HWZ Forums

Login Register FAQ Mark Forums Read

CPF OA

Like Tree3Likes
Reply
 
LinkBack Thread Tools
Old 22-09-2018, 10:23 AM   #181
Supremacy Member
 
Join Date: Jun 2010
Posts: 6,255
in our society, if the son sinks, it is very likely the mom will give up everything, including her home and money to save him
Right, thatís precisely the point! SHE CANNOT rescue her child. She has already been zeroed out! The first catastrophe is the mortal one, financially.

Diversity of title protects the rescuer(s).
BBCWatcher is offline   Reply With Quote
Old 22-09-2018, 12:02 PM   #182
Honorary Member
 
The_Davis's Avatar
 
Join Date: Mar 2001
Posts: 115,435
why this thread not locked yet?
The_Davis is offline   Reply With Quote
Old 22-09-2018, 01:37 PM   #183
Arch-Supremacy Member
 
Join Date: Mar 2004
Posts: 10,698
Based on what u explained above, u are exploring a "possible hack" so u can indirectly withdraw your CPF OA prior to 55.

For u to confirm if this hack works entirely and properly, it is best to meet HDB to discuss the conditions and requirements u need to meet before this transfer can be executed as u planned (without telling them the last bit where your mum will give u money )

Since u want to get the cash out ultimately, u would be exploring a resale transaction (not just add u as additional owner or transfer ownership), read some info here https://www.hdb.gov.sg/cs/infoweb/re...e-in-ownership

Per the hdb website which talks about part sale, it can be done between family members at a mutually agreed price. What about full sale?

You will have to pay your mum at least the cpf monies and accrued interest to be returned back to her CPF. If she is eligible to withdraw cos she is above 55, she can withdraw after that.

As to the $350k resale price, u have to check/confirm how much u are eligible to withdraw from your CPF for housing. Confirm with HDB whether independent valuation is required to withdraw that amt from CPF. If everything is ok, u can use your CPF of $350k to pay your mum, part CPF in cash and part into her CPF.

There u are your hack! Trust u will take good care of your mum

(i have no experience, just logical thinking based on what I read at HDB website)
I doubt anyone has ever do what we did with our HDB flat.

My non-working mum bought a HDB flat jointly with me. She paid the downpayment and the remaining balance was paid by my CPF monthly.

Not long after, my mum passed away. I can't remember how my father became the joint owner with me. Then I got married and later got my own flat and had to relinguish my ownership.

We had a family meeting and a big quarrel. I wanted to pass ownership to C. A insisted that she take over as the eldest. B is married and has her own flat while others did not have enough CPF to take over. My father was undecided and caught in the cross fire. Finally, I put my feet down and the ownership went to C at original price. My CPF was returned without accrued interest (at the time).

Then C ran out of CPF and had to give up ownership cause she can't afford to pay cash. A seized the opportunity to gain co-ownership at HDB's 'posted' price, whatever it meant.

Years later, A decided to sell the flat at market price and bought a new BTO flat with my father, as single she was not eligible. The old flat was passed back to C but C alone was not eligible, as single. Against the rule, HDB allowed B's name to be joint owner although B is married and had a private condo

My father remained in the old flat together with C and E while A lives in her own and told others that the old flat is a family flat. In addition, A made clear to C to repay the 10% premium that was paid on the new flat, if the old flat is sold in future.

Then B moved back to HDB flat and had to relinguish her ownership with C. By then C is eligible to own the flat singly.

Finally C had enough and decided to lived alone and opted for a new BTO flat of her own. Others still think the old flat was a family flat and that C should not take the whole sale proceeds I had no say as the last transaction was done at market price.

By then, luckily or unlucky, I have a joint venture flat with E and both E and my father moved in and there went our rental income from the JV

If you follow what I said earlier, I bought a resale flat in my father's sole name cause I think that relationship with E would be fragile and I told my father so but he refused to accept or believe. I went through so much with unexpected problems with HDB as my father already had his name with A

Story not the end ......

Dork is above crazy? Want more?

Last edited by henrylbh; 22-09-2018 at 01:41 PM..
henrylbh is offline   Reply With Quote
Old 22-09-2018, 01:56 PM   #184
Arch-Supremacy Member
 
LiteHouse's Avatar
 
Join Date: Aug 2001
Posts: 22,782
why this thread not locked yet?
Why lock? Let people see the power of mummy's love for son.
LiteHouse is offline   Reply With Quote
Old 22-09-2018, 10:56 PM   #185
Member
 
Join Date: Apr 2017
Posts: 487
I doubt anyone has ever do what we did with our HDB flat.

Story not the end ......

Dork is above crazy? Want more?
Just like familee, after fatherlee ic punch holes, wash dirty linens in public
maple96 is offline   Reply With Quote
Old 23-09-2018, 03:12 PM   #186
Master Member
 
Join Date: Jan 2010
Posts: 4,581
henry's situation is complex because he has too many siblings.

i did mention that when you have siblings, matters will be complicated.

all the kids will want to have a share in the parents' money

if it is just the dad (or mom)and 1 kid, it is clear
dork32 is online now   Reply With Quote
Old 23-09-2018, 11:42 PM   #187
Arch-Supremacy Member
 
Join Date: Mar 2004
Posts: 10,698
henry's situation is complex because he has too many siblings.
You noticed one alphabet is missing? Correctly, E should be F cause I myself missed one alphabet

The actual E has another complicating story

Last edited by henrylbh; 23-09-2018 at 11:44 PM..
henrylbh is offline   Reply With Quote
Old 23-09-2018, 11:47 PM   #188
Arch-Supremacy Member
 
Join Date: Mar 2004
Posts: 10,698
Just like familee, after fatherlee ic punch holes, wash dirty linens in public
To me not dirty or meant to wish dirty linens. Meant to show the changes of status or ownership on just one same single HDB flat.
henrylbh is offline   Reply With Quote
Reply
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ. Forum members and moderators are responsible for their own posts.

Please refer to our Terms of Service for more information.


Thread Tools

Posting Rules

Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are On