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Hi,need expert opinion on my current issue.Me&X-husband divorced in 2007 had 4rm HDB flat.Court order:I won the case, x-husband name was replaced to my sister’s name in May09 utilize abt 12K of her CPF.In 2011,she got married and 7 people stays in the house. Circumstances changes,am getting married in May 2013.Understand from HDB that am able to apply for Sales of Balance Flat with my future husband but current house needs to be dispose off in 6 months’ time after key collection. My questions are:1.Is it Better to sell off the flat & divide the profit?(Joint Tenancy, what if I request for more percentage like 65% to 35 %?2.What if sister & husband are buying over? Will there be profit for me? Utilized 80K via my CPS for the house.Purchased at $190K with family grant $45K half of the grant returned to the ex. Noted that valuation is abt $420K wo COV Hers is about 12K initial and $151 via CPF for42mths approx. $19k 3.Am not in talking terms with her,hw do we settle?engage lawyer?
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2 Answers

Mike Lim
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Morning Mdm Shea,

You have purchased the current unit with grant from HDB hence you have utilized your first subsidized unit entitlement. If both of you were to apply for BTO, you will to apply as second timer.

For your current unit, the holding manner is joint tenancy, hence upon sales, both of you will receive the CPF contributed back into your account. The cash profit will be issued under joint names. To cash the cheque, both of you need to have a joint account. As how both of you want to split the proceed, it's transparent to HDB. Do note that sales of the current unit is only applicable if both of you are agreeable to it.

If your sister wants to keep the unit, you can proceed with part sales, where you will get back your CPF contribution and your sister is required to get a mortgage loan which is equal to 50% of valuation report plus your CPF contribution. If your sister knows how to do the math, it's wiser to sell off the current unit and purchase another one.

Do feel free to contact me for further discussion.

Regards
Mike Lim
 96929209 
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Geryl Lim
Replied
Hi Mdm Shea,

Under joint tenancy, as Mike has mentioned, the cash proceeds will be issued under joint names meaning you'll be required to have a joint account with your sister to deposit the proceeds. As you have mentioned that you are no longer in talking terms with your sister, this will be tricky to advise. Monetarily point of view, it is definitely more feasible to put it on the resale market, but should your brother in law is interested in taking over your portion, then it could probably get complicated. We are unable to know the motivation behind your sister and family therefore we are unlikely to provide any sound advise at this point. You may probably wish to send someone on talking terms with your sister and yourself to talk about this?

Regards,
Geryl LIM
Senior District Manager/Real Estate Consultant
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Mobile: +65-81577565  /+65-92787772
ECG Property Pte Ltd (L3009759F)
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