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Good day,

In this case, this is called part share ownership sale/transfer. Your son will be selling his 50% share to you, and you will have to refund the CPF OA + accrued interest he has utilized for the property, as well as pay the buyer stamp duty of approx 3% to 4% on the market value of the share ownership transferred. There will also be legal fees of approx $5k.

My law firm partner will be able to assist on this and has many years of experience on such conveyancing transactions. Look forward to assist on your housing plans.

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
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Good morning,

They have to approach law firm to assist them in their decouple/ part share process.

Does the son use any CPF OA funds? If yes, the mum must be financially capable to return him the amount he used.

Stamp duties, legal fees, valuation fee etc will be payable.

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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Hi,

In Singapore, if the son wants to remove his name from the joint ownership of a private condo that has been fully paid for, he would need to complete a process called a Transfer of Ownership. Here are the steps involved in the process:

1) Obtain the necessary forms: The son would need to obtain the relevant forms from the Singapore Land Authority (SLA). These include the Transfer of Ownership application form and the stamp duty form.
2) Complete the forms: The son would need to complete the Transfer of Ownership application form and have it signed by both himself and his mother. The stamp duty form will need to be completed and stamped at any authorized stamp duty collection center.
3) Obtain a valuation report: A valuation report would need to be obtained from a licensed valuer appointed by the SLA. This is to determine the market value of the property and is required for stamp duty purposes.
4) Pay the stamp duty: Stamp duty is payable on the market value of the property, and this amount can be calculated using the online stamp duty calculator on the Inland Revenue Authority of Singapore's website. The son would need to pay the stamp duty before the Transfer of Ownership can be registered.
5) Submit the forms and documents: The completed Transfer of Ownership application form, stamp duty form, valuation report, and proof of payment of stamp duty would need to be submitted to the SLA.
6) Register the Transfer of Ownership: Once the SLA approves the application and all necessary documents have been submitted, the Transfer of Ownership can be registered with the SLA. The son's name will then be removed from the joint ownership of the private condo.

It is advisable to engage a lawyer to assist with the Transfer of Ownership process as it can be complex, and a lawyer can ensure that all necessary forms and documents are properly completed and submitted.

Please give me a thumbs-up if the answer provided is relevant to your main concern. Thanks!!!

Hope the above answer your main concerns, but if there are more queries, 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
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https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer

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Hi,

I would be most glad to assist you further and please feel free to let me know if you need any assistance. Have a good day ahead. By the way, if the mom has the means to refund the cpf funds plus accrued interest back to the son account and also the sum of the stamp duty, then the rest would not have any issue. And you may check with your law firm for further detail.

Regards
Aaron Chong
 9730 8455 
aaronchong2774@yahoo.com.sg Read More

Were there any CPF monies being used by the son in the purchase of this condo? If there is, then th retaining party will need to refund back whatever amount that has been used plus the accrued interest to the exiting party CPF account. On top of that, buyer's stamp duty of up to 6% will need to be paid to IRAS for the retention party for the part purchase, where the rates are based on the value of the property share taken over. The exiting party may also be liable for Seller's Stamp Duty if the transfer is done within 3 years of purchase.

Both exiting and retaining party will need to engage the services of the lawyer to carry out this transaction, and if any loan is required by the retaining party, then a banker will be involved too. We can assist further in this transaction.

I have been in the real estate business since 2009, with more than 13 years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

Over the years, I have also established a network reaching out to more than 9,400 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.

With an evolving market, where change is the only constant, I have also been investing in upgrading of my knowledge and skills sets to improve myself and meet the demands of current and future market.

We are offering our clients a complimentary first consultation without obligations (Absolutely FREE!). Schedule for your FREE session today!

Warmest regards,
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Hi, hopefully you managed to get your doubt or query answered. If so, then congrats! Hopefully you are doing well now.

If you are currently or planning to find a property agent, I can assist.

If you are interested in prices of houses in your neighbourhood, you may visit this website to find out more or contact me.

https://www.era.com.sg/R064892F

If you are currently planning to go on a property journey selling/buying/renting/investing, I can be of assistance. Do feel free to reach out to me for more queries and assistance.

Landon Chew
97 39 60 40
landonchew@email.com Read More

Hi, hopefully you managed to get your doubt or query answered. If so, then congrats! Hopefully you are doing well now.

If you are currently or planning to find a property agent, I can assist.

If you are interested in prices of houses in your neighbourhood, you may visit this website to find out more or contact me.

https://www.era.com.sg/R064892F

If you are currently planning to go on a property journey selling/buying/renting/investing, I can be of assistance. Do feel free to reach out to me for more queries and assistance.

Landon Chew
97 39 60 40
landonchew@email.com Read More