Asked by Anonymous
Hi, I already have an agent but just want to get a few more opinions and knowledge based on my circumstances.
I am a co-owner of an existing flat with my parents (still alive) and we are looking to sell this current 5 room HDB so that my husband and I can get another resale. The manner of holding is Joint Tenancy.
We plan to stay together with my parents and children (3gen) and have no plans to use the cash proceeds for the house.
However, I understand that under normal circumstances, we are supposed to use 50% of the cash proceeds from the sales of this existing flat for our next purchase, even though the owners will be me and my husband only.
Yet, I also heard that the cash proceeds will be split among 3 of us equally and my parents will get to keep their share while I will have to use a portion of my cash proceeds share (and keep $25K cash), while the rest goes into my flat with my husband.
Any advice?
I am a co-owner of an existing flat with my parents (still alive) and we are looking to sell this current 5 room HDB so that my husband and I can get another resale. The manner of holding is Joint Tenancy.
We plan to stay together with my parents and children (3gen) and have no plans to use the cash proceeds for the house.
However, I understand that under normal circumstances, we are supposed to use 50% of the cash proceeds from the sales of this existing flat for our next purchase, even though the owners will be me and my husband only.
Yet, I also heard that the cash proceeds will be split among 3 of us equally and my parents will get to keep their share while I will have to use a portion of my cash proceeds share (and keep $25K cash), while the rest goes into my flat with my husband.
Any advice?
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