Can Single Owner Sell Away The Hdb Flat?

[tweetie76 0]

I am curious can single owner sell the HDB ?

if this flat already fully paid and the first owner passed away, can the second owner sell the flat and get back the sales proceed in CASH ?

[raincole 0]

I am curious can single owner sell the HDB ?

if this flat already fully paid and the first owner passed away, can the second owner sell the flat and get back the sales proceed in CASH ?

It will have to depend on the ownership type - joint or tenancy-in-common.

[waileong 0]

1. Of course you can sell, if you are the sole owner

2. 100% cash not likely, unless you bought it with 100% cash.

[tweetie76 0]

It will have to depend on the ownership type - joint or tenancy-in-common.

hi raincole, so which one can sell ? i was told one owner cannot sell, eg widow

Edited September 11, 2007 by tweetie76

[applefreak 1]

why cannot sell???

difference between joint tenancy and tenancy-in-common

joint tenancy means if one owner passes on, ownership of the unit is automatically transferred to the remaining owner(s). wills have no over-riding power

tenancy-in-common means each owner will have a pre-agreed share of the unit

e.g. owner A 50% owner B 50%

if it's joint tenancy and two owners only, then when one owner passes on the remaining owner becomes the SOLE owner

then the sole owner can decide however to deal with the unit

there is no such thing as 'one owner cannot sell' :bleah:

if it's tenancy-in-common, the share of the deceased owner will be distributed according to the will or interstat law. in this case, the other owner cannot do anything about it...

[raincole 0]

Both can sell as long as the owner of the flat agrees upon the sale of flat.

The difference of the 2 is the ownership of the flat, whereby do 1 own all or only a certain % of the flat.

Another factor is when you have not meet the MOP of the flat, then also cannot sell. But in all cases, can always appeal.

[tweetie76 0]

Both can sell as long as the owner of the flat agrees upon the sale of flat.

The difference of the 2 is the ownership of the flat, whereby do 1 own all or only a certain % of the flat.

Another factor is when you have not meet the MOP of the flat, then also cannot sell. But in all cases, can always appeal.

the thing here is the flat is fully paid,MOP met. But if the first owner passed away..can the second owner sell off ?since the first owner already deceased, where will the sales proceed goes to ? if both owner already in their 60+..meaning no more active CPF account and they did not pledge the property.

[applefreak 1]

if that's the case

result = can sell, proceeds in cash

[waileong 0]

the thing here is the flat is fully paid,MOP met. But if the first owner passed away..can the second owner sell off ?since the first owner already deceased, where will the sales proceed goes to ? if both owner already in their 60+..meaning no more active CPF account and they did not pledge the property.

Are you sure no active CPF account? I thought the CPF account will be there as long as you live, whether or not it's active (ie contributions or withdrawals).

I think that the appropriate portion of sale proceeds will go back to CPF, and if they are entitled to withdraw everything, then they will still have to go through the motion of withdrawing everything. But the greatest worry is whether the Minimum Sum will still apply to those even in their 60's. If so, then they won't get everything.

[tweetie76 0]

Are you sure no active CPF account? I thought the CPF account will be there as long as you live, whether or not it's active (ie contributions or withdrawals).

I think that the appropriate portion of sale proceeds will go back to CPF, and if they are entitled to withdraw everything, then they will still have to go through the motion of withdrawing everything. But the greatest worry is whether the Minimum Sum will still apply to those even in their 60's. If so, then they won't get everything.

both the owner have no CPF active, cos the 1st owner already 80+..the 2nd owner 60+..the house was like 30+yrs old, last time they use CASH to service the loan..Single owner can sell the flat

http://www.hdb.gov.sg/fi10/fi10203p.nsf/WP...ed?OpenDocument

[applefreak 1]

even if they had serviced the flat using their cpf

as long as they didn't pledge the property towards the minimum sum can still get all the proceeds in cash

[waileong 0]

even if they had serviced the flat using their cpf

as long as they didn't pledge the property towards the minimum sum can still get all the proceeds in cash

That's the point. It's not about pledging. It's the fact that there is a minimum sum. The only thing is I'm not familiar if those in their 60's and 80's today are affected by it. If so, then you can bet CPF will retain the $$$ even if the flat was not pledged.

However, if everything was serviced by cash, then CPF has got nothing to say.

[applefreak 1]

hmm, thought the minimum sum would have to be fulfilled if they didn't pledge?

if dun have the minimum sum then MUST pledge

Edited September 12, 2007 by applefreak

[tweetie76 0]

hmm, thought the minimum sum would have to be fulfilled if they didn't pledge?

if dun have the minimum sum then MUST pledge

they no need to meet the minumum sum,

[tweetie76 0]

i have got my answer.. for Joint Tenancy,if one owner deceased, the suriving one owner can sell..Tenancy in common, surviving owner cannot sell as there is no surviorship dosent apply..so pls check the type of tenancy carefully..