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My spouse (husband)is the owner of an existing private property.
How do I go about adding my name as a joint-tenant?
What are the total cost, taxes involves during this process? (The latest valuation of the house is about $810k)
After adding my name as a joint tenant, can I use my CPF to pay off the outstanding bank loan?
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3 Answers

Hi,

1) Adding a name to private property has to be done by a conveyance lawyer.
2) There is a buying and selling process involved over here. There will be 2 lawyers involved as lawyers from the same firm cannot represent both parties; yourself and your spouse. Thus the legal fee will be 2x.
3) Ensure your spouse had held this property more than 4 years before doing so, otherwise this action will subject to seller stamp duty.
4) Since your intention is to hold the property under Joint tenancy, implying you are buying 50% of the property.
5) Thus buyer stamp duty is based on the amount you are buying; i.e. $405k. Buyer stamp duty is $6,750.
6) You may also pay the stamp duty using your CPF. Reminded to inform the lawyer of your intention of using CPF for this payment.
7) Regarding how much CPF is able to utilize in this transaction, it is best to consult your lawyer.
8) Check with the banker or the conveyance lawyer over the penalty to fully redeem the loan.
9) Let me know if you need a conveyance lawyer to consult over this.

Hope the above answer to 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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Hi,

Yes its possible, you will need to engage a law firm conveyancing partner to do so. The relevant buyer stamp duties and legal fees are payable, and if this property is owned for less than 3 years, the seller's stamp duty is applicable. The bank will also need to approve the change of ownership structure, and potential bank admin charges apply for this as well. Once you are the owner, you can use your CPF OA as well.

May I have more info and requirements about your plans so 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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Hi Sir/Madam

I will be glad to assist
Appreciate if you can contact me at (65) 96608508  or Silviayang8@gmail.com with details of your unit
or click here https://bit.ly/WaSilvia to whatsapp me for no obligation discussion
Thank you.

Warmest regards,

Silvia Yang

Senior Marketing Director
ERA Realty Network Pte Ltd
Mobile: (65) 9660 8508 
Email: Silviayang8@gmail.com Read More
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