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Hi, We(wife and husband) are Joint tenants of a Mortgaged property in Singapore.Since wife passed away,Husband want to sell the mortgaged property.Can the new Buyer settle mortgage directly and pay balance proceeds to husband and get house Certificate of Title Transferred to new buyer name .Please advise.
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5 Answers

Good afternoon,

Sorry to hear about the loss, I hope you are managing well. In this case if the ownership was on joint tenancy status, the wife's ownership will be transferred to the spouse (you) automatically. The conveyancing works slightly differently, in the sense that in the sellers perspective, the sale price will go to redeem the outstanding mortgage and any cpf to be refunded to the owners. Any mortgage insurance purchased by the sellers may also be kick in and monies released in such cases.

The buyer will apply for his or her own mortgage financing separately for the purchase and they can't "settle the seller's mortgage directly". Both individual solicitors of seller and buyers will work on the conveyancing process together and do the necessary.

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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Dear Sir/Mdm,

For joint tenancy, it is right of survivorship and the ownership will be automatically transferred to the surviving spouse.

For the sale, you will only be concerned with the sale price, outstanding loan if any and CPF utilised if any. The sales proceed will be given to you on th completion day and how the buyer finance the property will not affect you.

Please feel free to contact me so that I can give you an overview of the sale process and understand your situation more before I can assist you further.

Regards,
Nick Tan
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Hi, could I know is this a HDB flat or a private property? For your case, you do required a law firm to do the necessary paperwork and could I recommend you one? Have a good weekend.

Regards
Aaron
 9730 8455 
aaronchong2774@yahoo.com.sg Read More
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YT Tan (陈永达)
Good afternoon Sir,

I am apologetic to hear about your loss.

As your spouse had passed on, you will be the sole owner.

For sale and purchase transaction in Singapore, it doesnt work as what you mentioned.

For seller, sales purchase will be used to redeem any outstanding loan, refund cpf to cpf account and you will get your sales proceeds. While buyer will have to take up their own loan to purchase the unit.

Both of you will engage your own legal to finalise the sale and purchase transaction.

Hope my sharing aids in clearing your doubts.

May I know how can I value add further in your property needs?

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