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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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3 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
 96929209 
m52i@yahoo.com
ERA Read More
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OHMYHOME PTE LTD
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Landon Chew
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Hi, hopefully you managed to sell your unit at a good price then. If, so then congrats! Hopefully you are doing well now.

If you are currently or planning to find a property agent, I can assist.

If you are interested in prices of houses in your neighbourhood, you may visit this website to find out more or contact me .

https://www.era.com.sg/R064892F

If you are currently planning to go on a property journey selling/buying/renting/investing, I can be of assistance. Do feel free to reach out to me for more queries and assistance.

Landon Chew
97 39 60 40
landonchew@email.com Read More
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