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Hi, i bought an EC using my son as the main owner age38 now(age 23 then). It's his first time buying a flat(EC) but I understand unde HDB policy, he is not eligible to purchase anymore new flats as a 2nd timer. As he is now considering buying his own place, can we transfer the current EC to my younger daughter's name. I have 2 other daughters staying with me. What legal/financial considerations is involved here? What other options do I have? I'd appreciate if anyone can advice as I've been hearing different things frm various sources.
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1 Answer

Mike Lim
Replied
Morning Rani,

By transferring ownership to your daughter is as good as transferring problem which you know will resurface some other day. Since you used your son's name as main applicant, I would assume that you are the co-applicant. If you have purchase another sudsidized HDB unit prior to this purchase, they would deem your son as second timer on the purchase. Furthermore, seller of private property will not be able to purchase subsidized HDB unit for a period of 30 months.

Work on your own financing and see how things may progress. If need be, sell off your EC and downgrade to 4 room HDB resale unit.

Regards
Mike Lim
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