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Why is it so that HDB only issue one cheque for sales proceed to married couple and it has to be deposited to a joint name account ? Can’t they issue two cheques with 50% proceeds amount to each party separately? There is a chance that either party will transfer the whole sum to their own personal account. How to prevent this?
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6 Answers

Good morning,

Unless there is a court order stating the proceeds will be legally divided in 50%/50% allocation, HDB will typically issue a cheque in your joint names so that it can only be deposited into a joint name account and ensure all owners decide together on what to do with all the proceeds.

If your joint account is a joint-all bank account, all account owners need to consent before any banking operations can be done. Hence your account probably is not set up that way which is why your concern has arise. You have to give instructions to the bank to change it to a joint-all bank account.
More details here: https://www.moneysense.gov.sg/articles/2018/11/understanding-bank-accounts

Hope the above clarifies. May I have more info and requirements about your plans so as to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,

Ivan Ng Realtor
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Hi,

Very simple...If you wish to have 2 cheques being issued to you, then just engage a private law firm will do instead of using HDB.

Regards
Aaron
 9730 8455 
aaronchong2774@yahoo.com.sg Read More
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Hi Sir/Mdm,

For a HDB under a joint tenancy, HDB will only issue 1 cashiers order in both parties name. You will need to have a joint account to deposit the funds. If you wish for the sale proceeds to be distributed in individual names, it is also possible but you will need to engage a private lawyer instead of a HDB lawyer to do the conveyancing for you.

Please feel free to contact me so that I can understand your concerns and assist you further!

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You may wish to appoint a private lawyer to handle this for you in this case and instruct the lawyer to make arrangements for the proceeds to be split accordingly, but do take note that the legal fees will be more expensive that engaging HDB to do the conveyancing.

I have been in the real estate business since 2009, with more than 13 years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

Over the years, I have also established a network reaching out to more than 9,400 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.

With an evolving market, where change is the only constant, I have also been investing in upgrading of my knowledge and skills sets to improve myself and meet the demands of current and future market.

We are offering our clients a complimentary first consultation without obligations (Absolutely FREE!). Schedule for your FREE session today!

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1
Hi,

1) The HDB conveyance lawyer will only do the standard process and minimum paperwork. They will instruct the buyers' law firm on the number of cashier orders and the amount on each to disperse to different parties in this transaction.
2) So the cashier order to sellers will be a single cashier order bearing all owners' names and let them settle themselves. The HDB lawyer will not entertain any requests or queries from the clients. They are just there to complete the legal process.
3) You can only put up a request to the private conveyance lawyer on how you wished to receive your cash proceeds.
4) The difference in fees between the HDB and private lawyers could range from $200~$350.

Please give me a thumbs-up if the answer provided is relevant to your main concern. Thanks!!!

Hope the above answer your main concerns, but if there are more query, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
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Get a law firm (instead of hdb) to represent you in the sale.

The law firm can divide the proceeds 50-50.

However, both the sellers must agree that the proceeds will be divided 50-50 (and the law firm will get both sellers to sihn off the paperwork)

Ravin KNIGHT FRANK
Hp 9798-5917  Read More
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