Will Of Hdb Flat

[quoo 0]

hi all,

Does a will works for Joint Tenancy ownership flat ?

A joint-tenancy is a form of ownership where all co-owners have an equal interest in the flat, regardless of the individual owner's contribution to buy the flat.In joint-tenancy, there is a right of survivorship.This means that upon the death of a joint-tenant, his interest in the flat will automatically be passed to the remaining co-owner(s), regardless of whether the deceased joint-tenant has left behind a Will.

[applefreak 1]

hi all,

Does a will works for Joint Tenancy ownership flat ?

A joint-tenancy is a form of ownership where all co-owners have an equal interest in the flat, regardless of the individual owner's contribution to buy the flat.In joint-tenancy, there is a right of survivorship.This means that upon the death of a joint-tenant, his interest in the flat will automatically be passed to the remaining co-owner(s), regardless of whether the deceased joint-tenant has left behind a Will

.

the explanation says it all doesn't it?

which part do you not understand???

[quoo 0]

My qn is which type of ownership is better ?

Tenancy in common or Joint Tenancy ? Why can't these 2 ownership joint to become only one ?

Edited June 22, 2008 by quoo

[applefreak 1]

only saw one question in your first post

anyway, the two ownership is different and caters to different people

that's why there's 2 types instead of one :bangwall:

there is no better type coz it's basically different

it depends on what are your needs

if you want to will your share of the flat/house/apartment away

then tenancy in common is the way to go

if you don't want anyone to fight over your share

then go for joint tenancy

this one cannot fight in court one

if really have to pick the best

then sole ownership will be the way to go

Edited June 22, 2008 by applefreak

[quoo 0]

only saw one question in your first post

anyway, the two ownership is different and caters to different people

that's why there's 2 types instead of one :bangwall:

there is no better type coz it's basically different

it depends on what are your needs

if you want to will your share of the flat/house/apartment away

then tenancy in common is the way to go

if you don't want anyone to fight over your share

then go for joint tenancy

this one cannot fight in court one

if really have to pick the best

then sole ownership will be the way to go

Thanks for the clarification !

But for HDB Flat, you will need min 2 owner, am i correct?

[junxian 0]

Refer to :

http://www.hdb.gov.sg/fi10/fi10201p.nsf/WP...ubMenu=Policies

[yokine9a 1]

Buy under Singles scheme just need 1 owner lor.

My dad bought a flat and signed joint tenancy ownership with my brother. My dad paid for the bulk of the mortgage, abt 90%. Few yrs later, my brother formed his family but still living with us. We couldn't get along well with more members (he has 2 kids) in the house and conflicts started to form. My dad wanted to sell the house so that 2 families could split, my brother demanded an equal share of the profit from selling the unit. He knew he could get it bcos of this stupid joint tenancy ownership. Those are my dad's hard earn $$, he refused and both of them fought like mad. In the end, they went to court.

We learned a lesson, always go for tenancy in common.

[applefreak 1]

Thanks for the clarification !

But for HDB Flat, you will need min 2 owner, am i correct?

nope, you don't need 2 owners

as long as you can form a family nucleus with your occupiers can liao

husband / wife can buy a flat with the spouse as occupier

child can buy a flat with parents as occupier

that solves the whole issue of ownership

however, do note that the person must be listed as the lessee if his/her cpf is to be used