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My spouse & I currently own a private property. When our child reaches 21 years in June this year, we intend to transfer ownership to her. Thereafter we intend to buy a 5 room HDB.

1) How should the timeline be? To transfer first or to buy HDB first? What are the legal & transaction fees involved?

2) Must we physically stay in the HDB? Can it be left vacant while we stay in the private property for 1-2 years before shifting to the HDB? What other options are there? Up to how many occupiers can stay in the HDB flat?

Thank you in advance.
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6 Answers

Hi,

1) Timeline:
Buy HDB, this can only be resale HDB. If you intend to purchase BTO, you have to wait for 18 months before eligible to apply.

My suggestion is to do a transfer before buying. The reason being simple, you have to pay ABSD if you buy before transfer.
Although you can apply for remission from IRAS after your transfer. But that is a hassle and additional effort to pay and get it back.

You have to understand what type of transfer this belongs to? As a gift or a buy/sell process.
a) To transfer without monetary; gift: This can only possible if this property was bought with cash only. Only legal fee involved.
b) buy/sell process: buyer stamp duty & legal fee involved.

Both can be done within 2 months. Gift can be faster. The main time involved shall be the lawyer sending emails to all relevant authorities and receive reply from them. So timing is mainly dependent on when all authorities reply.
a) Only involved with 1 law firm, cost-wise has to check with the law firm. There is no standard rate.
b) This involved 2 law firms because a single law firm cannot represent both seller and buyer on the same property. The law firm will need to engage another law firm to complete this service. So you may assume $5k~$6k to complete this transaction.

2) Legally you should stay at your registered address. But it is not an offense you stay in another place.
Your MOP starts upon completion of the sale and assumes you stay unless the whole unit is rented out with HDB consent.

If the whole unit is rented out, max up to 4 unrelated pax for 1 & 2 room flat and 6 related pax for 3 room and bigger.
If this is a whole family inclusive of domestic helper, there is no limit of how occupiers registered under this HDB flat.

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,

Thanks for your enquiry. Just wondering if the current private property is fully paid off? Transfer of ownership will not be as straightforward if bank financing home loan is involved.

Assuming the transfer is do-able, it is better to settle the transfer first before buying in case any hiccups in the process occurs. It can only be completed once she turns 21 years old legal age.

Usually once you get the hdb, you are required to occupy the property. Perhaps you could give me a call so I can clarify better based on your circumstances shared?

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, I would be most glad to assist you further and pls feel free to let me know if you need any assistance. Hope to hear from you soon and have a great week ahead.

Regards
Aaron Chong
 9730 8455 
aaronchong2774@yahoo.com.sg Read More
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Robbie Chen Chee Howe
Hi,

If finances allow, you can proceed to purchase the HDB flat first, and then transfer the condo out within 6 months upon the HDB flat purchase. As your daughter is approaching 21 years old in June, you can in fact commit to a HDB resale flat purchase now.

Upon the HDB flat purchase, you are supposed to serve a 5-year MOP. You can leave the flat vacant, but you will not be able to rent out the whole flat for the next 5 years.

Do take note that should CPF funds be involved in your current condo, your daughter, as the new owner, will have to refund back all the CPF monies that has been paid towards the property. She must also be able to secure a housing loan for any outstanding loan towards the property. Normal stamp duties and legal conveyancing fees apply for the property transfer too.

I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans.

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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Hi Sir/Madam

Are you looking to sell/buy or rent out your property?

I will be glad to assist
I am well versed in HDB and Private Property transaction and have done many transactions
Appreciate if you can contact me at (65) 96608508  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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