Is the transfer or sale to your brother and his wife agreeable between you and your wife? If both are agreeable, and your brother and his wife on LTVP are eligible to purchase a HDB with the necessary financial means, it can be sold to your brother and you need not any agent to work on this process.
Is there any children? Is your wife 35 or above? Whether or not she is eligible to purchase another HDB will be dependant on several factors and if she is fulfils the criteria to purchase a HDB, then she will be able to do so after the final settlement for the divorce.
I have been in the real estate business since 2009, with more than 13 years of experience serving the Singapore real estate market.
I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.
Over the years, I have also established a network reaching out to more than 9,400 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.
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Geryl Lim
Associate Group Director
Salesperson Registration No. R014783H
Email: geryl.lim@orangetee.com / geryl7772@gmail.com
OrangeTee & Tie Pte Ltd 430 Lorong 6 Toa Payoh #01-01 OrangeTee Building Singapore 319402
Estate Agent Licence No. L3009250K
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1/ For the sale process:
- Would I engage with an agent on this? If yes, how much in total for the whole process to be completed since we just want to keep the flat and avoid all the costs as much as possible?-
- Can I sell it to my brother at the same price as when I purchased the BTO so we can get the loan to cover this takeover of ownership? Or must it be the price for a resale flat in the open market?
- When I turn 35 years old, it would be 3 years later and he won't be meeting the MOP if I transfer the name to him under a sale. So do we have to wait only he reaches the MOP so I can purchase back the flat or it can be done earlier once I'm 35 and he can book his own BTO?
Thank you!
Your wife will need to submit for HLE to determine the amount of loan she is eligible for the purchase and you can find out more about the income guidelines at https://www.hdb.gov.sg/residential/buying-a-flat/financing-a-flat-purchase/application-for-an-hdb-loan-eligibility-hle-letter/income-guidelines-and-documents.
Thanks for the questions and reply.
Both are agreeable to the transfer, do you know how much would it cost for the transfer can be done? And will it be considered the first timer for my brother that he won't be able to get his BTO flat after I turn 35 and transfer back the ownership under my name?
Yes, she is 35 years old and above with no children for both of us, she's looking to purchase a resale flat after our divorce is completed. Just a question, is her basic 3200$ with the commission and annual monthly income after commision around 6800$, how much loan can she get from HDB? Will they base on basic or the total amount of 6 months combined? thanks