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Old 17-09-2018, 09:38 PM   #61
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Ain't you going out to space just to say something out of this world?
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Old 17-09-2018, 10:20 PM   #62
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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!
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Old 17-09-2018, 10:48 PM   #63
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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?
Yes, that's the proposed offer -- you got it.

If that's the case, why would the mom accept such an arrangement!?
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Old 18-09-2018, 09:02 AM   #64
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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.
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Old 18-09-2018, 09:05 AM   #65
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if there is complete trust and both parties honor their part of the deal, there is no problem.

if there is a clear distinct line between the mom and the kid, or you have other siblings then this may not be possible.
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Old 18-09-2018, 09:14 AM   #66
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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.
What did you do?
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Old 18-09-2018, 09:40 AM   #67
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i shared a condo with my mom. she was the major shareholder.

i took her name out of the condo and bought a hdb for her.

if we are separate entities, by doing so, mom lost 400k in assets when she did the switch.

if we are one, we moved from owning one condo to (one condo + 1 hdb). now we get extra revenue each month because we are renting out the rooms of the hdb.
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Old 18-09-2018, 09:41 AM   #68
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the garmen is also very happy, coz i paid quite a lot in stamp duties doing this transfer
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Old 18-09-2018, 09:45 AM   #69
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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 the mom trust the son, there is actually no difference for her in terms of lifestyle

she continues to occupy her flat. she continues to live without the 350k that used to be locked up in her home. there are no changes at all provided the son do not kick the mom out.
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Old 18-09-2018, 10:21 AM   #70
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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!
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?
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Old 18-09-2018, 11:32 AM   #71
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Please note that in this scenario the elder parent assumes the significant risk that his/her child's assets will be forfeited in a creditor claim or other court judgment. The child's assets then include the home the parent lives in.

CPF assets are well protected against creditors and court judgments. So are separately titled assets.

If a child has so utterly mismanaged his/her financial affairs that this maneuver would be attempted, then I would rate the odds of subsequent disaster (a creditor seeking recourse or another adverse court judgment) to be quite substantial.

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.
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Old 18-09-2018, 12:01 PM   #72
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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.
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Old 18-09-2018, 12:20 PM   #73
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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.
Anyway I think this thread itís for discussion la
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Old 18-09-2018, 12:58 PM   #74
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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.
the moral of the story is my mom "lost" 400k in this transaction. it is same as wiseguy's mom "losing" 350k in the transaction
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Old 18-09-2018, 12:59 PM   #75
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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.
some of these older people do not need money at all.

afterall, if wiseguy did nothing, mom would not get any money as well.
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