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Thread: Change property ownership from joint owner to single owner

  1. #1
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    Default Change property ownership from joint owner to single owner

    My friend and his dad are joint owners of a private property which they are currently living in. He is getting married next year and wants to transfer ownership of the house to his dad and mom so that he can buy a home closer to his in-laws.
    Main intent of the transfer is to avail 80% loan for his next purchase with his wife as joint owner.
    Is this feasible. How much $$ involved in legal stuff to get this done. Any concerns to share in this type of arrangement. Thanks

  2. #2
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    New property put under wife's name can still get 80% loan right?

    Think change of ownership (from 2 to 1) will be deemed as a sale right and hence subject to stamp duty? Not so sure on this though...

  3. #3
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    Wife get 80% but he get 60%. His salary much higher than his wife so targeting a big unit.

    Quote Originally Posted by Jonathan0503
    New property put under wife's name can still get 80% loan right?

    Think change of ownership (from 2 to 1) will be deemed as a sale right? Not so sure on this...

  4. #4
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    Constitutes a sale and need to pay stamp duty for purchase by dad.

  5. #5
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    His dad retiring in 3 years time. Loan approval will be a problem if the transfer constitutes a sale.
    Quote Originally Posted by mcmlxxvi
    Constitutes a sale and need to pay stamp duty for purchase by dad.

  6. #6
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    Quote Originally Posted by Santro
    His dad retiring in 3 years time. Loan approval will be a problem if the transfer constitutes a sale.
    Sell at $1 lor... :-) But next time if dad passed away the value of it may become <$1 or even if appreciate in capital gain 3x its still $3. Will have problem to sell off in future. Better check and be sure.

  7. #7
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    Quote Originally Posted by mcmlxxvi
    Sell at $1 lor... :-) But next time if dad passed away the value of it may become <$1 or even if appreciate in capital gain 3x its still $3. Will have problem to sell off in future. Better check and be sure.
    dun anyhow say la

    anyway lawyer will advise .....can only tx names at market value or slightly below....if not iras call u to lim kopi....whahahahhaha

    so cost incurred will be stamp duty + legal fees and mabe bank loan penalty fees if any.....

  8. #8
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    Change or add name to property will incur expenses like stamp fee plus legal fee. Stamp fee is the more expensive component. This applies to give the house as gift too. Is it a fully paid up property? It will be easier with fully paid up ones.

  9. #9
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    Quote Originally Posted by devilplate
    dun anyhow say la

    anyway lawyer will advise .....can only tx names at market value or slightly below....if not iras call u to lim kopi....whahahahhaha

    so cost incurred will be stamp duty + legal fees and mabe bank loan penalty fees if any.....
    Ya lo the 1 dollar was my question to my lawyer who replied with what you said kekeke

  10. #10
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    Quote Originally Posted by Jonathan0503
    New property put under wife's name can still get 80% loan right?

    Think change of ownership (from 2 to 1) will be deemed as a sale right and hence subject to stamp duty? Not so sure on this though...
    This is correct.

  11. #11
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    You can refer to this website:

    http://www.iras.gov.sg/pv_obj_cache/...ft%20Cases.pdf

    4.1 For transfer Involving Immovable Properties:

    The market value of the immovable property is to be determined as at the

    date of execution/signing of the document. The market value of the

    immovable property is the price that the immovable property might reasonably

    be expected to fetch in the open market on an arm’s length basis.




    1. What is the stamp duty rate for transfer of immovable property?

    Duty Payable is as follows:



    • 1% on the first $180,000;

    • 2% on the next $180,000;

    • 3% on the balance amount



    Based on the purchase price or market valueof the immovable property,

    whichever is higher. For more information on stampduty computation for

    immovable properties, please refer to IRASwebsite (http://www.iras.gov.sg).




























  12. #12
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    Thank you all for the valuable comments. Looks like the best option for him is to sell the house and separately buy 2 homes. The current property still on loan, so dont think much $$ gain.

  13. #13
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    Quote Originally Posted by Santro
    My friend and his dad are joint owners of a private property which they are currently living in. He is getting married next year and wants to transfer ownership of the house to his dad and mom so that he can buy a home closer to his in-laws.
    Main intent of the transfer is to avail 80% loan for his next purchase with his wife as joint owner.
    Is this feasible. How much $$ involved in legal stuff to get this done. Any concerns to share in this type of arrangement. Thanks
    is ur friend the only child?
    if yes, then pay stamp duty so that father is sole owner. so as to keep condo out of ex-wife's hand (if divorce). if only child, parents sure passed all to only child.

    if not only child, still maintain the joint ownership to keep ownership out of siblings' greedy hand. if want to buy 2nd property, please dont put joint ownership. use tenancy-in-common in case of divorce. better play safe than risk all.

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