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Thread: Advice needed - change property ownership

  1. #1
    Join Date
    Mar 2009
    Posts
    235

    Default Advice needed - change property ownership

    Hi gurus, my partner is PR and I am a Sporean. Presently servicing a loan for one condo. Thinking of getting another but to avoid ABSD, that one would be under my name only.
    How do I go about transferring ownership and loan repayments of the first property to my partner? What kind of fees and complications would there be?
    Right now we just refinanced the loan and are in a lock in period.

    Thanks!!!

  2. #2
    Join Date
    Apr 2010
    Posts
    2,067

    Default

    Quote Originally Posted by gwlip
    Hi gurus, my partner is PR and I am a Sporean. Presently servicing a loan for one condo. Thinking of getting another but to avoid ABSD, that one would be under my name only.
    How do I go about transferring ownership and loan repayments of the first property to my partner? What kind of fees and complications would there be?
    Right now we just refinanced the loan and are in a lock in period.

    Thanks!!!
    if both of you are married couple, the 2nd property you can apply for remission of absd. meaning 0% absd

  3. #3
    Join Date
    Mar 2009
    Posts
    235

    Default

    Quote Originally Posted by leesg123
    if both of you are married couple, the 2nd property you can apply for remission of absd. meaning 0% absd
    Oh thanks!
    How do we go about doing that? Would you have the webpage link?

  4. #4
    Join Date
    Apr 2011
    Posts
    1,099

    Default

    Quote Originally Posted by gwlip
    Hi gurus, my partner is PR and I am a Sporean. Presently servicing a loan for one condo. Thinking of getting another but to avoid ABSD, that one would be under my name only.
    How do I go about transferring ownership and loan repayments of the first property to my partner? What kind of fees and complications would there be?
    Right now we just refinanced the loan and are in a lock in period.

    Thanks!!!
    Since u r in lock in, u can't refin to 1 borrower without penalties.

  5. #5
    Join Date
    Apr 2010
    Posts
    2,067

    Default

    Quote Originally Posted by gwlip
    Oh thanks!
    How do we go about doing that? Would you have the webpage link?
    http://www.iras.gov.sg/irasHome/page.aspx?id=12846

    when you exercise your option, tell your lawyer to apply remission for you. you just need to sign some form.

  6. #6
    Join Date
    Mar 2009
    Posts
    235

    Default

    Quote Originally Posted by leesg123
    http://www.iras.gov.sg/irasHome/page.aspx?id=12846

    when you exercise your option, tell your lawyer to apply remission for you. you just need to sign some form.
    Thanks a bunch! This helps!

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