Yes, that's the proposed offer -- you got it.Is TS suggesting that he use his CPF OA to buy his mother's flat, then ask his mom to transfer the money back to him in private?
Love, abused.If that's the case, why would the mom accept such an arrangement!?
i did something like that to my mom, though not exactly.
there is trust between myself and my mom. she continues to come into the property as she like it. there is no difference in her lifestyle. i do not sabo my own mother.
Is TS suggesting that he use his CPF OA to buy his mother's flat, then ask his mom to transfer the money back to him in private? If that's the case, why would the mom accept such an arrangement!?
After reading through this thread, I am a little confused.
Is TS suggesting that he use his CPF OA to buy his mother's flat, then ask his mom to transfer the money back to him in private? If that's the case, why would the mom accept such an arrangement!?
If I am a parent and my child told me this deal, I would check his temperature!
Of course, my hypothetical example for discussion is: if mom doesn't want a single cent, does that mean i can get $x+$y out?
This is something that confuses me. Why your mom doesn't want a single cent after selling her flat to you? Unless you are saying that your mom is going to depend on you to look after her which I believe most parents do when they entrust their money to their offspring.
Dork32's scenario is different. In that case, a parent "traded down" but ended up with sole, clear title to a fully paid up (I assume) primary residence.
This is something that confuses me. Why your mom doesn't want a single cent after selling her flat to you? Unless you are saying that your mom is going to depend on you to look after her which I believe most parents do when they entrust their money to their offspring.
Just to clarify, mom determine $x for the flat. This is $y lower than current market price. Reason being flat is a few decades old now and she probably wishes to stay for XX more years here and decides $y is a discount in house value after XX years.
Now, either the transfer is done at $x, which i'm not sure it will go (as some of you have pointed out, on seller's mental competency, etc) or $x+$y (i.e market price), which i may get $y out of my CPF.
Of course, my hypothetical example for discussion is: if mom doesn't want a single cent, does that mean i can get $x+$y out?
some of these older people do not need money at all.
I think it is pretty obvious that if the mom is willing to give all her money from sale of flat to her son, it is not against the law. It is her money after all.