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Hi, i and my brother are joint tenant and have been on bank loan for almost 7yrs.My brother decide to transfer all his share to my wife as he is getting married and wanted to buy his own house.
Question 1) We intend to take a HDB loan for the new Ownership.What is the procedure and is there any cash payment involve in the transaction.

2) Can we engage a lawyer to do the transaction and how much will be the average cost.


Thank you.
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1 Answer

Mike Lim
Replied
Morning

For your case, once your HLE have being approved, you and your wife can buy over the unit from your brother. The cash involved would be the standard admin fee, Valuation report and Option plus Exercise money. As for the Cash above valuation, it will have to be discussed between you and your brother. With HDB loan, you can write in to request for HDB lawyer to assist in the discharge of our current bank loan or engage a private lawyer.

DO feel free to contact me for a non-obligatory discussion, if you require any further assistance.

Mike Lim
 96929209 
ERA Read More
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