Hi Mr. Wong,
1) Legally your son owns a 50% share of the property regardless of the amount he contributed.
2) You will have to get a valuer to assess the value of the property in order to know how much you have to pay him legally in order to take over his share.
3) Privately he can return the money to you but legally you have to fork out this amount in cash and/or CPF to buy over.
4) If you need a loan from the bank to buy over his share, the bank will provide a valuer for the valuation.
5) Next you have to engage a lawyer to process the paperwork.
6) If you don't need a loan from the bank, you may approach a lawyer directly to get a valuer.
7) Other than legal fees, you will also be subject to a buyer stamp duty of around 3~4% depending on the value of the share bought.
8) You may also ask for a recommendation from the conveyance lawyer to assist you in your will setup.
Hope the above answer 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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