Asked by Aggie C
What should i be aware of before co-owning a flat with my elder brother?
I am born in 1993, my brother is born in 1986. Getting our own home is a lifetime dream because we have been staying in a 2-room flat, rented from HDB, with our mother (our father has passed on few years ago). We are looking at getting a resale flat as we will be eligible for more grants than buying BTO. I'm already 31 this year but unsure if i will get married eventually, or if i want to get a house of my own when i turn 35.
Let's say if i would want to remove my name as a co-owner few years down the road, I understand my brother can pay me the CPF + incurred interest used, can this payment be done with CPF partially or it has to be all in cash? Are there any other significant costs involved that we should take note of? Are there any other potential complications that I should be aware of?
thank you.
I am born in 1993, my brother is born in 1986. Getting our own home is a lifetime dream because we have been staying in a 2-room flat, rented from HDB, with our mother (our father has passed on few years ago). We are looking at getting a resale flat as we will be eligible for more grants than buying BTO. I'm already 31 this year but unsure if i will get married eventually, or if i want to get a house of my own when i turn 35.
Let's say if i would want to remove my name as a co-owner few years down the road, I understand my brother can pay me the CPF + incurred interest used, can this payment be done with CPF partially or it has to be all in cash? Are there any other significant costs involved that we should take note of? Are there any other potential complications that I should be aware of?
thank you.
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