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How to transfer ownership of private property

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Old 23-03-2020, 12:07 AM   #1
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How to transfer ownership of private property

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.
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Old 23-03-2020, 12:13 AM   #2
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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.
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Old 23-03-2020, 12:16 AM   #3
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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.
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Old 23-03-2020, 07:58 AM   #4
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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.
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Old 23-03-2020, 08:07 AM   #5
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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.
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Old 23-03-2020, 11:50 AM   #6
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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..
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Old 23-03-2020, 01:28 PM   #7
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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.
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Old 23-03-2020, 02:26 PM   #8
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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.
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Old 23-03-2020, 03:19 PM   #9
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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!
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Old 23-03-2020, 05:08 PM   #10
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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.
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Old 23-03-2020, 09:28 PM   #11
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https://propertynet.sg/decoupling-reduce-avoid-absd/
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Old 24-03-2020, 10:40 AM   #12
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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 ?
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Old 24-03-2020, 11:26 AM   #13
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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 ?
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Old 24-03-2020, 12:35 PM   #14
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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
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Old 24-03-2020, 03:44 PM   #15
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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.
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