4 Answers

Dear Sir/Mdm,

Your mum currently owns a HDB and if you add her name into your private condo, it will be considered as a 2nd property for her and she will be liable for a Additional Buyer Stamp Duty of 12% for her share in the private property.

In this case, it may not be financially wise to include her name. Please feel free to contact me so that I can understand your situation and provide you with more informed recommendations.

Regards,
Nick Tan
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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. By the way, it may not have financial sense for you to do that as your mum will have to pay ABSD.

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

The share transferred would be subjected to both Buyer Stamp Duty 3% as well as Additional Buyer Stamp Duty of 12% , since its your mum 2nd property ownership. IRAS would take the market valuation of the share transfer to compute the amount liable.

If there is a bank loan outstanding, the bank has to approve as well. It may not be the best approach to add in her name since financially its not to your advantage.

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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Robbie Chen Chee Howe
Hi,

Should you add your Mother's name to the property you solely own, there will be a change in ownership, from Sole Lessee to Joint-Tenancy/Tenancy-in-Common.

If the property is under a loan, you may need to refinance the loan with the Bank, and the loan quantum may be affected.

Your Mother will also be liable to pay BSD and ABSD on the share purchase. You may need to pay SSD on the share transferred out, depending on how long you have owned the property. The 3-year SSD period will also reset upon the transfer.

Lastly, both of you will have to bear the legal cost (2 x lawyer conveyancing fee) for the transfer.

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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