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Free advice/discussion on buy/sell of Resale flat (Part 6)

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Old 28-05-2013, 12:23 PM   #1
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Smile Free advice/discussion on buy/sell of Resale flat (Part 6)

The first post of this thread will be the various scheme and grant, eligiblity for HDB loan , and any updated new rules affecting all these on the HDB resale market.


1. ) Check whether you are eligible to buy BTO, or resale HDB flat.

Please click : Eligibility Check for purchase of new or resale HDB flat
________________________________________________________

2. ) Check on recent transacted prices , map location and amenties nearby

Please click : Recent transacted Prices for resale flat by BLOCK

Please click : Recent transacted Prices for resale flat by Estate
________________________________________________________

Some things to do before proceeding to sell a HDB flat:

1) Click : Enhanced Resale Checklist for Sellers

2) Click : Request for valuation report

3) Click : Check Minimum Occupation Period or Eligibility to sell

4) Click : Check Ethnic Integration Policy & SPR Quota

5) Click : Download Option To Purchase (OTP) Contract

6) Click : Cost Involved for Selling your HDB flat

7) Click : To check Sale Proceeds (Profit after selling)

8) Click : Housing grant for resale flat purchase (if eligible)

-vinz
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Last edited by vinz; 06-05-2016 at 02:21 PM..
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Old 28-05-2013, 12:38 PM   #2
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Hi all,

The previous Five threads on resale and housing matters had gotten too long. So I am starting a new one (Part 6) today.

I log in almost daily, if anyone got any questions bugging you about housing matters, pls feel free to ask, it's good to share my knowledge if I can be of some help.

Regards,
vinz

Note: Please refer to previous thread if you have time to browse through all the qns some other homeowners asked me previously. if not u can post your qns here and see what we can do to advice you.

Previous link:
Part 5: Free advice/discussion on buy/sell of Resale flat (Part 5)
Part 4: Free advice/discussion on buy/sell of Resale flat (Part 4)
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Old 28-05-2013, 12:39 PM   #3
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Hi vinz,
Let me be first in this thread.

My father and unmarried sister are joint-owner of a 4rm flat as second timers. The flat is being financed entirely by my sister. Now I wish to withdraw my father, who is age 86, as co-owner of the flat as my sis should be able to own the flat singly as she is well above age 35. Is stamp duty payable for transferring full ownership to my sis at no consideration?

I am a sole owner of a fully paid E flat. I wish to include my father as joint-owner at no consideration. Is stamp duty payable?

Subsequently, I wish to withdraw my name as co-owner of the flat leaving my father as the sole owner at no consideration. Is stamp duty payable.

Have written to IRAS/HDB but answers are not clear with both parties are pushing to one another.

Any personal experience in above situations?
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Old 28-05-2013, 01:54 PM   #4
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looking for general advice...buying a house kinda complicated..

situation: singapore citizen and foreigner wife...married in january this year...wife applied for PR still waiting for results

my income is 5k/month and my wife income is 8k/month...wife currently working in japan and planning to move to singapore at the end of the year...she has never lived/worked here (we studied and lived together in canada)

some immediate questions:

1) understand from hdb website that we can buy a resale hdb unit under the non-citzen spouse scheme...

question 1: what is the difference if we buy under this scheme with her holding a long-term visit pass/work permit compared to buying under the public scheme should her pr application be approved?

2) understand that our combined income is more than 13k so we will not be able to buy a new hdb flat...

question 2a: how will HDB determine my wife's income considering she does not work in singapore and has no tax record? is it through a declaration or documentary evidence (i.e., payslip)?

question 2b: if she has to submit payslip, does she need to translate her payslip to english and on what exchange rate will the conversion be based on?

question 2c: she will be quitting her job towards the end of this year to move to singapore...so she will be unemployed until she get a new job...does it make any sense for her to hold off getting a new job? with her unemployed our combined income will drop drastically from 13k to 5k!? does that mean then we could buy a new flat and qualify for grants?! seems ridiculous to me...

3) are bank loans our only option?

4) our combined savings is about 200k cash and i have about 100k in CPF...should we be considering buying private property?

5) are there any specific matters we should be aware of as a singapore-foreigner couple?

thanks!
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Old 28-05-2013, 02:01 PM   #5
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Saw some resale hdb adv and indicated GTA united...

What is GTA united?

Thanks.
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Old 28-05-2013, 04:41 PM   #6
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Saw some resale hdb adv and indicated GTA united...

What is GTA united?

Thanks.
google help

GTA UNITED - (Established Since Year 2009) is one of the largest and strongest division in DENNIS WEE GROUP SINGAPORE .
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Old 28-05-2013, 04:45 PM   #7
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some immediate questions:

1) understand from hdb website that we can buy a resale hdb unit under the non-citzen spouse scheme...

question 1: what is the difference if we buy under this scheme with her holding a long-term visit pass/work permit compared to buying under the public scheme should her pr application be approved?
if buy resale. No different.

2) understand that our combined income is more than 13k so we will not be able to buy a new hdb flat...

question 2a: how will HDB determine my wife's income considering she does not work in singapore and has no tax record? is it through a declaration or documentary evidence (i.e., payslip)?

question 2b: if she has to submit payslip, does she need to translate her payslip to english and on what exchange rate will the conversion be based on?
personally, I don't think HDB will look at oversea pay.

[QUOTE]question 2c: she will be quitting her job towards the end of this year to move to singapore...so she will be unemployed until she get a new job...does it make any sense for her to hold off getting a new job? with her unemployed our combined income will drop drastically from 13k to 5k!? does that mean then we could buy a new flat and qualify for grants?! [ /QUOTE]
Provided she can get PR or else.. no new flat


4) our combined savings is about 200k cash and i have about 100k in CPF...should we be considering buying private property?
U can
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Old 28-05-2013, 08:53 PM   #8
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Hi vinz,
Let me be first in this thread.

My father and unmarried sister are joint-owner of a 4rm flat as second timers. The flat is being financed entirely by my sister. Now I wish to withdraw my father, who is age 86, as co-owner of the flat as my sis should be able to own the flat singly as she is well above age 35. Is stamp duty payable for transferring full ownership to my sis at no consideration?

I am a sole owner of a fully paid E flat. I wish to include my father as joint-owner at no consideration. Is stamp duty payable?

Subsequently, I wish to withdraw my name as co-owner of the flat leaving my father as the sole owner at no consideration. Is stamp duty payable.

Have written to IRAS/HDB but answers are not clear with both parties are pushing to one another.

Any personal experience in above situations?
Hi,
I have a friend who put his name as owner to take up payment of his parents flat. Stamp fees was paid

For your case, since both flat is fully paid, you need to check with HDB branch office directly, they can give you the answer on the spot. Drop by their office during office hour to do a check.

From what I had gathered from HDB website: Transfer flat ownership

The fees payable by the current flat owners and the proposed owners include
Stamp fees
Conveyancing fees
Administrative fees
The amount payable would depend on the flat type, actual loan amount, share of ownership being transferred, etc

vinz
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Old 28-05-2013, 09:20 PM   #9
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singapore citizen and foreigner wife...married in january this year...wife applied for PR still waiting for results

my income is 5k/month and my wife income is 8k/month...wife currently working in japan and planning to move to singapore at the end of the year...she has never lived/worked here (we studied and lived together in canada)

some immediate questions:

1) understand from hdb website that we can buy a resale hdb unit under the non-citzen spouse scheme...
Yes, you are correct.
question 1: what is the difference if we buy under this scheme with her holding a long-term visit pass/work permit
Only can buy Resale flat, no grant, and only with bank loan.
compared to buying under the public scheme should her pr application be approved ?
Can apply for BTO, or resale flat , can apply for grant and HDB loan if eligible (income).

2) understand that our combined income is more than 13k so we will not be able to buy a new hdb flat...
Unless she becomes a PR, if not as a long term visit pas/ work permit, you are also not eligible for a brand new HDB flat.

If PR, then the income criteria of 10k for HDB loan comes into play, and that is also the limit if you want to apply a BTO). Only for a brand new Executive Condo is the maximum income level set at 12k.
question 2a: how will HDB determine my wife's income considering she does not work in singapore and has no tax record? is it through a declaration or documentary evidence (i.e., payslip)?
This will be on a case by case basis, most likely some documentary proof is needed if you want to use her income as proof for a loan. And of course if she wants to declare as not employed, she will need to do a Statutrory Declaration in front of a HDB officer, and any false declaration if found out at a later stage, I think the consequences is much worse because she is still not a sporean or PR.
question 2b: if she has to submit payslip, does she need to translate her payslip to english and on what exchange rate will the conversion be based on?
You need to write in to HDB to check, or why not do a HDB loan eligibility letter (HLE) and see what is required. You never do, you never know what is required.

Pls click : How to Apply for HLE
question 2c: she will be quitting her job towards the end of this year to move to singapore...so she will be unemployed until she get a new job...does it make any sense for her to hold off getting a new job? with her unemployed our combined income will drop drastically from 13k to 5k!? does that mean then we could buy a new flat and qualify for grants?! seems ridiculous to me...
Why is it ridiculous? $5k household salary falls within the BTO salary range, and also the HDB loan range, and also the grant range. (Of course she must be a PR to qualify for all these)
3) are bank loans our only option?
Depends on whether is it a foreigner spouse , or Singapore + PR.
4) our combined savings is about 200k cash and i have about 100k in CPF...should we be considering buying private property?
Private housing is at an all time high. If your income level is at $13k, I guess you are able to afford getting a private property.
5) are there any specific matters we should be aware of as a singapore-foreigner couple?
Check out on the loan part first, as you would most likely be required to take up a loan.

good luck

If you need further help, you can email me vinz@hotmail.com

-vinz

Last edited by vinz; 28-05-2013 at 09:22 PM..
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Old 29-05-2013, 12:43 AM   #10
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Hi,
I have a friend who put his name as owner to take up payment of his parents flat. Stamp fees was paid

For your case, since both flat is fully paid, you need to check with HDB branch office directly, they can give you the answer on the spot. Drop by their office during office hour to do a check.

From what I had gathered from HDB website: Transfer flat ownership

The fees payable by the current flat owners and the proposed owners include
Stamp fees
Conveyancing fees
Administrative fees
The amount payable would depend on the flat type, actual loan amount, share of ownership being transferred, etc

vinz
I am trying to get exemption based on the following Act but IRAS/HDB can't give clear answer.

CONDITIONS FOR REMISSION OF DUTY
1. No consideration is given to the outgoing lessee of the HDB flat except for the repayment to his Central Provident Fund account .....

2. The incoming lessee (if any) of the HDB flat —

(a) is a member of the immediate family of any remaining lessee of the
HDB flat;

(b) is authorised to stay in the HDB flat by the Housing and Development
Board; and

(c) is a citizen or a permanent resident of Singapore.

3. At least one of the following persons remains a lessee of the HDB flat after
the transfer:

(a) any person named in the latest preceding agreement for lease of the
HDB flat on which ad valorem duty had been paid;
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Old 04-06-2013, 11:18 AM   #11
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Transfer of Ownership

Hi,

Parents divorced and ownership of a 4 room HDB (from father) was transferred to 30 year old son. HDB was fully paid for many years ago.

Son wants to transfer his share to his mum. No CPF from son was used.

How long does the application takes? What are the other implications?

Many thanks.
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Old 04-06-2013, 12:52 PM   #12
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Hi,

Parents divorced and ownership of a 4 room HDB (from father) was transferred to 30 year old son. HDB was fully paid for many years ago.

Son wants to transfer his share to his mum. No CPF from son was used.

How long does the application takes? What are the other implications?

Many thanks.
See HDB branch office. The process takes about a month.

The issue is whether the stamp duty or transfer fee (in thousand of dollars based on valuation of flat) will the imposed. Admin and other fees (about hundred dollars) are negligible.
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Old 04-06-2013, 10:26 PM   #13
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hi vinz,

considering to buy a resale flat without agent.. however, do we need to pay anything to the seller's agent if he is represented by an agent?

given a large number of hdb flat for sale listings online and in newspapers are by agents, how easy is it for us to identify those that we wish to DIY without agents representing us buyers, so we only want to find agents that represent the seller side..?

http://www.cea.gov.sg/cea/content/bi...esentation.pdf
The salesperson also cannot force someone to engage him and pay him commission if they are interested in the property. For instance, he cannot deny property viewing opportunity to a consumer who did not want to engage him. If the consumer is interested and does not intend to engage a salesperson, he can still try to participate and cannot be blocked from expressing interest or making an offer for the property.
for example, if i see a listing in newspaper by an agent, but I wish to view/purchase the property DIY without an agent representing the buyer side, how can I make sure to be able to do this without the listing agent/person denying us the chance to view just because we want to DIY and avoid paying any commission

thanks in advance
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Old 04-06-2013, 11:27 PM   #14
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Hi,

Parents divorced and ownership of a 4 room HDB (from father) was transferred to 30 year old son. HDB was fully paid for many years ago.

Son wants to transfer his share to his mum. No CPF from son was used.

How long does the application takes? What are the other implications?

Many thanks.
its more than that. if he transfer the unit to his mother, the $ is all his mother liao. 0 for his dad because they are divorced. fair to his father?

if he transferred to his mum n mother remarried liao, how many % can he get if his mother passed away? the father sure dui until siao. transfer to son, end up transfer to wife
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Old 05-06-2013, 12:03 AM   #15
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Hi Vinz, I am very confused about all the changing HDB policy. Your help in answering some of my questions will be very mcuh appreciated.

I am a single singaporean, above 35 years, income >$5000. I understand that each singaporean can buy 2 hdb flat (?). Is there anyway I could purchase a new HDB flat with my mother? She currently co-own a HDB flat with my father (paid off, bought directly from HDB >10 years ago). Thanks for your help.
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