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Hi,

My friend currently owns a BUC Condo that's likely going to be completed by the end of the year. However, we would like to check whether it is possible for me to buy 50% of the share of the condo to become a co-owner?
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9 Answers

It is possible, however, seller's stamp duty maybe applicable on your friend to sell you the 50% share if he or she has purchased this property for under 3 years.

I have been in the real estate business since 2009, with more than 14 years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

Over the years, I have also established a network reaching out to more than 9,400 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.

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Hi,

Yes its possible but seller's stamp duty will apply if he/she has held the property for less than 3 years. You will also need to pay buyer stamp duties on the market value of share ownership transferred. Also need to confirm with the bank if they have extended home loan financing to your friend. Also do note if you have used CPF OA for one property, there could be some restrictions on CPF OA usage for the 2nd residential.

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

Warm Regards,

Ivan Ng Realtor
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Hi, appreciate your sharing. Best to check law firm for the Seller stamp duty before doing the ownership transfer.
Looking forward to assist you at 9696 4398  or email me at stewartlim96964398@gmail.com

Cheers
Stewart-PropNex (Senior Associate Division Director) Read More
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Robbie Chen Chee Howe
Hi,

Yes, this is possible. Do take note that the relevant stamp duties apply, i.e BSD, ABSD, SSD etc.

I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans. Please get in touch with me for a more in-depth discussion.

Should you need require further assistance in matters relating to property, please contact me at my mobile +65 97 48 63 05. I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
+65 97 48 63 05
PropNex Realty Read More
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Hi Sir/Mdm,

Yes it is possible for you to buy 50% of the condo. The sale will be based on the current market value and you will want to make sure that your friend is not liable for the 3 years Seller Stamp Duty.

Please feel free to contact me so that I can understand your intentions and assist you further!!

Regards,
Nick Tan
(M) +65 96 44 48 54
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“I would like to recommend Nick Tan from SRI. Before we engaged Nick, we were working with another agent from a very popular property agency in February 2017. We decided to terminate the contract after 5 weeks of zero viewings and no paper advertisements. Basically he was just waiting for phone calls. We engaged Nick on 20th April and by 10th of May, our unit was sold off. Why Nick? 1. He has good marketing strategies 2. He always kept us posted on what he did (communications!) 3. He made sure we understand the current market situation but he will consistently reassure us that the unit can be sold off 4. He is not greedy and trusting 5. He walks the talk”
Peter & Wendy (Property Seller)

I write to commend Nick Tan (R040814C). When my husband and I first met Nick, we were impressed by his drive, commitment, business acumen and strategical thinking, and decided to engage him. We were not disappointed. Nick sourced for prospective quality buyers in a targeted methodical fashion and was effective in connecting us with serious buyers, notwithstanding the fact that the search primarily took place over Dec – Feb (a traditional lull period). Throughout the transaction, he also gave us helpful advice in various aspects; the advice reflected his personal experience and expertise and was not simply regurgitated from public sources without any value-add. Further, Nick went beyond the call of duty of a competent professional. He had a sense of humanity in the way he interacted with myself and the other parties to the transaction such as my parents. As an example, my newborn daughter was warded into A&E on the completion date of the transaction; the care and concern that Nick showed went beyond the scope of work of an estate agent. I commend Nick for his capabilities and character, and would certainly wish to engage him for future property transactions.
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My Answer with regards to your Question:

Here are some considerations if you're interested in purchasing 50% of the share of the condo to become a co-owner with your friend:

Agreement Between Co-owners: Before proceeding with co-ownership, it's essential to have a clear agreement between you and your friend outlining the terms and conditions of the co-ownership arrangement. This agreement should address matters such as ownership percentages, financial contributions, responsibilities for maintenance and upkeep, and dispute resolution mechanisms.

Legal Ownership Structure: Co-ownership arrangements can take different legal forms, such as joint tenancy or tenancy-in-common. Joint tenancy typically involves equal ownership shares and rights of survivorship, while tenancy-in-common allows for unequal ownership shares and the ability to transfer ownership independently.

Financing and Mortgage: If you plan to obtain financing for your share of the property, you'll need to discuss this with your friend and consult with a mortgage lender to assess your eligibility for a mortgage loan. Keep in mind that lenders may have specific requirements for co-borrowers and co-owners.

Legal and Financial Implications: Co-owning a property entails legal and financial responsibilities, including liability for mortgage payments, property taxes, maintenance fees, and any other expenses associated with the property. Be sure to consider the long-term implications and obligations of co-ownership before making a decision.

Legal Documentation: To formalize the co-ownership arrangement, you may need to engage a lawyer to draft a legal agreement or document, such as a co-ownership agreement or deed of co-ownership, outlining the rights and obligations of each co-owner.

Allow me Assist Further Read More
1
Hi,

1) Yes, you may buy from your friend.
2) There is some essential information that you have to be aware of:
(a) The transaction is subject to SSD (Seller Stamp Duty), ABSD (Additional BSD) & BSD (Buyer Stamp Duty) if applicable.
(b) The SSD period started on the date of signing the S&P of the purchase.
(c) ABSD is applicable if this is not your 1st residential property.
(d) You cannot utilize your CPF in this purchase if you are married.
(e) You cannot utilize your CPF in this purchase if you are single and already used CPF for an existing property.

Please give me a thumbs-up if the answer provided is relevant to your main concern. Thanks!!!

I hope the above answers your main concerns, but if there are more queries, 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/
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