How to transfer ownership of private property

[sunbox]

Currently our condo is in my and spouse names. I am paying 100% mortgage currently. How to transfer ownership from my wife’s name to my name. Planning to by second house on wife’s name to avoid ABSD.

 

[NiShiZhu]

Currently our condo is in my and spouse names. I am paying 100% mortgage currently. How to transfer ownership from my wife’s name to my name. Planning to by second house on wife’s name to avoid ABSD.

Decouple.
Do a valuation of your current property, say 1mil, assuming 50% equal ownership for both, then The buyer (which is u) has to pay a stamp duty of 500k x 3/100 - 5400 = $9600 when buying over her share.

Plus, legal fee, u need to pay around 6k, one lawyer representing u another representing your wife.

Then get loan approval from bank (treated as new loan) when u buy over her share as this will be treated as new sales and u will be tied down with 3 years SSD.

 

[henrylbh]

Go see a lawyer. Of course, you will incur legal fee and proportionate amount of stamp duty and make sure your spouse is discharged from the mortgage. And whether you are still eligible to reschedule the loan as a single mortgagor.

 

[yoongf]

Stamp duty for amt abv 1mil is now 4%.

Will need a new loan application. TDSR rules will apply.

Interest rates shd be dropping soon. Indeed a good time to refinance.

 

[bolster]

Currently our condo is in my and spouse names. I am paying 100% mortgage currently. How to transfer ownership from my wife’s name to my name. Planning to by second house on wife’s name to avoid ABSD.

The cost not worth. Consider sell your current and buy a new property under your name. No complication.

 

[sgpropertyblog]

Decouple.
Do a valuation of your current property, say 1mil, assuming 50% equal ownership for both, then The buyer (which is u) has to pay a stamp duty of 500k x 3/100 - 5400 = $9600 when buying over her share.

Plus, legal fee, u need to pay around 6k, one lawyer representing u another representing your wife.

Then get loan approval from bank (treated as new loan) when u buy over her share as this will be treated as new sales and u will be tied down with 3 years SSD.

Dont forget need to refund back the wife’s cpf used + accrued interest( if there is) and also half of the existing loan.. its not so straight forward ya.. so please do a proper calculation first to weigh the pros n cons first.. not all property can do part-share ya..

 

[NiShiZhu]

Dont forget need to refund back the wife’s cpf used + accrued interest( if there is) and also half of the existing loan.. its not so straight forward ya.. so please do a proper calculation first to weigh the pros n cons first.. not all property can do part-share ya..

He already mentioned he’s paying 100% so I assume there’s no cpf contribution from his wife.

 

[Pokémon]

The cost not worth. Consider sell your current and buy a new property under your name. No complication.

Agent fee also not cheap, then you need to incur another BSD etc.

My first question would be, for the 2nd property, will you be taking loan? If yes, the loan will be based on your wife's income. Just make sure she is able to obtain the required loan amount.

 

[bolster]

Agent fee also not cheap, then you need to incur another BSD etc.

My first question would be, for the 2nd property, will you be taking loan? If yes, the loan will be based on your wife's income. Just make sure she is able to obtain the required loan amount.

I believe transferred also need to pay BSD. Seller also need to pay SSD. Legal fee more $.

Wow, like that government earn the most!

 

[Pokémon]

I believe transferred also need to pay BSD. Seller also need to pay SSD. Legal fee more $.

Wow, like that government earn the most!

At least the BSD is a smaller amount, only the wife's share of say 50%. If the mortgage loan was solely taken up by the husband, without involvement of wife, it might have been simpler.

As for SSD, I am betting that TS knows on this, and in case you are not aware, it is only applicable if the sale/transfer is within 3 years of purchase.

 

[GBC]

https://propertynet.sg/decoupling-reduce-avoid-absd/

 

[sgpropertyblog]

He already mentioned he’s paying 100% so I assume there’s no cpf contribution from his wife.

duno?he oni say he is paying 100% of the mortgage by himself.. never mention about the CPF usage leh..maybe wifey got contribute CPF when buying ?

 

[sunbox]

Thank You All.

Wife contributed less than 10k from her CPF.

Seems like too much hassle to decouple.

duno?he oni say he is paying 100% of the mortgage by himself.. never mention about the CPF usage leh..maybe wifey got contribute CPF when buying ?

 

[SethNg]

Thank You All.

Wife contributed less than 10k from her CPF.

Seems like too much hassle to decouple.

It is a hassle to decouple, but usually it'll be worth it. Just have to work out the calculations to see if it is for your case

 

[NiShiZhu]

Thank You All.

Wife contributed less than 10k from her CPF.

Seems like too much hassle to decouple.

No hassle at all, it’s all done by lawyers.
The only thing I find it a hassle is need issue cashier order transferring money from left pocket to right pocket.

 

[Pokémon]

It is a hassle to decouple, but usually it'll be worth it. Just have to work out the calculations to see if it is for your case

Agree that as long as you plan it out, and get the facts right, it is not going to cost as much as the ABSD...

 

[NiShiZhu]

Agree that as long as you plan it out, and get the facts right, it is not going to cost as much as the ABSD...

It will make sense to decouple a low quantum property but when comes to decoupling high quantum property, the stamp duty incurred will be high as well. Plus u need to pay back the other party whatever cpf he/she contributed. It’s not a small sum either. Also need to get loan approval since u became the sole owner.,

So in other words, It will only make sense to decouple low quantum property or property that totally use cash. Property using all cash is easier as well, just money from left pocket to right pocket nia.

 

[sgpropertyblog]

Thank You All.

Wife contributed less than 10k from her CPF.

Seems like too much hassle to decouple.

that is a good news.. since she use very little of her CPF, meaning the money that you need to 'refund' her back will be lesser .. ultimately, you may even have some cash coming back from the decoupling.. but do your sums properly first ya... anyway, its not a hassle la, you no need to do anything, oni need to get an agent to help you do the sums and lawyer to do the paperwork oni ..

 

[viberzdae]

that is a good news.. since she use very little of her CPF, meaning the money that you need to 'refund' her back will be lesser .. ultimately, you may even have some cash coming back from the decoupling.. but do your sums properly first ya... anyway, its not a hassle la, you no need to do anything, oni need to get an agent to help you do the sums and lawyer to do the paperwork oni ..

Still can get back cash fro decoupling? Sound so Complicated...

Basically if 50% ownership but wife din pay a single cent not even cpf... Wanna decouple private property around 750k, have to fork out how much ar??

 

[SethNg]

Still can get back cash fro decoupling? Sound so Complicated...

Basically if 50% ownership but wife din pay a single cent not even cpf... Wanna decouple private property around 750k, have to fork out how much ar??

Assuming valuation @750k, both SC 1st property, no SSD,

BSD payable: 5,850
Legal fees: ~6,000
Total Cost: ~11,850

when buyer takes a loan, bank will give seller lump sum, in this case $281,250(thats why can get back cash from decoupling)