Joint owner in flat and Inheriting another flat

[repentance]

Hi all,

My sis and I are considering getting a resale flat under the joint singles scheme.

Would like to ask some questions here to clarify what is the course of action should parents pass on and leave their current flat equally to us.

Options 1: Sell off parents flat (fully paid up using CPF 60K, now valued around 400k)

1) How would the proceeds be credited part CPF, part cash? What portion of each?

Options 2: My sis would take over parents flat
1) That means my sis would need to transfer the joint ownership of the resale flat and make me sole owner?

2) If she used e.g 100K from CPF to pay for the resale flat, that would mean I need to put back 100K into her CPF (plus interest)?

 

[Some-one]

Based on intestacy law (provided there is no will), the deceased flat would be considered as part of his/her asset that would be divided equally among the children so you and your sis would each get half of the proceeds. Since the owner has passed away, it would be paid back in cash.

For option 2), both answers are yes.

Hi all,

My sis and I are considering getting a resale flat under the joint singles scheme.

Would like to ask some questions here to clarify what is the course of action should parents pass on and leave their current flat equally to us.

Options 1: Sell off parents flat (fully paid up using CPF 60K, now valued around 400k)

1) How would the proceeds be credited part CPF, part cash? What portion of each?

Options 2: My sis would take over parents flat
1) That means my sis would need to transfer the joint ownership of the resale flat and make me sole owner?

2) If she used e.g 100K from CPF to pay for the resale flat, that would mean I need to put back 100K into her CPF (plus interest)?

 

[repentance]

Based on intestacy law (provided there is no will), the deceased flat would be considered as part of his/her asset that would be divided equally among the children so you and your sis would each get half of the proceeds. Since the owner has passed away, it would be paid back in cash.

For option 2), both answers are yes.

Thanks for the speedy reply.

So if I couldn't pay up the 100K, it would mean the parents flat would by default go into the open market?

Right now we thinking between either two get 2 separate singles BTO or 1 resale flat, and so are trying to work out the different scenarios.

Quite headache.

 

[kingkongikiss]

Thanks for the speedy reply.

Right now we thinking between either two get 2 separate singles BTO or 1 resale flat, and so are trying to work out the different scenarios.

Quite headache.

i think 2 is better, and bto is cheaper than resales, BUT once u sold any hdb when buying bto flat = 2nd timer .. 2 single bto is better because next time both of u also need marry right?

in fact, min all tax , fee and taking new loan for new flat those interest rate in the end cost more,

 

[Some-one]

Thanks for the speedy reply.

So if I couldn't pay up the 100K, it would mean the parents flat would by default go into the open market?

Right now we thinking between either two get 2 separate singles BTO or 1 resale flat, and so are trying to work out the different scenarios.

Quite headache.

You should be able to pay by cash. If not enough cash, then you might want to think of selling the deceased flat.

 

[repentance]

i think 2 is better, and bto is cheaper than resales, BUT once u sold any hdb when buying bto flat = 2nd timer .. 2 single bto is better because next time both of u also need marry right?

in fact, min all tax , fee and taking new loan for new flat those interest rate in the end cost more,

Haha...the marriage part....sometimes can't be helped.

I think the 2 Singles BTO is more clear cut and neat as suggested by another person.

Just that location and luck of draw needs to come together, selling off the 2 room BTO is also an unknown as can't really tell the demand of such units. If 2 room BTO continues to be in less popular locations, then its a minus point to the potential buyer.

You should be able to pay by cash. If not enough cash, then you might want to think of selling the deceased flat.

One lump sum of cash? Quite xiong...and the 100k is just example, likely to be 2 times or more.

I think realistically more likely have to sell off the parents flat when this situation happens.

 

[kingkongikiss]

if your sister can be trust, use her name and sell of the property , and join name to buy a new bto with her later. because this way can apply for bto as first timer.

 

[repentance]

if your sister can be trust, use her name and sell of the property , and join name to buy a new bto with her later. because this way can apply for bto as first timer.

I'll try to understand.

When you say "she sell off the (parents) property", at that point in time is she or myself owning any other flats (resale/singles BTO)?

 

[Some-one]

Haha...the marriage part....sometimes can't be helped.

I think the 2 Singles BTO is more clear cut and neat as suggested by another person.

Just that location and luck of draw needs to come together, selling off the 2 room BTO is also an unknown as can't really tell the demand of such units. If 2 room BTO continues to be in less popular locations, then its a minus point to the potential buyer.



One lump sum of cash? Quite xiong...and the 100k is just example, likely to be 2 times or more.

I think realistically more likely have to sell off the parents flat when this situation happens.

2-room BTO are not in mature estate and it is too small even for a couple with no kids. Don't buy such units. Get a resale 3 room unit in mature estate at least. The 100K is probably one lump sum unless you want to borrow from bank. If you borrow from bank, you can probably do a monthly payment.

 

[repentance]

2-room BTO are not in mature estate and it is too small even for a couple with no kids. Don't buy such units. Get a resale 3 room unit in mature estate at least. The 100K is probably one lump sum unless you want to borrow from bank. If you borrow from bank, you can probably do a monthly payment.

Thats true.

At the moment, I am also leaning towards the 3 room resale at good location at near mrt. Look look see see.

 

[noel13]

Go for resale.

2 room bto??
Getting 1 is already very hard. More over u guys wanna get 2

Go for resale if possible.

 

[repentance]

Go for resale.

2 room bto??
Getting 1 is already very hard. More over u guys wanna get 2

Go for resale if possible.

Still scouting around. Hope to get one that doesnt stretch the finances, cause both of us are self-employed.

 

[noel13]

Still scouting around. Hope to get one that doesnt stretch the finances, cause both of us are self-employed.

There is few which is less than 290k. Stretch a bit more.

 

[repentance]

Would like to seek clarification on another option.

Lets say I decided to plan to stay in Thailand for retirement and I purchase a condo over there.

When my parents pass on and leave their HDB flat to me,

1) Could I rent out the whole flat (in Singapore), while still staying in overseas?
2) If the first question is valid, are there any MOP to take into account?

 

[cheongking888]

Would like to seek clarification on another option.

Lets say I decided to plan to stay in Thailand for retirement and I purchase a condo over there.

When my parents pass on and leave their HDB flat to me,

1) Could I rent out the whole flat (in Singapore), while still staying in overseas?
2) If the first question is valid, are there any MOP to take into account?

Your this scenario seems too far ahead.


By the time when your parents pass on, the rules may have changed.


Remember, SG government change laws and rules very quickly.