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My parents [in their 80s] have moved in with me, thus intend to sell their flat. This flat was bought 15 years ago, fully paid with cash plus a cpf grant of $40k.
Questions :
1. Will my parents be able to receive cash proceeds from the sale ?
2. At the age of 80+, do they have to put money into CPF or top up to minimum Retirement sum ?
3. My parents are illiterate, and do not have a singpass account. What is the alternative method to enable them to sell their flat ? Can I represent them ?
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11 Answers

Hi Mdm. Tan,

You should be able to receive sale cash proceeds for the sale. If they already have set aside Full Retirement Sum, there is no need to refund from the housing sale price. It is best to set up a singpass login for both of them as this is the most cost-effective method to get the sale done, although it may be a bit more hassle since you need to go down to the community centre with them. To legally represent them you need to do a power of attorney with the law firm which involves legal fees.

I have helped senior clients to smoothly sell off their existing property. 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
ERA Senior Marketing Director
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YT Tan (陈永达)
Good morning Mdm Tan,

you can dial in to CPF hotline (with them by your side for officer to do verification) or bring them down to CPF building (if convenient for them) to check whether FRS is applicable to them for their case (they received CPF housing grant in the past) and at their current respective age.

https://www.cpf.gov.sg/member/contact-us/visit-us

If there's no usage of CPF OA funds, no question asked proceeds will be full cash.

You can obtain power of attorney (POA) to represent them. Legal cost will be involved but you will still need their singpass to do online registration etc so it will be best to bring them to nearest CC to activate their singpass.

https://www.singpass.gov.sg/home/ui/login

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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1
Hi there, I would say this is a fairly easily case to navigate. your parents would definitely need a singpass to be able to start the process which can be easily applied at any CC. there shouldn't be any CPF deduction given their age. my suggestion is to get an agent and listen through their explanation on the cash proceeds and process and be with them every step of the way as it's a fairly simply process. I have actually just helped 2 families with very similar profile concluded their sales and would be happy to meet up with both you and your parents for a detailed explanation. feel free t0 drop me a call or text for a more detailed discussion.
Cheers
Wee Meng
 9687 1379 
PN Read More
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Robbie Chen Chee Howe
Hi Mdm,

As the flat was fully paid up with cash, your parents will be able get back cash sale proceeds from the sale. As they also took up CPF Housing Grant, they may need to return back the Grant back to their respective CPF accounts if they had not met the Retirement Sum.

They do not need to top up Cash to fulfill their RA requirements, only those CPF being used, in their case, the $40k Grant, plus accrued interest. They need not top up any shortfall.

It is highly recommended for you to bring them down to the Community Centre to get their SingPass ready. They will need this for many transactions as Singapore goes digital. If they are unwilling to do so, they may wish to approach a lawyer to appoint you as the Power of Attorney to act for them in the sale of their flat.

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 +65 97 48 63 05. I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
+65 97 48 63 05
PropNex Realty Read More
1
Hi,

1. It is highly recomended that you bring them to any community centre to apply for Singpass as they will definitely need to use them during the sale application etc.
2. Yes they will be able to receive the cash proceed from the sale.

This platform does not allow me to contact you directly so kindly contact me at https://wa.me/6597261112 I would be glad to assist you further.

Thank you and best regards,

Jenny Tran
Propnex Realty Pte Ltd
(HP) +65 97261112 
(Email) jenny.tran@propnex.com
BSc (Real Estate) (Hons)-NUS

Testimonial from Satisfied Clients
-- My husband and I wish to commend the sincere attitude and good customer service rendered by your staff Jenny, who handled the sale of our 5R HDB flat early this year. We have met several agents but none as genuine as Jenny. Being a seller agent, she took our interest at heart in handling the sale, unlike other agents who are self-interest. Jenny is punctual and prompt in the whole dealings and we were convinced that such an agent is hard for find nowadays. Jenny is a trustworthy, honest, sincere and hardworking agent. We are happy with her service and would gladly recommend her to our friends in future. Jenny is an asset to Propnex and the organisation should value her. Thank you Jenny for her efforts--
Mr and Mrs Soo (HDB seller)

--Jenny is very committed and responsive to her clients and she has spent hours updating them and looking out for great deals and even tailor-made property proposal geared towards their needs. Will certainly refer her to others and will definitely approach her again in her future--
Nick and Kim (New launch buyer)

--Jenny did a great job helping my wife and I sell our unit. She took active steps to walk our neighbourhood to understand what she was marketing. During the marketing period, she managed potential buyers and provided timely updates and recommendations so we could stay on top of the process. Overall, Jenny was professional and helped us to achieve a positive result which we are very thankful for--
Aaron ( HDB seller)

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Samantha (Resale condo buyer) Read More
0
Hi Mdm Tan,

1. Your parents will be able to receive majority of the sale proceeds in cash. For the CPF grant given to them then, it will be returned to their CPF accounts together with the accrual interests.

2. It is not a requirement for them to top up their CPF to the minimum sum amount.

3. Most of the HDB transactions nowadays rely on singpass and therefore it is better if they can obtain a singpass by visiting any of the cc. You can represent them but you need need them to appoint you as the POA which will cost money. Therefore, them getting their singpass is recommended.

I will be happy to give you an overview of the sale process and run through the numbers with you. Please contact me so that I can assist you further!

Regards,
Nick Tan
(M) +65 96 44 48 54
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“I would like to recommend Nick Tan from SRI. Before we engaged Nick, we were working with another agent from a very popular property agency in February 2017. We decided to terminate the contract after 5 weeks of zero viewings and no paper advertisements. Basically he was just waiting for phone calls. We engaged Nick on 20th April and by 10th of May, our unit was sold off. Why Nick? 1. He has good marketing strategies 2. He always kept us posted on what he did (communications!) 3. He made sure we understand the current market situation but he will consistently reassure us that the unit can be sold off 4. He is not greedy and trusting 5. He walks the talk”
Peter & Wendy (Property Seller)

I write to commend Nick Tan (R040814C). When my husband and I first met Nick, we were impressed by his drive, commitment, business acumen and strategical thinking, and decided to engage him. We were not disappointed. Nick sourced for prospective quality buyers in a targeted methodical fashion and was effective in connecting us with serious buyers, notwithstanding the fact that the search primarily took place over Dec – Feb (a traditional lull period). Throughout the transaction, he also gave us helpful advice in various aspects; the advice reflected his personal experience and expertise and was not simply regurgitated from public sources without any value-add. Further, Nick went beyond the call of duty of a competent professional. He had a sense of humanity in the way he interacted with myself and the other parties to the transaction such as my parents. As an example, my newborn daughter was warded into A&E on the completion date of the transaction; the care and concern that Nick showed went beyond the scope of work of an estate agent. I commend Nick for his capabilities and character, and would certainly wish to engage him for future property transactions.
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“Nick provides a delightful customer experience from day one when I engage him as my agent to look for a flat of my choice to the completion of the deal. He is competent, resourceful and has a pleasant manner to work w Read More
1
Shaun Chen 陈韵百
Hi Mdm Tan,

According to HDB policies, here are my answers to your questions:

1. Yes, your parents will be able to receive cash proceeds from the sale of their flat. After deducting outstanding payments such as mortgages or loans, they will be able to receive the remaining cash proceeds.

2. At the age of 80+, your parents will not be required to put money into CPF or top up to the Minimum Retirement Sum (MRS). However, it is important to note that if they have any outstanding CPF housing charges, those will have to be paid upon the sale of the flat.

3. If your parents are illiterate and do not have a SingPass account, you can represent them in the sale of their flat. You will need to provide the necessary documents and authorization to act on their behalf. It is advisable to consult with HDB or engage a professional real estate agent who can guide you through the process and ensure that all legal requirements are met.

To ensure a tailored plan and a positive outcome for the sale of your parents' flat, it is recommended to contact a real estate agent who specializes in HDB transactions. They will be able to provide you with personalized advice and guidance based on your specific situation. Feel free to reach out to me at (+65) 8300 7300  to discuss your requirements and explore the best options available.

Remember, selling a flat can be a complex process, especially when considering HDB policies and regulations. Seeking professional advice will ensure a smooth and successful transaction.

I look forward to hearing from you. :)

Best Regards,
Shaun Chen
 (+65) 8300 7300 
Senior Marketing Director
ERA REALTY NETWORK PTE LTD Read More
0
Goo day to you,

Based on my understanding, given their current age, there is not requirement to top up their CPF account after getting the proceed for the sales.
I would also believe that both parents are still in sound condition to make decisions on their own hence do make an appointment with CPF Board, or go down to the nearest Community Center to work on their Singpass application.
After this, one can choose to obtain a Power of Attorney to ease the forward-going process of selling.

Give me a call to establish detailed discussion session.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More
0
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IF you Need Further Help For Property such as Renting / Selling / Buying or Investing ,...

I am Sorry that This platform does not allow me to direct contact you.

To further assist you, please feel free to contact me via WhatsApp at 9856 9255  or through this link: https://wa.me/6598569255.

My services come with no obligations, and I'm here to help with any questions or assistance you need.

You can check out my reviews here: https://www.propertyguru.com.sg/agent/able-s-k-toh-61591.

For buyers, I offer solutions for sourcing resale and new private homes at no charge.

I can connect you with reputable bankers for private housing loans free of charge and with no obligation.

I also have partners to assist with mortgage home insurance matters.

Let's seal this affinity by technology; please PM me your contact for assistance with your real estate needs. So, I believe in Affinity (Chinese word: 缘份) :), let's SEAL this AFFINITY Not by blood but by Technology > Please PM, Private Message your contact so that I CAN BE (EXTRA) PAIR OF HANDS / BRAIN and LEGS to Assist you NOW or FUTURE REAL ESTATE NEEDS!

*** You can reach me at my Singapore mobile: +65 9856 9255  or email me at Able.selling@gmail.com.

From: ABLE Toh- Your Property ASSISTANT :)

“ i am ABLE to Help As Much As You are ABLE To PM (Private Message) me ”

XXXXX The END XXXXXXX Read More
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