What i stand to incure should i redistribute the share of my property?

[Akira Fudou]

Do i need to pay buyer/seller stamp duty if i wish to redistribute the share of the house? Appreciate some pointers here before i approach my lawyers. TOP in 2015

[Laguna]

Do i need to pay buyer/seller stamp duty if i wish to redistribute the share of the house? Appreciate some pointers here before i approach my lawyers. TOP in 2015

yes, stamp duty needed and even perhaps ABSD at market value
and SSD date also reset...

The only exception is
eg if u and ur child is joint tenancy, u can spilt it into tenancy in common with 50% + 50%, then only paid an admin fee of a few hundred dollars.

can confirm with ur lawyer again

[buttercarp]

http://www.iras.gov.sg/irasHome/page.aspx?id=1808

Which are the documents that I need not pay Stamp Duty?

Examples of documents where Stamp Duty is not payable :

• Service contracts not in connection with the granting of a lease
• Deed of Appointment of Trustees - where it does not involve vesting of interest
• Loan agreements not relating to properties and shares
• Settlement not relating to properties and shares such as cash settlement
• Letters of Guarantee / Indemnity
• Statutory Declaration, Affidavit
• Assignment of intangible assets such as Goodwill, Trademark and Patents
• Assignment of book debts / receivables (eg. sale proceeds)
• Promissory Note
• Letters of Appointment / Revocation of Power of Attorney
• Will
• Hire Purchase Agreement
• Charter-party
• Declaration to change from Joint Tenancy to Tenancy in Common of equal shares
• Declaration to hold as Joint Tenants by Tenants in common in equal shares
• Fixed and nominal duty documents (dated on and after 19 Feb 2011). For more details, please refer to our e-Tax Guide on Stamp Duty: Removal of Fixed and Nominal Duties (Second Edition) (116 KB)

So other than that, stamp duty is payable.

[Akira Fudou]

Thank you mdms... looks like i have to go for other plans

[lifeline]

learnt from friends' multiple transactions... correct me if i am wrong.

assuming you and your partner have signed the otp and s&p, there is no indication of % distribution of shares. this % distribution is done only and finalised at top. therefore you can always change the share value and do the final assignation at top. eg. my friends had also gone in 50:50, then along the way sold off share to the other; then at top, assign as 99:1, to avoid paying new stamp duties. final settlement after sell off. this method for total sale of share is between trusted friends. for redistribution involving <100%, there should be no issue at all.

[buttercarp]

learnt from friends' multiple transactions... correct me if i am wrong.

assuming you and your partner have signed the otp and s&p, there is no indication of % distribution of shares. this % distribution is done only and finalised at top. therefore you can always change the share value and do the final assignation at top. eg. my friends had also gone in 50:50, then along the way sold off share to the other; then at top, assign as 99:1, to avoid paying new stamp duties. final settlement after sell off. this method for total sale of share is between trusted friends. for redistribution involving <100%, there should be no issue at all.

At the S&P, the lawyer will ask you whether you want the agreement as Joint Tenant or Tenancy in common.
Oh so if you opt for tenancy in common, you don't have to specify the percentage share at that time?
What if one of the buyers dies before the project TOPs?

[Laguna]

learnt from friends' multiple transactions... correct me if i am wrong.

assuming you and your partner have signed the otp and s&p, there is no indication of % distribution of shares. this % distribution is done only and finalised at top. therefore you can always change the share value and do the final assignation at top. eg. my friends had also gone in 50:50, then along the way sold off share to the other; then at top, assign as 99:1, to avoid paying new stamp duties. final settlement after sell off. this method for total sale of share is between trusted friends. for redistribution involving <100%, there should be no issue at all.

ur wrong, our taxman is not stupid.
the SSD and ABSD apply....
u must state the %,

[lifeline]

i see. at top, is there any way to change the % then?

[blackjack21trader]

At the S&P, the lawyer will ask you whether you want the agreement as Joint Tenant or Tenancy in common.
Oh so if you opt for tenancy in common, you don't have to specify the percentage share at that time?
What if one of the buyers dies before the project TOPs?

Joint tenant then no need to specify la. Joint= STICKED TOGETHER like superglue, so one dies, the other takes over.

Tenants-in-common means like COMMON STOCKS have to say how much share each gets la.

[Akira Fudou]

I opted for tenancy in common and 50-50 allocation. Just in case i go first, the share will go to my mom.