Hi,
1) The HDB had announced this in mid-2021 to remind all agents to advise all clients that no owner of the HDB flat is supposed to be the trustee of private property before their flat meets MOP.
2) So you can only set up a trust on a property for your son after you meet your current flat's MOP. Failure to observe MOP will face serious consequences from the HDB.
3) This is the exact wording from the HDB:
"Acquiring private residential property to hold in trust for another person is not allowed during the MOP and this is an infringement of the Housing & Development Act. HDB takes a serious view of such infringement and will not hesitate to take action against errant flat owners who flout the rules."
Hope the above answer your main concerns, but if there are more query, please feel free to contact me at
90110636
, or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.
Best regards
Ling CK
90110636
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer
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