Jump to content
Find Professionals    Deals    Get Quotations   Portfolios
Sign in to follow this  
wildfaye29

Stamp Duty Payable For Inclusion Of New Names?

Recommended Posts


Join 46,923 satisfied homeowners who used renotalk quotation service to find interior designers. Get an estimated quotation

Hi all, thanks very much for the replies.

Ppty is fully paid.

Parents are >65.

Transferees are 'only son' + daughter-in-law.

Parents will stay within the same household.

Son+DIL want to use CPF to finance the ppty.

Definately need to have son+dil name in the ppty of not cannot use their cpf to fund the ppty.

 

Share this post


Link to post
Share on other sites
Add in 2 more names as tenancy in common but property already paid then so what? U pay $ to govt to stamp duty then? Since the unit already fully paid, you get $ from who to do renovation?

very good questions, dats wat i intend to find out, dats y i'm enquiring?

when i said fully paid, i was informing of the status, i do not know if there's any impact if we had to add in names or any impact on the stamp duty payable.

i was also answering 'therat's' question if there is any o/s loan. as of now, the only impact i know is we would hav to redeem this existing loan if it is still o/s in the event we have to re-mortgage of some sort.

we dun hav the funds of 0.5M dats y we intend to take up a construction loan converted to mortgage loan after TOP and use CPF to pay it off. dats where the most prob source of funds. dats y wanted to include additional names, else cant use cpf, dats y im exploring on the ways to do this and if stamp duty is payable.

im not familiar with ppty laws and taxes to begin with, thats y im here to find out more in addition to google-ing. im trying to make as much sense of wats been provided so far, thank you everyone. common sense on this topic, im sorry, i dun hav much to begin with. thank you.

 

Share this post


Link to post
Share on other sites
very good questions, dats wat i intend to find out, dats y i'm enquiring?

when i said fully paid, i was informing of the status, i do not know if there's any impact if we had to add in names or any impact on the stamp duty payable.

i was also answering 'therat's' question if there is any o/s loan. as of now, the only impact i know is we would hav to redeem this existing loan if it is still o/s in the event we have to re-mortgage of some sort.

we dun hav the funds of 0.5M dats y we intend to take up a construction loan converted to mortgage loan after TOP and use CPF to pay it off. dats where the most prob source of funds. dats y wanted to include additional names, else cant use cpf, dats y im exploring on the ways to do this and if stamp duty is payable.

im not familiar with ppty laws and taxes to begin with, thats y im here to find out more in addition to google-ing. im trying to make as much sense of wats been provided so far, thank you everyone. common sense on this topic, im sorry, i dun hav much to begin with. thank you.

the question is, is ur parents having joint-tenancy or 50/50 share?

 

Share this post


Link to post
Share on other sites
I believe it should be joint tenancy, its the usual/normal type i tink. Does it have any impact?

Thanks!

if it is a 50/50 ownsership, get a valuation of the house, you and your spouse can "buy over" 25% from father and 25% from mother. and pay the stamp duty of the value involved.

by doing this, you and your spouse will owned 50%, then 4 of your will be eligible for a loan for the reconstruction.

if it is a joint tenancy, you got to go thru the lawyers, pay about $1k+ to reverse into tennacy-in-common. then you buy over........blah blah....

Edited by GMC
 

Share this post


Link to post
Share on other sites
ai ya..

I'm lost :P

1. When arrange for mortagag loan, MUST indicate the ownership methods of property is "Joint tenancy" or "Tenancy in common".

Joint tenancy - if one owner dies, the surviving joint tenant immediately becomes the owner of the whole property. This is called a Right of Survivorship. This type of ownership is generally used by married couples.

Tenacy in common - upon the death of one co-owner, his or her interest will not pass to the surviving owner or owners, but will pass according to his or will. If there is no will, his or her share will pass according to the law determining heirs. Ppls choose this method if co-owners are just friend/relative/colleagues...Believed the TS's case is this.

Existing co-owner can always transfer his name out and insert his appointed name with same amount of share in the property, this is the transfer of title, can only be done by lawyer with a consideration of stamp duty to make the document valid. Lawyer will have to work with other co-owners and bank( if o/s loan) & these entities have rights to object to the transfer. O/S mortgage loan amount remained unchanged = no money out!But method of instalment payment can be modified with fundamental terms unchanged. Very tedious process.

Another transfer of title, of course can be done through prevailing buy & sell practise. "old" loan will be terminated and "new" loan with new owners will be established. Pte property's valuation value is quite "negotiable", for banks.

Edited by bepgof
 

Share this post


Link to post
Share on other sites

The process of adding name is not as simple as it may sound.

My hubby and his parents own a condo before we got married. After we got married, they wanted to add my name so that I can help to finance. I know we had to show a transfer of cash of S$250k+ to reflect that it was a legal transactions. I recalled it had to come in the form of money order? or something to that effect not just writing a cheque.

In addition, after my name is added, it had to be "tenancy in common". We cannot choose the joint tenant option. As my hubby has 4 other siblings I personally think it's important to ensure that we are joint tenant. So it was several years after that paperwork was done that we got the lawyer to convert joint tenancy.

We wanted to leave our current house to our son. We've 2 other daughters. When we bought the house, we wanted to include his name but we can't as he is a minor. I think we might have to either will it to him or do such paper work again when he has grown up.

But it's the part where, the cash transfer must actually takes place is complicated as for those without a loan, you probably need to have that amt of $ to do this paperwork.

 

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • advertisement_alt
  • advertisement_alt
  • advertisement_alt
Aura Sink download renotalk renovation guide


×