Stamp Duty Payable For Inclusion Of New Names?

[wildfaye29 0]

Hi there, a private property (fully paid) is currently co-owned by 2 persons (50%/50%).

If the 2 owners would like to add in their 2 children's name to become (25/25/25/25), is stamp duty payable? Or any other sort of taxes and duties payable? And at what rates?

What needs to be done in order to add in the new names? And any sort of fees payable?

Appreciate if anyone could answer these questions.

Thanks!

[yoongf 11]

There is no such thing as "include names, transfer, pass, give" when it comes to propety ownership. We dun talk about inheritance for now.

Co-owned by 2 person does not mean 50-50 unless ownership is specifically registered as "tenancy in common"

If want to add name, it is a full sales and purchase agreement with legal fees and stamp duty is payable. By default, it will be joint ownership. If got outstanding loan, it must be redeemed first.

[GMC 12]

Hi there, a private property (fully paid) is currently co-owned by 2 persons (50%/50%).

If the 2 owners would like to add in their 2 children's name to become (25/25/25/25), is stamp duty payable? Or any other sort of taxes and duties payable? And at what rates?

What needs to be done in order to add in the new names? And any sort of fees payable?

Appreciate if anyone could answer these questions.

Thanks!

Drafting a will is cheaper, since it is fully paid, dont see the need of the additional ownership.

[wildfaye29 0]

Hi both, thx for ur replies.

Reason for asking is becos parents r >65. Intend to reconstruct, but banks would not loan. Children would like to take up the mortage (aft the initial reconstruct loan becomes mortage loan when it TOP). Also children will use cpf funds to pay the mortage.

Is there a work around? Prefer to use cpf to pay instead of cash.

Thanks!

[GMC 12]

Hi both, thx for ur replies.

Reason for asking is becos parents r >65. Intend to reconstruct, but banks would not loan. Children would like to take up the mortage (aft the initial reconstruct loan becomes mortage loan when it TOP). Also children will use cpf funds to pay the mortage.

Is there a work around? Prefer to use cpf to pay instead of cash.

Thanks!

Ask parent to sell you + new owner cheap (pay lesser stamp duty), the sales proceeds given to your parents used to reconstruct....

[pantieileen 2]

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Edited October 12, 2011 by pantieileen

[godloveyou 0]

Hi both, thx for ur replies.

Reason for asking is becos parents r >65. Intend to reconstruct, but banks would not loan. Children would like to take up the mortage (aft the initial reconstruct loan becomes mortage loan when it TOP). Also children will use cpf funds to pay the mortage.

Is there a work around? Prefer to use cpf to pay instead of cash.

Thanks!

Download the file & read, will give you better picture.

http://www.iras.gov.sg/pv_obj_cache/pv_obj...ift%20Cases.pdf

http://www.goenbloc.com/Legal/laws.htm

Edited January 17, 2011 by godloveyou

[GMC 12]

agreed coz this was exactly what i did after exploring 101 legal loopholes

20% below valuation is fine. dont go too extreme.

cash out everything, after reconstruction, use balance money to do partial repayment.

[home62 0]

20% below valuation is fine. dont go too extreme.

cash out everything, after reconstruction, use balance money to do partial repayment.

If too much under value, might get yourself in trouble with the authorities. How about loan by them and you guys be the guarantor? Might work with some banks.

[pantieileen 2]

.

Edited October 12, 2011 by pantieileen

[pantieileen 2]

If too much under value, might get yourself in trouble with the authorities. How about loan by them and you guys be the guarantor? Might work with some banks.

Another way i thought was to explore the option of reconstruction or renovation loan which alot of banks now are happy to provide. I guess negative of this would be the loan tenure would be shorter, interest higher and cannot use CPF.

Then again, buying with your sibling would also mean you or your sibling will no longer be qualified to purchase HDB if you do not own one now.

[therat 18]

Then again, buying with your sibling would also mean you or your sibling will no longer be qualified to purchase HDB if you do not own one now.

Not just that.

If the sibling want to marry and plan to buy HDB, the sibling need to sell away the private property within 6 mth. And that is for resale HDB w/o CPF grant, w/o HDB loan.

By then, how old is your parent?

will any bank loan them?

Where will the parent stay?

If want to buy new HDB, or take HDB loan, take CPF grant.

Need to sell away the private property and wait for 30 mths.

By then, same question. Stay where?

Rent?

[GMC 12]

I don't think u can do below valuation. When i did mine, Citibank, OCBC and StanChart was very conservation. Can't even let me buy $10 cheaper than valuation.

Surprisingly DBS which i thought was the niowest said can allow probably 5-10% than valuation but i still bought from my dad at valuation price. The rationale was just to play safe since my bf is a civil servant so better don't hanky panky with the law. Stamp duty in the end still go to govt so maybe they want to make more money.

There is no law to stop parents selling cheap to children, it lightens the kids burden.

BUT if there is existing mortgage in the parents name, then the bank has the right to interfere in the selling price.

[GMC 12]

If too much under value, might get yourself in trouble with the authorities. How about loan by them and you guys be the guarantor? Might work with some banks.

Just prepare to go for interviews at iras (if any), govt cannot stop us from selling cheap. it is a form of charity.

If the house was paid thru proper our proper declared wages and earnings, what can the govt say.?

Why I say +/- 20%? valuers and banks does stretch that much.

[GMC 12]

Another way i thought was to explore the option of reconstruction or renovation loan which alot of banks now are happy to provide. I guess negative of this would be the loan tenure would be shorter, interest higher and cannot use CPF.

Then again, buying with your sibling would also mean you or your sibling will no longer be qualified to purchase HDB if you do not own one now.

I believed it is the Son and DIL buying over.