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Afternoon,

As your parents have purchase the unit under normal housing scheme, your parents can opt to draft a WILL and have the unit shared among their children. In your case, where all of you have your own roof over the head, you can opt to sell the unit away and split the profit based on the percentage indicated on the WILL.

Do feel free to contact me further for detail discussion.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More

Hi Sir/Mdm,

HDB will not buy back the flat. It is advisable for them to draft a will and determine who are the beneficiaries of the flat.

When they passed on, the administrator of the will will be entrusted to execute the sale of the flat and distribute the money according to the will.

Please feel free to contact me if you require further assistance.

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS)
Cert-in-REA
(E) nick96444854@gmail.com
(W) www.nick-tan.com

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Mr and Mrs Chan (Sold and Bought a property through Nick) Read More

Good evening,

In fact you can advise your parents to draft a will to state who will be the executor to carry out the sale of their property in the resale market and distribute the sale proceeds according to their wishes when they pass on.

This was what exactly my granny had done last month.

If not, they might want to consider selling it soon as there will be restriction on usage of CPF OA funds and loan for buyers who are buying flats that are at least 40 years old. Currently the flat is about 38 years old.

Hope my sharing is beneficial.

Feel free to contact me if you need further assistance or advice.

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
R043025D
Propnex Realty Pte Ltd

(M): +65 9111 5171 
(E): yt.lovelyhomes@gmail.com
(W):www.yttan.com Read More