Hi Jane,
1) Adding a name to a property is usually like selling part of your ownership to another party.
2) Unless the property is fully paid by cash and no CPF is utilized. Because only under such a situation, you may give your share as a gift to another party.
3) Thus in the majority of the situation, where CPF is utilized, or under the mortgage loan, you are not free to give away your share as per your wish.
4) So since this is a selling your property share, the buyer stamp duty (BSD) is based on the amount of share you are selling.
5) There are 2 types of ownership that are available when there is more than 1 owner to a property; Joint tenancy or Tenancy-In-Common.
6) Joint tenancy, each party will own a fair share of the property, if it is only 2, meaning 50/50.
7) Tenancy-In-Common, you may decide how much share your spouse is purchasing. It can be 60/40, 70/30, or 50/50.
8) The lawyer will ask your opinion on which holding method you prefer to draft the legal document accordingly and will help to calculate the amount of BSD, monthly mortgage, and CPF utilization.
9) Do note that BSD can use CPF to pay for it. So it is best that you can consult the lawyer before making a final decision.
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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