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I bought a BTO flat with my dad in 2016, and moved in in 2020. Now, can I purchase a resale flat with my partner as long as I transfer my ownership of the current BTO flat to my dad? Can my dad continue to own the BTO flat without my name while I buy the resale flat with my partner? What would be the difference if I am looking for a BTO flat with my partner instead?
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2 Answers

Hi,

1) There is a minimum occupation period (MOP) for any HDB flat (inclusive of both BTO & resale) bought.
2) Therefore you will have to wait till your MOP expire before you are eligible to buy with your partner, as well as the transfer of ownership.
3) For transferring ownership, you only need legal and HDB assistance to complete the process.
4) Depends on where you receive your loan to determine whether you can engage an HDB lawyer or a private lawyer.
5) Your dad's financial status must be able to take over the entire loan before all the above can be materialized.
6) Your dad alone is eligible to own the flat alone, as long as he is an SC and above 35 years old.
7) The main difference between applying for BTO or resale is "Time".
8) The whole process of owning a resale is around 6 months.
9) The whole process of owning a BTO is around 7~8 years. Here owning is refer to receive the key to your home.
10) Monetary-wise, resale will need more cash than BTO, around $5~$10k depends on the selected types.

Hope the above answer to your main concerns, but if there are more query, 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
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer

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Dear Sir/Mdm,

I believe you would have used your CPF and have a loan in place for your current flat. To transfer the ownership to your dad, he must be able to support the loan and also return you the CPF plus interests that you have used so far.

Please feel free to contact me so that I can understand your situation better and provide you with further assistance.

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS) / Cert-in-REA
(E) nick96444854@gmail.com
SEAA Salespersons Achievement Platinum Award 2020
Visit my website to get to know me better:
www.nicktan.com.sg
I was featured recently on Council for Estate Agencies (CEA) Newsletter:
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