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Hi, I would to enquire if I have an existing flat which one of the owners have to relinquish the ownership due to a purchase of another flat. Is it true that I will have to sell the flat and buy it back in order to settle the legal formalities for the transfer of ownership? If so, does it also means I am barred from purchasing another private property for 5 years from the date of transfer of ownership?
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1 Answer

William Choo
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Hi. There are a numand fund the mortgage fully in cash, ber of factors involved. If the co-owner didn't utilise his cpf at all, what you incur are stamp duties for transferring the ownership. If he did, then a few things can happen. First, his CPF and accured interest will have to be fully refunded in cash which can be substantial if he has been contributing for some years.

To sell and buy again is another solution. Mainly to generate the cash to refund the co-owner"s cpf and accrued interest if the other co-owner don't have the cash to take over his share.

You are correct in pointing out the 5 yrs MOP.

Do be reminded that except for single Singaporeans above age 35, a family nucleus is necessary before one can own a hdb.

Just drop me a MSG if you have any enquiry.

Kind regards,
William Choo (朱文彬）
Senior Marketing Consultant, 
CEA Reg No: R044093D
Huttons Asia Pte Ltd (License no: L3008899K)
Mobile: 9721 8288 
Web site: www.facebook.com/PropertySGD Read More
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