Asked by Anonymous
Together with my friend, I plan to buy a condo unit with budget around 600K in cash.
However currently i still have to serve the HDB-MOP another 3 years while my friend is fully eligible to buy a condo.
Hence we come up with this plan:
1. To buy condo with only my friend's name though i have my share on the money use to purchase the unit.
2. After 3 years (finish my MOP), we will change the unit's owner name to share between my friend's name and I.
My question is:
1. From the legal point of view, how feasible our plan is?
2. What kind of agreement that my friend and I need as to secure my share for the unit?
Thank you in advance for the advice.
However currently i still have to serve the HDB-MOP another 3 years while my friend is fully eligible to buy a condo.
Hence we come up with this plan:
1. To buy condo with only my friend's name though i have my share on the money use to purchase the unit.
2. After 3 years (finish my MOP), we will change the unit's owner name to share between my friend's name and I.
My question is:
1. From the legal point of view, how feasible our plan is?
2. What kind of agreement that my friend and I need as to secure my share for the unit?
Thank you in advance for the advice.
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