In Singapore, under a joint tenancy ownership of an HDB flat, the sale proceeds are typically split equally between the co-owners, regardless of who paid for the monthly installments or how much CPF monies were used. This is because joint tenancy implies equal ownership rights and responsibilities.
However, there are a few scenarios that can affect the distribution of sale proceeds:
1. **Court Order:** In cases of divorce or legal disputes, a court may issue an order specifying a different distribution of proceeds, taking into account factors such as financial contributions, childcare responsibilities, etc.
2. **Written Agreement:** Co-owners can have a written agreement specifying a different distribution of proceeds, but this agreement should be made before the sale and should be legally binding.
3. **CPF Refund:** CPF monies used for the flat, including the accrued interest, will be refunded to the respective CPF accounts of the co-owners. This refund is separate from the cash proceeds and does not affect the equal split of the remaining amount.
**Example:**
Let's say a couple, John and Jane, own an HDB flat under joint tenancy. John paid for all the monthly installments and used his CPF to pay for the flat, while Jane did not contribute financially.
When they sell the flat, the following will happen:
1. **CPF Refund:** John's CPF contributions, along with accrued interest, will be returned to his CPF account.
2. **Equal Split:** The remaining cash proceeds from the sale, after deducting the CPF refund and any outstanding loan amount, will be split equally between John and Jane.
In this scenario, even though John paid for the flat and installments, the cash proceeds are still split equally because of the joint tenancy ownership.
**Important Note:** It is crucial to consult with a lawyer or legal professional to understand your specific situation and the legal implications of joint tenancy ownership. They can help you draft a written agreement if you wish to deviate from the equal split of proceeds.
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