
4) It will be a crime if the reason for doing it is due to tax evasion.
5) Buyer stamp duty will be based on the market value instead of the selling price, i.e. buyer stamp duty would be ~4% of 1.4M rather than ~3% of 1M. The market value is determined by the bank providing the loan. They will engage a valuer to assess the unit to determine the market value.
6) The first condition of selling your EC is it must have reached the 5yrs MOP. No early selling before MOP under normal situations. The success rate of a successful appeal to the HDB for early selling is extremely low.
7) Your son must have the financial capacity of getting a loan of $750k in order to buy over a $1M property. Failure to do so must top up the difference in cash.
8) He must at least 21 yrs old and be able to pay the 25% down payment of which 5% must be in cash, and the other 20% can be in cash and/or CPF.
9) The selling process is the same as if it is selling to someone you don't know.
10) Finally you will need to engage 2 lawyers to complete the selling and buying process. Do note that there will be 2 lawyers involved in the process. A single lawyer cannot represent both the buyer and seller as this is a conflict of interest.
11) So if you could identify the lawyer now you can raise your questions and any concerns you have to them so that you get better legal advice from them.

Hope the above answer your main concerns, but if there are more query, 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
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer

Note:
Any response to our answer does not reach us.
The best way to get a follow-up is to Whatsapp or email us directly. Read More

Hi Mr and Mrs Woo,

Some pointers to take note of-
1) Has your MOP of 5 years been fulfilled?
2) Is your son 21 years and above? He needs to be of that age to be legally eligible to buy over your property.
3) The stamp duties that will apply will depend on the property count of your son, but 3% Buyer Stamp Duties will apply.

A lawyer would essnetially be best suited to address this thoroughly. I have a network of law firms that you can connect with in this regards. Do contact me for a further discussion. I have handled many owner transfership and complex decoupling cases. Thank you.

Do visit my website for my recent accolades, awards and testimonials @ http://www.kumarrai.myweb.sg

D Kumar
 +65 96659926 
ERA Associate Division Director

#1 team of ERA in Singapore, Asia Pacific International for 2014/5/6/7/8/9/2020/2021

ERA Top Achievers 2013-2021
ERA Multi-Million Dollar Club Award ‘2020-2021
2014-2020 ERA Asia-Pacific Business Read More

Hi Mr and Mrs Woo,

Have you met the MOP for this unit? Is your son already 21 years old and has the financial means to undertake a home loan to takeover this property? Given that the valuation of the property is $1.4m, stamp duties will be based on $1.4m instead of selling price. If all above are cleared, you can actually make arrangements with banker and lawyer to do the internal sale. Should you require contacts, do get in touch with me and we can work along together in this transaction.

I have been in the real estate business since 2009, with more than 13 years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

Over the years, I have also established a network reaching out to more than 9,400 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.

With an evolving market, where change is the only constant, I have also been investing in upgrading of my knowledge and skills sets to improve myself and meet the demands of current and future market.

We are offering our clients a complimentary first consultation without obligations (Absolutely FREE!). Schedule for your FREE session today!

Warmest regards,
Geryl Lim
Associate Group Director
Salesperson Registration No. R014783H
Email: geryl.lim@orangetee.com / geryl7772@gmail.com
OrangeTee & Tie Pte Ltd 430 Lorong 6 Toa Payoh #01-01 OrangeTee Building Singapore 319402
Estate Agent Licence No. L3009250K
[main] +65 6471 8888  [mob] +65 81577565  [LDA] +65 92787772 
www.geryllim.com

My self introductory video on https://www.youtube.com/watch?v=S_2NydENfx0

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