My parents who is 65 and 69 year old intends to sell their flat (fully paid). My dad has been paying for the flat all this while. My mum is a homemaker and has no CPF contributions. We would like to know if part of the cash proceeds from selling the flat will be transferred to the RA account for both my parents or only my dad since he is the only one paying for the loan?
If the owner did not use CPF OA at all for the property, the owner need not refund any sale proceeds to top up the retirement account, so your mum need not do so. However for your dad, he needs to refund the CPF utilized + accrued interest for the property, and to top up the account to the full retirement sum applicable to his cohort.
I have helped various senior homeowners to sell off and transit smoothly to their next place, you can read the reviews below. Look forward to work together on the sale.
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.
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-- HDB Executive Maisonette Sellers, Mr & Mrs Yeo --
Before contacting Ivan Ng, our Property Realtor, we were quite apprehensive about our Contra-deal ( concurrent resale & purchase of HDB flats) as at that time the outlook of the resale property market was quite sluggish & pessimistic. But surprisingly our property realtor, Ivan , was able to put us at ease with his professional competence, astute work experience & friendly nature . He was able to consummate our contra-deal within one month of our HDB application. Now we are convinced by his promise that (in Ivan's own words) ... "A contra-deal is where the sale & purchase transactions are done concurrently and completed on the same day. This results in a seamless transition of the funds from your sale proceeds and CPF proceeds towards your purchase price." More importantly Ivan has also managed to clinch a good deal for our contra-deal. We'll certainly recommend him to our kins & friends. Thank you very much, Ivan. We are definitely your satisfied customers!
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I would be most glad to assist you further and please feel free to let me know if you need any assistance. Have a good day ahead. By the way, the full cash proceeds need not be returned partially back to the RA and so your parents could just deposit the cheque into a joint bank account of their choice. I had assisted many seniors selling their HDB flats or condo units before and I would be happy to help your parents too.
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If you mum has not utilised any CPF monies for this flat, there is no need to top up her RA. If this flat is financed entirely using your dad's CPF monies, then the amount of funds utilised should be returned back to his CPF inclusive accrued interest, and if required, to top up the account to full retirement sum in his RA.
Hope the above helps!
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1) First of all if this flat is jointly owned by both parents. The cash proceeds will be issued in terms of a cashier order bearing both parents' names after returning the utilized CPF and accrued interest in your father's CPF account.
2) The returned CPF funds from the sale of the flat will top up your father's RA (Retirement Account) if the FRS (Full Retirement Sum) is not fulfilled.
3) Any excess from the returned funds after topping up the RA will remain in the OA (Ordinary Account).
4) No changes to your mother's CPF account since she did not utilize any funds from the CPF for the flat.
Hope the above answer your main concerns, but if there are more query, please feel free to contact me at 90110636 , or email: email@example.com if more information is needed.
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Hi, I am Brendan!
If your mum did not utilised any of her CPF towards the flat, she does not need to refund any amount used by her CPF. In this case, only your dad need to refund CPF amount used + accrued interest.
If you will like to know more, pls contact me at 9754 5207 .
Or Whatsapp me by clicking this link: wa.me/6597545207 which will direct you to open Whatsapp on your mobile phone.
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We were introduced to Brendan by our best friend, whom Brendan helped on the sale of their property. Brendan is very approachable and conducts himself professionally. With his unique marketing strategies and strong negotiation skills, we managed to sell off our property at a price beyond our expectations. Read More
Your parents will only need to set aside their RA from the CPF Refund from the Sale of their flat. They are free to keep any Cash proceeds from the Sale.
In your parents situation, I suppose your Mother did not contribute any CPF, hence there is no need to top up her RA. Your Father will have his CPF refunded back to his OA, and subsequently to his RA. Any balance he will be able to withdraw too.
May I know if they are planning to purchase another flat after the sale? If so, they will have to take note on the BRS requirements and CPF usage.
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 9748 6305 . I will be happy to assess and share with you the possibilities for you in the current market.
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