AskGuru Q&A Community

Get answers from PropertyGuru experts in 24 hours

Asked by
My name is tied up with my parents on the current Sengkang 5 room flat. My wife just gotten her PR and we are looking at new EC development. Like to know how is the sales proceed from the current 5 room will be processed as my parents name will not be included in the new EC.
0 •
763 views
Upvote Upvoted
Want this question answered?
Get faster responses from our experts by upvoting.
Be the first to upvote this question.

1 Answer

Geryl Lim
Replied
Hi Mr Goh,

I believe that the manner of holding your existing HDB with your parents is likely tobe Joint Tenancy, therefore what is going to happen on the day of completion of sale is that HDB officer will handover a cheque/cashier's order addressed to all the owners' names, therefore there must be a joint account between all owners for the cheque/cashier's order to be deposited. How are you going to work out the amount between the individuals will be your responsibility then. Whatever amount that has been utilized from CPF for the unit will be credited back to. The individual's account with accrued interest.

Do you need further assistance?

Regards,
Geryl LIM
Senior District Manager/Real Estate Consultant
CEA Reg R014783H
Mobile: +65-81577565  /+65-92787772
ECG Property Pte Ltd (L3009759F)
Dynamic Alliance Group @ http://www.dag.com.sg/
ECG Landed Dynamic Alliance (Home of *7772 Hotline) - We Sold More Than 100 Landed Homes
**Aspiring to be your preferred partner in real estate** Read More
0
Upvote Upvoted
  • JG
    Replied
    Thank you for your insight to my question, I read on HDB portal that on my next purpose, 50% of the sales proceed will have to go into the new house. Is this true? In such case, How to determine the amount of the sales proceed which will go into the new house as my parents name will no longer be used in the application.

Still looking for answers?

Get answers from PropertyGuru experts in 24 hours

Ask Your Question
Previously Asked Questions