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What should I do if i am one of the 4 co-owners of a private property and the other co-owner have signed tenancy agreement without the other 3 co-owners and is now taking the rental to spend. How can I withdraw my ownership of the unit? I am willing to forgo the CPF i have put in as down payment. Appreciate advice on this matter.
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2 Answers

Afternoon Amy, If my memories does not fail me, the TA should not have it's legal holding as all owners are to sign on the TA, since the property is not under sole ownership. You will need to get a buyer who is willing to take over your share for the unit, be it through 3rd party or the existing co-owners. Standard financing will be done so that your share will be covered. However, you will need to understand that you might be subjected to seller stamp duty payable, if you have purchased the unit after Jan 2011. FYI Mike Lim 96929209  m52i@yahoo.com ERA Read More
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  • AC
    Thanks for the info. Can I sort of give up my share of the property to the existing co-owners? still have to bear the seller stamp duty? as the unit will reach 4 years next year February.
Hi Amy, As Mike has mentioned, the tenancy agreement is not likely to stand if this is brought up to the attention of the court since all owners need to agree to the tenancy. What are your expectations in this instance of the withdrawal if you have mentioned that you do not expect that you will recover the CPF put up for the downpayment? Regards, Geryl LIM Real Estate Director Masters Of Real Estate (L3010548F) CEA Reg R014783H Mobile: +65-81577565  /+65-92787772 Email: geryl7772@gmail.com M.O.R.E Landed Dynamic Alliance Home of *7772 Hotline Check out our latest Landed Dynamic Alliance 7772 mobile application on iOS or Android @ "Landed 7772" in Mobile Apps Store or Play Store now! Our next exhibition is on 2nd and 3rd August 2014. If you have missed out successful exhibition on 10th and 11th May, do not miss this opportunity again. Register your interest to attend this showcase event now! Read More
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  • AC
    Thanks for the info. Can I sort of give up my share of the property to the existing co-owners by engaging a lawyer to do the paper work? still have to bear the seller stamp duty? as the unit will reach 4 years next year February.

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