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My husband bought a private property (condominium) when he was single and now I married to him and plan to register my name and help to pay using my cpf saving. The home loan now using bank loan and its already beyond the lock-in period. How is the process and legal fees and documents required so far? Thanks
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5 Answers

Hi Debora,

In order for you to use your CPF to service the property, your husband will need to do a part sale of the property to you. The costs involved will be the legal fees which is in the region of 6k plus and also the stamp duty which is payable, depending on the market value of the share of the property that is sold to you.

Please feel free to contact me if you need any further assistance.

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Nick Tan
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Hi Debora,

In order for you to use your CPF OA for the property, you need to be one of the co-owners as well. To become co-owner, your husband needs to do a part-share ownership sale to you, and the legal fees are approximately 6k as two law firms will be required.
Stamp duty based on the market value of the share transferred is also payable. I have worked on similar transactions and my partner law firm will be able to assist.

Hope the above clarifies. May I have more info and requirements about your plans so as to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,

Ivan Ng Realtor
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Hi Debora,

1) Legally, you will have to buy some shares of the ppty from your husband to be an owner so as to utilize your CPF for the monthly mortgage payment.
2) Since the loan has passed the lock-in period meaning your husband could avoid paying the penalty to perform this part sale.
3) You will need to seek advice from a conveyance lawyer to explore the most economical approach to perform this part sale.
4) Buyer stamp duty will depend on the number of shares bought over from your husband. This stamp duty also can be paid using your CPF. You will have to highlight this intention to the lawyer.
5) If you do not have any conveyance lawyer, you may approach the bank that your husband took the loan from to recommend a lawyer. Because the conveyance lawyer must be on the bank's panel in order to facilitate this conveyance process.
6) The lawyer will arrange with the bank to get a valuation on the ppty to determine how much you need to pay for the share.

Hope the above answer your main concerns, but if there are more query, please 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
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer

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YT Tan (陈永达)
Good afternoon Debora,

You need to be a co-owner in order to utilise your CPF for the mortgage repayment.

The process we called it part share or decoupling.

Legal fees might cost you guys around $6k and as you will become an owner as well, there will be some shifting of funds (CPF/ cash) according to the ownership percentage being transferred and stamp duty payable as well.

Hmm, other than decoupling/ part share, have you guys reassess on his property? Whether is there other opportunity for both of you to co own together?

Hope my sharing helps in aiding in your enquiry. May I know how can I value add further in your property needs?

Best regards,

YT Tan
Property Kaki
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Robbie Chen Chee Howe
Hi Debora,

If you wish to use your CPF-OA to pay for the property, you will need to be a co-owner of the property. This will involve transferring of shares to you, which means stamp duties is payable. If you current own another property that's under loan, LTV may also be affected.

Do get in touch with me for further discussion to see how best we can optimise the best solution for you.

I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans. Please get in touch with me for a more in-depth discussion.

Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More
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