Hi Mr. Wee,
1) This is a joint tenancy. Each of you owns equal share in the property.
2) You only can retract your name out by selling. Except that it is selling to your own brother.
Things to note:
A) Your brother must has the financial capacity to takeover the entire loan, implying he will has to go through the whole TDSR assessment again conducted by a banker.
There might not be necessary be any cash involvement.
B) You will need a lawyer to assist in the entire transfer, not real estate agent.
C) Check whether you are currently under "Locked" period of the mortgage. The fine is quite significant if timing not right.
D) The flow of the process is such:
(i) Get your banker to do an assessment for your brother
(ii) Charges between lawyers are usually a few hundreds different. Banker might recommend a law film to assist you to perform the transfer.
Alternative, you may sort another lawyer who is under the bank's panel to do the same with a better rate.
(iii) The rest is just sign on all legal document to complete the transfer.
(iv) Your CPF will not return immediately after the transfer, you may check with the lawyer on the timeline to expect your CPF refund.
Hope the above answer to your main concerns, but if there are more queries, do not hesitate and 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
Note:
Any response to our answer do not reach us until we scroll through each and every queries posted daily.
The best way to get a follow up is to whatsapp or email us directly.
Read More
