Transfer of HDB flat ownership

With rising costs and increased learning needs, financing our children's education is no longer a simple walk in the park. Discuss with other parents about how they are managing their finances to cope with their expenses.

Transfer of HDB flat ownership

Postby usaik » Fri Aug 09, 2013 6:55 am

Hi,

I have an aged couple relative who own a HDB flat and would like to include their unmarried son as the third owner of the flat.

Have anyone here has any experience to share and can advise would it be better to do a transfer or would it be better to do a resale instead?

Thank you.

usaik
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Re: Transfer of HDB flat ownership

Postby therat » Fri Aug 09, 2013 9:17 am


therat
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Re: Transfer of HDB flat ownership

Postby cherrygal » Sat Aug 10, 2013 4:13 pm

Is the unmarried son their only child? If not the only child, it could get messy later when other children also want a piece of the pie. Would prefer the old parents to write a will to dictate how the flat is to be distributed and keep the names to just themselves. Once both are gone, the son can inherit it. Cleaner this way and also much safer for the remaining spouse. Too many cases of kids kicking the old parent out coz their names are already included.

cherrygal
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Re: Transfer of HDB flat ownership

Postby hazel_yyc » Sat Aug 31, 2013 9:36 am

I heard somewhere that after the MUP, I can transfer the whole HDB ownership to my spouse, so he become the sole owner.

Then I can buy another property as a 1st property...Is this true?

hazel_yyc
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Re: Transfer of HDB flat ownership

Postby needtoupdate » Sat Aug 31, 2013 10:24 pm

only if you are sure there is no future divorce
but as back-up
you need to document all financial and social support that contributed to the purchase and maintance of hdb flat

needtoupdate
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