Since your Executive Condominium (EC) has not yet reached its Minimum Occupation Period (MOP), you have a few options when going through a divorce:
Surrender the EC to HDB:
This is the most straightforward option, but it comes with a penalty. You will forfeit 5% of the purchase price and any CPF Housing Grants received.
Transfer Ownership to One Party:
If one of you meets the eligibility criteria to own an EC as a single Singapore Citizen (SSC), you can transfer the ownership to that person.
This requires HDB, bank, and CPF Board approval. There's no penalty in this scenario, but the receiving party may need to refinance the housing loan.
Sell the EC in the Open Market (After MOP):
After fulfilling the MOP, you can sell the EC on the open market and split the proceeds as per your divorce agreement. However, this option is only available after the 5-year MOP is met.
The specific penalty amount depends on the purchase price of your EC. You can use the following formula to estimate it:
Penalty = 5% x Purchase Price of EC
For example, if the purchase price of your EC was S$1,000,000, the penalty would be S$50,000.
It's important to consult with HDB and a legal professional to understand the specific regulations and financial implications for your situation. They can guide you through the available options and help you make an informed decision.
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