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Hi, I'm single, is living with my parents in a fully paid HDB 3 rooms flat as an occupier. My parents intend to given out their flat when both have passed away, now i want to know, do i have to add in my name in hdb as a co-owner? Cos i decide to buy HDB resale flat or EC for investment to avoid my CPF being locked when i reach 55 years old on $160,000.00, any advice given to me? Thank you.
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3 Answers

Ivan Ng
Replied
Hi,

If they intend to pass the value of the hdb to you, they should set up a will stating clearly the hdb will be passed to you when they move on. There is no need to add your name. However, as one cannot have 2 hdb at any one time, if you bought resale hdb and later receive another through Will, you will need to dispose one of them still. Also, single individual cannot purchase EC from developer, only private condos.

May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.

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Ivan Ng ERA ASAP
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  • CG
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    Hi Ivan, thanks for your good advice.
    Is it the will set up not allow both of them have not move on? need to wait until one of them move on then prepaid the will?
    The hdb resale flat if i bought and later receive another through will, if i choose for selling the resale flat, but is it need to wait for full five years to sell the house? hope to receive the advice again. Thks..
Mike Lim
Replied
Afternoon,

Firstly, your parents will need to prepare WILL with law firm.
Second, you will need to know if you want to keep the HDB after inheriting the HDB unit.
Lastly, is your upcoming purchase meant for short or Long term investment.

Do feel free to contact me should you require further assistance.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
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GAN ENG JOO ONASSIS
Replied
Dear Ms Corrine,

Re: Today’s SG Professional Choice- SGAgent.com & SGRealtor.com

It better to discuss with your parent for their acceptance to draft a will for the HDB. Then you decide whether to proceed to buy another property on your own.

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