Asked by Anonymous
What is the mop to sell property under trust
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3 Answers
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Hi, hopefully you managed to sell your unit at a good price then. 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
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
1
There is no Minimum Occupation Period (MOP) to sell a property held under a trust in Singapore. However, selling a property under a trust is a complex legal matter and requires careful consideration.
Here's what you need to know:
1. **Trust Deed:** The terms of the trust deed will dictate whether the trustee (the person managing the trust) has the authority to sell the property. The trust deed may require specific conditions to be met before a sale can proceed.
2. **Beneficiaries:** The beneficiaries of the trust (those who benefit from the trust's assets) may have a say in the sale, depending on the terms of the trust deed and their age. If the beneficiaries are minors, their interests need to be protected during the sale process.
3. **Legal and Tax Implications:** Selling a property under a trust can have legal and tax implications, including potential capital gains tax and stamp duty. It's essential to seek professional advice from a lawyer and a tax advisor to understand the potential costs and obligations.
4. **HDB Regulations (If Applicable):** If the property is an HDB flat, additional regulations may apply. For example, if the flat is still under the Minimum Occupation Period (MOP), selling it might not be possible or could incur penalties.
**Important Considerations:**
* **Purpose of the Trust:** Why was the trust set up in the first place? Selling the property might go against the original intentions of the trust creator.
* **Alternative Options:** Explore other options besides selling, such as refinancing the property or transferring ownership to another trustee.
**Recommendations:**
* **Consult a Lawyer:** Before making any decisions, consult a lawyer specializing in trusts and property law to understand your rights and obligations as a trustee and the legal implications of selling the property.
* **Communicate with Beneficiaries:** If the beneficiaries are of legal age, discuss the potential sale with them and obtain their consent if necessary.
By carefully considering these factors and seeking professional advice, you can ensure that the sale of the property under trust is conducted legally and in the best interests of all parties involved.
WhatsApp me at: ABLE Toh (65) 98 56 92 55 or through this link.:https://wa.me/6598569255
----------------------------888--------------------------------888--------------------------->>>
"If you need more assistance with property matters:
like renting / selling, buying / or investing, I'm here to help!
WhatsApp me at: ABLE Toh (65) 98 56 92 55 or through this link.:https://wa.me/6598569255
(Unfortunately, this platform doesn't allow direct contact, but you can easily reach me )
(***) You can check out my reviews here: https://www.propertyguru.com.sg/agent/able-s-k-toh-61591.
For buyers, I offer solutions for sourcing resale and new private homes at no charge.
I can connect you with reputable bankers for private housing loans free of charge and with no obligation.
I also have partners to assist with mortgage home insurance matters.
Let's seal this affinity by technology; please PM me your contact for assistance with your real estate needs. So, I believe in Affinity (Chinese word: 缘份） :), let's SEAL this AFFINITY Not by blood but by Technology > Please PM, Private Message your contact so that I CAN BE (EXTRA) PAIR OF HANDS / BRAIN and LEGS to Assist you NOW or FUTURE REAL ESTATE NEEDS!
*** You can reach me at my Singapore mobile: (65) 98 56 92 55 or email me at Able.selling@gmail.com.
From: ABLE Toh- Your Property ASSISTANT : ）
“ i am ABLE to Help As Much As You are ABLE To PM (Private Message) me ”
XXXXX The End XXXXXXX Read More
Here's what you need to know:
1. **Trust Deed:** The terms of the trust deed will dictate whether the trustee (the person managing the trust) has the authority to sell the property. The trust deed may require specific conditions to be met before a sale can proceed.
2. **Beneficiaries:** The beneficiaries of the trust (those who benefit from the trust's assets) may have a say in the sale, depending on the terms of the trust deed and their age. If the beneficiaries are minors, their interests need to be protected during the sale process.
3. **Legal and Tax Implications:** Selling a property under a trust can have legal and tax implications, including potential capital gains tax and stamp duty. It's essential to seek professional advice from a lawyer and a tax advisor to understand the potential costs and obligations.
4. **HDB Regulations (If Applicable):** If the property is an HDB flat, additional regulations may apply. For example, if the flat is still under the Minimum Occupation Period (MOP), selling it might not be possible or could incur penalties.
**Important Considerations:**
* **Purpose of the Trust:** Why was the trust set up in the first place? Selling the property might go against the original intentions of the trust creator.
* **Alternative Options:** Explore other options besides selling, such as refinancing the property or transferring ownership to another trustee.
**Recommendations:**
* **Consult a Lawyer:** Before making any decisions, consult a lawyer specializing in trusts and property law to understand your rights and obligations as a trustee and the legal implications of selling the property.
* **Communicate with Beneficiaries:** If the beneficiaries are of legal age, discuss the potential sale with them and obtain their consent if necessary.
By carefully considering these factors and seeking professional advice, you can ensure that the sale of the property under trust is conducted legally and in the best interests of all parties involved.
WhatsApp me at: ABLE Toh (65) 98 56 92 55 or through this link.:https://wa.me/6598569255
----------------------------888--------------------------------888--------------------------->>>
"If you need more assistance with property matters:
like renting / selling, buying / or investing, I'm here to help!
WhatsApp me at: ABLE Toh (65) 98 56 92 55 or through this link.:https://wa.me/6598569255
(Unfortunately, this platform doesn't allow direct contact, but you can easily reach me )
(***) You can check out my reviews here: https://www.propertyguru.com.sg/agent/able-s-k-toh-61591.
For buyers, I offer solutions for sourcing resale and new private homes at no charge.
I can connect you with reputable bankers for private housing loans free of charge and with no obligation.
I also have partners to assist with mortgage home insurance matters.
Let's seal this affinity by technology; please PM me your contact for assistance with your real estate needs. So, I believe in Affinity (Chinese word: 缘份） :), let's SEAL this AFFINITY Not by blood but by Technology > Please PM, Private Message your contact so that I CAN BE (EXTRA) PAIR OF HANDS / BRAIN and LEGS to Assist you NOW or FUTURE REAL ESTATE NEEDS!
*** You can reach me at my Singapore mobile: (65) 98 56 92 55 or email me at Able.selling@gmail.com.
From: ABLE Toh- Your Property ASSISTANT : ）
“ i am ABLE to Help As Much As You are ABLE To PM (Private Message) me ”
XXXXX The End XXXXXXX Read More