How to Co-Own Legally?

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09-09-09, 14:48
XB

How to Co-Own Legally?

Seeing if anyone could offer some advices:

Me and my hubby bought a pvt property in our names, mainly for investment purpose. one relative (our cousin) came along, and suggest why not we allow her to be part of the JV, and she can pay us in cash for the portion that we would agree to split, e.g 50-50%, i.e me and hubby 50%, and she alone 50%.

how are we able to make this legally binding? Me and my hubby have used our cash/cpf for the 1st 20%, so i do not think I can add another name into the list now, else CPF would not allow us to use our CPF for future repayment as it would become a non-nucleus family.

Any advices? Would a Will works?
09-09-09, 15:22
JohnTan

Quote:

Originally Posted by XB

Seeing if anyone could offer some advices:

Me and my hubby bought a pvt property in our names, mainly for investment purpose. one relative (our cousin) came along, and suggest why not we allow her to be part of the JV, and she can pay us in cash for the portion that we would agree to split, e.g 50-50%, i.e me and hubby 50%, and she alone 50%.

how are we able to make this legally binding? Me and my hubby have used our cash/cpf for the 1st 20%, so i do not think I can add another name into the list now, else CPF would not allow us to use our CPF for future repayment as it would become a non-nucleus family.

Any advices? Would a Will works?

Talk to lawyer and pay stamp duty to include her name legally. Will will not be able to change the joint tenacy or tenancy in common by a will i believe.

Otherwise i suggest an IOU that states the amount to be paid back is tied to the price of the property when sold. Relative gets X percent of the sale price minus all the legal, loan interest and admin agent costs.
09-09-09, 16:40
tericia

Quote:

Originally Posted by XB

Seeing if anyone could offer some advices:

Me and my hubby bought a pvt property in our names, mainly for investment purpose. one relative (our cousin) came along, and suggest why not we allow her to be part of the JV, and she can pay us in cash for the portion that we would agree to split, e.g 50-50%, i.e me and hubby 50%, and she alone 50%.

how are we able to make this legally binding? Me and my hubby have used our cash/cpf for the 1st 20%, so i do not think I can add another name into the list now, else CPF would not allow us to use our CPF for future repayment as it would become a non-nucleus family.

Any advices? Would a Will works?

please refer to this post

http://forums.condosingapore.com/showthread.php?t=7761

please consult your lawyer as well. I'm surprised that you are asking this question at a forum and not to your lawyer. If that is the case then buying property is a very risky venture for you as you do not take the time to consult the person the proper authority. I've not seen anyone in this forum who can give you advice of this serious nature and i sure haven't met any agent who is worth his salt to even tell you whether a property is good investment, let alone "property" rights issues.

Am sorry if i sound rather harsh here but you're not buying something that's $10 or $100/ month and you need to have the right attitude as to how to handle such investment and have the courage to ask the right people.

Though i understand you're already taking the steps to ask someone about it here, this is something that should have been cleared up when you purchased the property.

Go ask your lawyer or any lawyer. If you need i can recommend you one that's good.

All the best and my best regards.
09-09-09, 17:03
Property_Owner

If you make profit all parties will be happy. If sell @ loss even hubby n wifey also can turn face
09-09-09, 17:26
XB

well, we bought with the intention for our own family only. the 3rd party only came into the pic and is only a suggestion. i also know it has to be done through a lawyer, just hoping to get some advices so i may in a way countercheck against the legal advices. nothing wrong with that i think.

anyway, thanks for the link.

Quote:

Originally Posted by tericia

please refer to this post

http://forums.condosingapore.com/showthread.php?t=7761

please consult your lawyer as well. I'm surprised that you are asking this question at a forum and not to your lawyer. If that is the case then buying property is a very risky venture for you as you do not take the time to consult the person the proper authority. I've not seen anyone in this forum who can give you advice of this serious nature and i sure haven't met any agent who is worth his salt to even tell you whether a property is good investment, let alone "property" rights issues.

Am sorry if i sound rather harsh here but you're not buying something that's $10 or $100/ month and you need to have the right attitude as to how to handle such investment and have the courage to ask the right people.

Though i understand you're already taking the steps to ask someone about it here, this is something that should have been cleared up when you purchased the property.

Go ask your lawyer or any lawyer. If you need i can recommend you one that's good.

All the best and my best regards.
09-09-09, 17:31
KarenK

I would suggest turning down your cousin & keeping things simple. when u & your hubby bought the pty, I believe u would have done your sums and concluded that u can afford it on your own steam. why do u want to let this cousin come in & complicate matters? if things turn bad, it will sour relations with your cousin & word will spread among your relatives. it'll be your word agst her word and your reputation among family will also suffer.
09-09-09, 17:36
Property_Owner

Quote:

Originally Posted by KarenK

I would suggest turning down your cousin & keeping things simple. when u & your hubby bought the pty, I believe u would have done your sums and concluded that u can afford it on your own steam. why do u want to let this cousin come in & complicate matters? if things turn bad, it will sour relations with your cousin & word will spread among your relatives. it'll be your word agst her word and your reputation among family will also suffer.

Strongly agree. When I first started to invest in properties, one of the purchase had 5 ownerships. When come to selling, it's a pain in e ass. 2 of my 'EX' don't want to sign the option even after we agree on the price to sell! :doh:
09-09-09, 18:59
jlrx

Quote:

Originally Posted by KarenK

I would suggest turning down your cousin & keeping things simple. when u & your hubby bought the pty, I believe u would have done your sums and concluded that u can afford it on your own steam. why do u want to let this cousin come in & complicate matters? if things turn bad, it will sour relations with your cousin & word will spread among your relatives. it'll be your word agst her word and your reputation among family will also suffer.

Quote:

Originally Posted by Property_Owner

Strongly agree. When I first started to invest in properties, one of the purchase had 5 ownerships. When come to selling, it's a pain in e ass. 2 of my 'EX' don't want to sign the option even after we agree on the price to sell! :doh:

Take these good advices. Tell the cousin to go and buy her own property.

These are the leeches who want to parasite onto other people's property.

If the market goes up, they'll keep quiet.

If the market goes down, they'll suddenly "need cash" and then ask to withdraw their "share" of the property. And guess who will have to buy over their "share" at "fair market value"?

The hapless couple of course. Unless they want to really liquidate and realise their losses. :doh:

And of course, being her "good cousin", you will have to be "fair", right?

Most often that will mean "book value". :tongue3:
09-09-09, 20:47
Regulators

u r blatant but 100% right bout it. Never allow people to ride on ur investments like a leech as thngs can get very sour when the leech suddenly decides to bailout due to 1001 possible disagreements

Quote:

Originally Posted by jlrx

Take these good advices. Tell the cousin to go and buy her own property.

These are the leeches who want to parasite onto other people's property.

If the market goes up, they'll keep quiet.

If the market goes down, they'll suddenly "need cash" and then ask to withdraw their "share" of the property. And guess who will have to buy over their "share" at "fair market value"?

The hapless couple of course. Unless they want to really liquidate and realise their losses. :doh:

And of course, being her "good cousin", you will have to be "fair", right?

Most often that will mean "book value". :tongue3:
09-09-09, 21:16
XB

thanks people. I got what i had wanted to know. good advices indeed. cheers!
10-09-09, 02:25
proud owner

Quote:

Originally Posted by XB

thanks people. I got what i had wanted to know. good advices indeed. cheers!

even taking cash from your cousin is not good enuff..

when u sell the prop you will be charged on the CPF usage ..how to calculate that one ??

maybe your cousin dont have enuff $$ in the first place ... so tough call really

turn her down also jialat .. she can also say you ngiao chi ngiao lan ..
10-09-09, 08:04
zimmer

Quote:

Originally Posted by Property_Owner

Strongly agree. When I first started to invest in properties, one of the purchase had 5 ownerships. When come to selling, it's a pain in e ass. 2 of my 'EX' don't want to sign the option even after we agree on the price to sell! :doh:

How many 'ex' you have in total? haha!
On a serious note, totally agree with all the bros comments. My partner's parents wanted to chip in to help us get a bigger, upmarket place but i thought say if it didn't work out, do I move out and sell my portion? What is truly market rate amongst relations?
10-09-09, 09:35
KarenK

for money matters, it's always best to keep things clearcut between relatives. people make money will not make noise. instead congratulate herself for being so smart. if people lose money, she'll raise hell, turn around twist the story & probably blame u for "dragging" her into the deal! this is called selective memory loss!
10-09-09, 09:55
XB

yup, agree this is a complicated case with a 3party in.. thanks for highlighting all the various potential issues. have bullets now. haha :)
10-09-09, 12:10
Property_Owner

Quote:

Originally Posted by zimmer

How many 'ex' you have in total? haha!
On a serious note, totally agree with all the bros comments. My partner's parents wanted to chip in to help us get a bigger, upmarket place but i thought say if it didn't work out, do I move out and sell my portion? What is truly market rate amongst relations?

LOL, you spotted me. Is the word 3some new to you? Sorry, uncle younger days was a hippie.
10-09-09, 23:07
jlrx

Quote:

Originally Posted by Property_Owner

Strongly agree. When I first started to invest in properties, one of the purchase had 5 ownerships. When come to selling, it's a pain in e ass. 2 of my 'EX' don't want to sign the option even after we agree on the price to sell! :doh:

Quote:

Originally Posted by Property_Owner

LOL, you spotted me. Is the word 3some new to you? Sorry, uncle younger days was a hippie.

But yours sounded more like a 5some.
13-01-10, 10:03
mcmlxxvi

Business is business, regardless of relationship. I even charge my partner interest rate for delays in making up the intended stake... albeit not at market rate but preferential rate ;)

And until the 50% stake is achieved, any profits/cost will be shared as per the % stake to date of incurring the cost (of maintenance fees, furnishing, fixtures etc) or sale (of property - net gains to be split according to % stake as of sale).