Free advice/discussion on buy/sell of Resale flat (Part 6) - Part 2

vinz

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Just curious regarding the POA. my impression is that seller cannot give POA to their salesperson to sign the document on their behalf. wouldn't that be like conflict of interest? Do correct me if I am wrong.
Yes no agent can be their POA. Usually its their parents, sibling , other spouse, friend etc.

The person not in Singapore to sign on the OTP or attend HDB appt, will assign someone else as their Power of Attorney (POA). They will sign some legal document in front of lawyers prior to leaving Singapore. This POA will be able to sign all legal documents on behalf.

I am asking the above Buyer to be shown this document , as he is scare of a 2nd buying hiccup process.

-vinz
 

todomachi

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Yes no agent can be their POA. Usually its their parents, sibling , other spouse, friend etc.

The person not in Singapore to sign on the OTP or attend HDB appt, will assign someone else as their Power of Attorney (POA). They will sign some legal document in front of lawyers prior to leaving Singapore. This POA will be able to sign all legal documents on behalf.

I am asking the above Buyer to be shown this document , as he is scare of a 2nd buying hiccup process.

-vinz
Got it. Thanks. Coz the buyer from his post, it does seem like the seller agent is the POA. So he/she might need to double clarify on this.
 

xiaopigzi

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Yes no agent can be their POA. Usually its their parents, sibling , other spouse, friend etc.

The person not in Singapore to sign on the OTP or attend HDB appt, will assign someone else as their Power of Attorney (POA). They will sign some legal document in front of lawyers prior to leaving Singapore. This POA will be able to sign all legal documents on behalf.

I am asking the above Buyer to be shown this document , as he is scare of a 2nd buying hiccup process.

-vinz
Ya there is another guy in the flat yesterday, and the seller agent told us that he is the POA of the sellers.
The sellers are now in Canada & Beijing, and would not back to Singapore anymore.
 

buffon92

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Hi all... helping my fellow brother to post this .
He is asking advice if should he sell his resale or

my friend (divorced) , pay about 6k/month had the followings:

1) Woodlands 4room loan left 117k (17years left)
2) CPF OA 102k

He is thinking of the followings:
1) Use his OA to pay of his remaining loan for HDB to remain debt free from the HDB
2) sell the resale to get a 2room resale condo at Woodlands/ SW area however he is worried about the cash output from selling the house too


Any suggestions for his scenario?
 

vinz

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He is thinking of the followings:
1) Use his OA to pay of his remaining loan for HDB to remain debt free from the HDB
2) sell the resale to get a 2room resale condo at Woodlands/ SW area however he is worried about the cash output from selling the house too Any suggestions for his scenario?
Rent out his extra rooms in his 4 room flat and get some additional income.
(maybe can then afford a cheap car, or have more cash savings for other plans later on in life)
No new loan, no burden, relax life.
 

todomachi

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Vinz,

Like to ask you something on proximity grant. I am gonna purchase a resale flat under singles scheme and my Dad will be staying with me at the new place, so i will put his name in as an essential occupier. However, my mum don't intend to stay together with us and don't intend to include her name into the new address and will be staying with her sister.

For such case, will i still be able to get the 15K proximity grant with my dad staying with me or i can only get the 15K if both my dad and mum stay together with me?
 

vinz

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Pls click and read : Living With/ Near Parents or Child

It's written specifically that PARENTs suppose to stay with SINGLES CHILD in order for this grant.

So both need to be staying with you.

Not sure your mum willing to help u or not by putting her name in also as essential occupier.
HDB dont really go spot check she is physically staying there or not anyway, but her NRIC address (all government letters) will go to your house of course.
But do take note if they does this , they are subjected to MOP period (same as you).

So for this amount of $15k, u be restricting both of them for next 5 years. Please consult them if they have other plans or not.

-vinz
 

chivaslife88

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Hi all, can i ask for advise is it a good deal for selling a 3rm flat at yishun, remaining lease about 65 years , at price of 314k ? Got it at 260k 5 years ago. Slight reno done up. Thank u
 

ppancke

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Hi ppancke, since you mentioned is sole ownership, i presume will be one owner and one essential occupier. If this is the case, the family grant will be halved, so it will be $20K only to that sole owner, also only the owner can use the CPF to pay for any payment for the house. Essential occupier will not be able to utilize the CPF.
Thanks for the reply on this earlier! Today we just received our SMS of resale acceptance but had to clarify some stuff with HDB so I rang up. I asked them about this since I was already connected.

So for others who might be in the same situation, the officer has assured me that we will get the full $50k (SC/SC, 3rm) grant. But instead of it being $25k each if co-owners, the full $50k will be credited and deducted from my CPF instead. :)
 

ppancke

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Ya there is another guy in the flat yesterday, and the seller agent told us that he is the POA of the sellers.
The sellers are now in Canada & Beijing, and would not back to Singapore anymore.
Hi, for my current resale application we were dealing with a POA as well. There was a hiccup as the seller agent told us that the unit is Chinese eligible and showed us all the relevant documents (flat ownership, proof of POA) but we later found out that the seller is Eurasian(so it's under OTHERS) and we are not eligible to purchase the unit. We never realised it as the seller agent has always insisted that it's Chinese eligible and we never met the seller.

I know it's a bit weird, but I would suggest you request for seller agent to show ethnic identity of the seller just in case...
 

xiaopigzi

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Hi, for my current resale application we were dealing with a POA as well. There was a hiccup as the seller agent told us that the unit is Chinese eligible and showed us all the relevant documents (flat ownership, proof of POA) but we later found out that the seller is Eurasian(so it's under OTHERS) and we are not eligible to purchase the unit. We never realised it as the seller agent has always insisted that it's Chinese eligible and we never met the seller.

I know it's a bit weird, but I would suggest you request for seller agent to show ethnic identity of the seller just in case...
The agent sent us the POA & intent to sell, it showed that the household Ethnic classification is Chinese, and the name of both sellers are Chinese as well. what kind of ethnic identity do we require? In which stage you realised that you are no eligible for the unit?
 

Pueh Kee

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Pls click and read : Living With/ Near Parents or Child

It's written specifically that PARENTs suppose to stay with SINGLES CHILD in order for this grant.

So both need to be staying with you.

Not sure your mum willing to help u or not by putting her name in also as essential occupier.
HDB dont really go spot check she is physically staying there or not anyway, but her NRIC address (all government letters) will go to your house of course.
But do take note if they does this , they are subjected to MOP period (same as you).

So for this amount of $15k, u be restricting both of them for next 5 years. Please consult them if they have other plans or not.

-vinz

hi vinz
Regarding this proximity grant..

may i ask if you know the penalty if i took the grant to live near parents and parent decides to move before 5y is up?
who will pay the penalty? The parent or the grant taker?

and secondly, if divorce before MOP, and has to return the house to government, this proximity grant also have to pay back, but again, by who? Grant taker or parents?

im asking cos i had the idea whoever took the grant will be the one to pay back(of cos..) but a agent fren told me its pay back by parents..?
 
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vinz

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may i ask if you know the penalty if i took the grant to live near parents and parent decides to move before 5y is up?
who will pay the penalty? The parent or the grant taker?
Parents move? HDB will block their purchase of any HDB flat outside before this MOP. Well they can move to wherever they want, as long HDB not aware dont see what is the issue. Unless really want to SABO their own child and go report change of address etc.

If there is a 1% chance of your parent doing this, I would suggest forgo the grant.
As all your questions seem to be directed in this direction (parent may not want to stay with u for 5yrs etc)

Of course the person who benefit from the grant will be the one paying back.
(of course its you, grant go into your CPF account, not theirs. They got zero benefit out of this whole thing.)

and secondly, if divorce before MOP, and has to return the house to government, this proximity grant also have to pay back, but again, by who? Grant taker or parents?
As above
im asking cos i had the idea whoever took the grant will be the one to pay back(of cos..) but a agent fren told me its pay back by parents..?
As above.
 

vinz

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The agent sent us the POA & intent to sell, it showed that the household Ethnic classification is Chinese, and the name of both sellers are Chinese as well. what kind of ethnic identity do we require? In which stage you realised that you are no eligible for the unit?
Chinese sell to chinese (I assume u are chinese) , there is no need to check the ethnic quota.
 

ppancke

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The agent sent us the POA & intent to sell, it showed that the household Ethnic classification is Chinese, and the name of both sellers are Chinese as well. what kind of ethnic identity do we require? In which stage you realised that you are no eligible for the unit?
Hi yes, like what Vinz mentioned, if you and your seller are of the same ethnic group, it doesnt matter. So if you and the seller are both Chinese, it's alright. Otherwise, there are ethnic quotas in place that once at limit, people of other ethnic groups cannot sell to you. eg. Chinese quota max, Chinese buyer cannot buy from Malay/Indians.

I've been using this HDB site to verify quotas when viewing. https://services2.hdb.gov.sg/webapp/BB29ETHN/BB29STREET
 

todomachi

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A question here. any seller have encountered your buyer asking you to sign the indemnity form for renovation so that their contractor can submit early for the renovation permit? Is this the only form that you all signed? Reason for asking is my buyer is asking me to sign 2 form, indemnity form (Renovation) & Acknowledgement form (Renovation).

Am not comfortable to sign on the Acknowledgement form as it state that we have entered into a contract with the renovation contractor which is not the case.

From my understanding, we only need to sign the indemnity form.
 

slwsglz

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A question here. any seller have encountered your buyer asking you to sign the indemnity form for renovation so that their contractor can submit early for the renovation permit? Is this the only form that you all signed? Reason for asking is my buyer is asking me to sign 2 form, indemnity form (Renovation) & Acknowledgement form (Renovation).

Am not comfortable to sign on the Acknowledgement form as it state that we have entered into a contract with the renovation contractor which is not the case.

From my understanding, we only need to sign the indemnity form.
Me too.. Because my ID wish to submit permit to HDB earlier so can get around 7 to 10 working days to get approved. But the date of renovation must be dated which is the start of renovation. I already asked seller's agent about this. Waiting for them to get signed then we sign in front of my ID so my ID will submit the hdb permit for renovation one..

HDB Permit is needed for hacking floor , toliet and misc hacking. That is why it is must to do renovation on time without delay stated on the date of renovation start.
 

vinz

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A question here. any seller have encountered your buyer asking you to sign the indemnity form for renovation so that their contractor can submit early for the renovation permit? Is this the only form that you all signed? Reason for asking is my buyer is asking me to sign 2 form, indemnity form (Renovation) & Acknowledgement form (Renovation).

Am not comfortable to sign on the Acknowledgement form as it state that we have entered into a contract with the renovation contractor which is not the case.

From my understanding, we only need to sign the indemnity form.
One is seller asking <<todomachi>> ,
one is buyer << alwsglz >> replying.

Not sure what acknowledgement form compromise of, but most likely just another SOP form HDB need to see.
If you are scare , then maybe you draft out a side form asking the new buyer to acknowledge u sign that form ( on a goodwill basis) so they can start reno earlier.

Alot of grey area in all these matter. if follow strictly by the book, delay may happen for those who are rushing for time.
Everyone want to protect their own backside.

-vinz
 
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