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me and a relative are thinking of selling our condo of which we are both co-owners in joint tenancy. i understand that the sales proceeds will be credited as a cheque to our joint bank account. can i know is it better for me to open a joint AND account or joint AND/OR account? If it is a joint AND/OR account, that means my relative can withdraw the sales proceed without prior approval from me?
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2 Answers

Mike Lim
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Afternoon,

Depending on your depth of relationship with your relative, it might be better to open a joint account whereby both signatures are require before the bank will release the funds. Getting "And/Or" joint account would mean that either of you can walk up to the bank and clear out the account, without the consent of the party.

FYI
Mike Lim
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m52i@yahoo.com
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OHMYHOME PTE LTD
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