Split of proceeds after sale

[AssetRichMoneyPoor]

Dear Gurus,

4 years ago i bought a private property with my partner. The turn of event is such she's an ex now, unfortunately.

As my partner is relatively young, i came out with my CPF funds.

Purchase : 1 .1million
DP : 150k cpf 50k cash (myself)
DP : 50k cpf 50k cash (ex-partner)
Current outstanding loan : S$700k +/-

Now we put up for sub-sale as nearing TOP and since we are both not together.

Presume sold for 1.5million we are looking $750k +/- return after less off bank outstanding/agent fee/legal fee.

Pardon my ignorant Q :
Scenario A
$750k split evenly between us, meaning $375k/$375k? (cash & cpf inclusive)
OR
Scenario B
200k CPF returned with accrued interest (say 20k) = 220k.
$750k - $220k = $530k split evenly between us, meaning $265k/$265k?

I asked 2 agents but they can't give me firm answers.
Scenario A is such my ex seem to benefit from more cash proceed when i DP more. Scenario B is a fair proceed split IMO.

Please advise, TIA.

[Arcachon]

1. Agent cannot give advise because it a legal decision. They are property agent not lawyer.
2. Whether it is a 50: 50 depends on the agreement between you and your ex.
3. Not happy than go to court to let the court decide.

[Allthepies]

I think the proceed will first go back into the individual CPF account with interest, then the remaining amount will be issued as a single cashier order with both name on it : )

[hopeful]

you can look at this link, which makes the case for Scenario B.
http://mycpf.cpf.gov.sg/NR/rdonlyres/58772607-FE6D-43F5-9A65-EC249646B4A7/0/SaleofPropertyandRefundofCPFunderPPS.pdf

(b) For properties bought on or after 1 September 2002 or refinanced on or after 1 September 2002
The sales proceeds will be distributed in the following payment priority:
(1) Outstanding housing loan
(2) CPF principal amount withdrawn plus accrued interest

[Cyberknight]

Depends the ppty was registered in which legal ownership.

1. Joint tenancy (equal shares)
2. Tenancy in common ( unequal shares)
Or

3. Both of u have a private agreement beforehand. Eg pre nuptial agreement.

or in dispute,

The judge will gauge each spouse contributions( monetary, family, etc) and decide on the percentage.

Hope these helps.

[AssetRichMoneyPoor]

thank you fellow gurus, was signed in joint tenancy.

i mentioned to her should be scenario B but she was insistent scenario A, the additional CPF i pumped in shouldn't be such that entitles her to lesser of the cash proceed. (she found someone along the way and this money definitely comes in handy for her property purchase with new-found)

looking at it from another angle (as i already have an existing private property and staying) if we were to sell and i made another own purchase would be subjected to ABSD. Could i "buy" over her shares at prevailing market rate so won't be subjected to ABSD?

thanks again for any expert advice :)

[sporadic]

Dear Gurus,

4 years ago i bought a private property with my partner. The turn of event is such she's an ex now, unfortunately.

As my partner is relatively young, i came out with my CPF funds.

Purchase : 1 .1million
DP : 150k cpf 50k cash (myself)
DP : 50k cpf 50k cash (ex-partner)
Current outstanding loan : S$700k +/-

Now we put up for sub-sale as nearing TOP and since we are both not together.

Presume sold for 1.5million we are looking $750k +/- return after less off bank outstanding/agent fee/legal fee.

Pardon my ignorant Q :
Scenario A
$750k split evenly between us, meaning $375k/$375k? (cash & cpf inclusive)
OR
Scenario B
200k CPF returned with accrued interest (say 20k) = 220k.
$750k - $220k = $530k split evenly between us, meaning $265k/$265k?

I asked 2 agents but they can't give me firm answers.
Scenario A is such my ex seem to benefit from more cash proceed when i DP more. Scenario B is a fair proceed split IMO.

Please advise, TIA.

The fairest way would be split proportionately to your contributions. ( I assume the month instalment were paid 50-50).

In which case, you paid 2/3 and she paid 1/3 of the dp. Profit should also be split that way.

So, of the 750k, you should each take back your outlay:

150k (plus accrued interest) to your CPF
50k (plus accrued interest) to her CPF.
100 k cash to you
50 k cash to you.

Remainder = $400 k , 2/3 go to you- $264k, 1/3 to her - $136k.

She needs to agree , of course!

[minority]

The fairest way would be split proportionately to your contributions. ( I assume the month instalment were paid 50-50).

In which case, you paid 2/3 and she paid 1/3 of the dp. Profit should also be split that way.

So, of the 750k, you should each take back your outlay:

150k (plus accrued interest) to your CPF
50k (plus accrued interest) to her CPF.
100 k cash to you
50 k cash to you.

Remainder = $400 k , 2/3 go to you- $264k, 1/3 to her - $136k.

She needs to agree , of course!

legally she is 50% owner. she have the right to take 50% by law. Other wise is subjected to she agree with u for anything less.... so depends how graceful was the split.

[Luke65]

she already demand 50k for wasting 4 years of her time.... how graceful :D

[teddybear]

Thought $50k for 4 years is cheap? (that is only $12.5k per year!) :p


she already demand 50k for wasting 4 years of her time.... how graceful :D

[Arcachon]

Thought $50k for 4 years is cheap? (that is only $12.5k per year!) :p

Depends on Relative to what.

[teddybear]

Instalment % between you two? That will also factor in the decision on top of the DP (if you go to court).


Dear Gurus,

4 years ago i bought a private property with my partner. The turn of event is such she's an ex now, unfortunately.

As my partner is relatively young, i came out with my CPF funds.

Purchase : 1 .1million
DP : 150k cpf 50k cash (myself)
DP : 50k cpf 50k cash (ex-partner)
Current outstanding loan : S$700k +/-

Now we put up for sub-sale as nearing TOP and since we are both not together.

Presume sold for 1.5million we are looking $750k +/- return after less off bank outstanding/agent fee/legal fee.

Pardon my ignorant Q :
Scenario A
$750k split evenly between us, meaning $375k/$375k? (cash & cpf inclusive)
OR
Scenario B
200k CPF returned with accrued interest (say 20k) = 220k.
$750k - $220k = $530k split evenly between us, meaning $265k/$265k?

I asked 2 agents but they can't give me firm answers.
Scenario A is such my ex seem to benefit from more cash proceed when i DP more. Scenario B is a fair proceed split IMO.

Please advise, TIA.

[phantom_opera]

Thought $50k for 4 years is cheap? (that is only $12.5k per year!) :p

1k a month, $33 per day

:p

好来好去

[eng81157]

Instalment % between you two? That will also factor in the decision on top of the DP (if you go to court).

this would work if the couple are married. our dear bro never mentioned that the lady was his wife but only his partner. if they aren't married, it will be a legal tussle to sort out the split

[AssetRichMoneyPoor]

Hello everyone, was it just me or experienced by others? I noticed some postings missing from this thread and unable to view for quite a few days.

To summarize, we are not married nor share anything in common other than this property waiting for disposal. As of late, not even much on talking terms sigh.
Again some gurus has mentioned all CPF to be returned first with accrued interest before balance proceeds to be split evenly. That said i'm confident scenario B will be most likely.

Mentally it is quite draining with some of her absurd demands but i'm standing firm. Can you imagine someone offered 50k short of our expectation and yet she insist on being firm with our 1.5M asking. Agent got rather pissed with her somewhat too (even being her own friend)

I mean i'm not the one desperate to find another accommodation whereas she's the one needing to realize this cash to buy another property with her new found. I really wonder what's going thru her mind and couldn't care less if she or her new found happens to come across this thread.

50k pay off for break up sounds really ridiculous at this point of time!

[pod]

Hello everyone, was it just me or experienced by others? I noticed some postings missing from this thread and unable to view for quite a few days.

To summarize, we are not married nor share anything in common other than this property waiting for disposal. As of late, not even much on talking terms sigh.
Again some gurus has mentioned all CPF to be returned first with accrued interest before balance proceeds to be split evenly. That said i'm confident scenario B will be most likely.

Mentally it is quite draining with some of her absurd demands but i'm standing firm. Can you imagine someone offered 50k short of our expectation and yet she insist on being firm with our 1.5M asking. Agent got rather pissed with her somewhat too (even being her own friend)

I mean i'm not the one desperate to find another accommodation whereas she's the one needing to realize this cash to buy another property with her new found. I really wonder what's going thru her mind and couldn't care less if she or her new found happens to come across this thread.

50k pay off for break up sounds really ridiculous at this point of time!


Engage a lawyer to help u. Shdb less then $50k definately!!:doh: