Advice needed - change property ownership

[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!!!

[leesg123]

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

[gwlip]

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?

[newbie11]

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.

[leesg123]

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.

[gwlip]

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!