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Hi, would like to seek advice for de-coupling. My wife and I jointly own a 1st property. I would like to 'sell' off my share to her. While I read about the need for (1) 3% ABSD, (2) legal fees, are there anymore costs involved? What about the need to return my CPF used in the 1st property to me (do we need to transfer cash of this amount back into my CPF)? If we can settle these, and my wife can take over the outstanding loan, are there anymore cash that we need to fork out, or fees to pay? Thank you!
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1 Answer

Mike Lim
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Evening, As for your case, your spouse will not be able to purchase over your share unless indicated in the court order. She also need to be financially able to obtain mortgage loan so as to buy over your share, service her current share and pay off whatever CPF and interest chargeable . As for ABSD, I don't think it's applicable here. If your spouse is PR, she would not be able to proceed with the purchase either. Legal and stamp fee is payable. Other payment like bank charges, settling of arrears and upgrading cost might be involved too. It would be advisable to consult your lawyer as they would have a great insight on your case. Regards Mike Lim 96929209  m52i@yahoo.com ERA Read More
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  • BL
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    Thank you, Mike for the sharing. My spouse is SC. And I think ABSD applies (3% as a de-couple process would still see my spouse 'buying' the 1st property). Looks like I should seek legal help; looks complex...

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