Here's a breakdown of your inquiries regarding the sale of your fiance's HDB flat in Singapore:
**1. Power of Attorney (POA) before Engaging a Sales Agent:**
Yes, it is advisable to have the POA prepared before engaging a sales agent. This ensures that the agent can legally represent the overseas owners during the sales process and handle all necessary paperwork on their behalf.
**2. Preparing POA Overseas:**
Yes, it is possible to have the POA documents prepared in Singapore and sent to your fiance's parents in Hong Kong for signing. However, they must sign the POA in front of a notary public or a Singapore embassy official in Hong Kong to ensure its validity.
**3. Joint Bank Account for Sales Proceeds:**
No, it is not compulsory for all four owners to open a joint bank account for the sales proceeds under joint tenancy. However, it is generally the most convenient and practical way to distribute the funds to all parties involved. Alternatively, a trust account can be set up with a lawyer or the proceeds can be disbursed individually to each owner's personal bank account.
**4. Timeline for Selling the Flat:**
To minimize the gap between selling the current flat and receiving the keys to your new flat, it is advisable to start the marketing process early. Ideally, you should put the current flat for sale at least 6 months before the estimated completion date of your new flat (3Q 2016). This allows ample time to find a buyer, complete the necessary paperwork, and arrange for a smooth transition.
Here's a suggested timeline:
* **Now:** Prepare the POA and send it to your fiance's parents for signing.
* **After POA is signed:** Engage a sales agent and start marketing the flat.
* **Before 3Q 2016:** Secure a buyer and complete the sales transaction.
Remember, this is just a suggested timeline. The actual process might vary depending on individual circumstances and market conditions.
**Additional Considerations:**
* **HDB Rules and Regulations:** Ensure you comply with all HDB rules and regulations regarding the sale of flats, especially for joint tenancy owners.
* **Legal Advice:** Consult a lawyer specializing in property law to ensure the POA is properly drafted and executed, and to address any legal concerns that may arise during the sales process.
By planning ahead, following proper procedures, and seeking professional advice, you can successfully navigate the sale of the HDB flat and ensure a smooth transition into your new home.
WhatsApp me at: ABLE Toh (65) 98 56 92 55 or through this link.:https://wa.me/6598569255
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