AskGuru Q&A Community

Good evening,

Firstly, you will need to know how much you had contributed for the unit in terms of CPF. This will be returned back to your CPF account after sales of unit.
As for the cash proceed, the bank would issue cheque under joint name and can only be deposited into a joint name account. If you registered under "AND" account, both signature must be administered to withdraw the money.
Since you had been staying in service center shelter, I would deem that there are more to be told about your life story. You can try to talk to HDB on subsidized rental unit.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA

Looking for an experienced agent with knowledge on sales and purchase of residential property in Singapore?
With more than 10 years experience on cases related to:

1) Mental Capacity Act
2) Long Lasting Power of Attorney
3) Esate Planning and Distirbution
4) Divorce
5) Bankruptcy
6) Purchase of HDB after Retirement Age

You can be sure that your concern and doubt will be cleared. This would allow you to move forward in one of your life's most expensive and rewarding decision with ease of mind. Read More

Hi,

As a co-owner you need not worry.

(1) Your father cannot sell off the flat without your signature on the OTP. Thus you will know how much the flat is sold.
(2) You may check under cpf.gov.sg, log in using your SingPass, check under "My Statement" -> scroll down to Section C -> "property", you will be able to know how much cpf used for the flat.
This amount will be deduct from the selling price before deducting any sale proceed. CPF board will assure of this.
(3) HDB will issue sale proceed (cash) in the form of cheque with all owners' names on it.
(4) All names on the cheque will have to open a joint account.
(5) Bank officer will ask how they can release money, whether can release with individual name or all names are needed before any release of cash, and whether you need ATM card.
(a) Do not allow bank to issue ATM card, you will have no control over this.
(b) Make sure bank can only issue money will all owners consent.
(6) The bank cannot release any cash on the same day, they will have to wait for the cheque to clear, within 2 days if it is same bank, 3 days if it is different bank (with ref to the cheque).
(7) You may request bank to issue cashier order to individual name in the joint account, thus no ugly scence. Every cashier order will come with cost, approximate $5 or $10 for each dependent on bank.

You should be in better state once the flat is sold, since you must be encountering some problem staying in the flat.
All the best, hopefully the flat can fetch a good sale proceed. Everything will get better after that.

Hope the above answer to 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

Note:
Any response to our answer do not reach us until we scroll through each and every queries posted daily.
The best way to get a follow up is to whatsapp or email us directly. Read More