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Able to check with law firm to include wife name

Can be 2 parties name however subjected to ABSD

Legal fees

Can do a will after transfer done
Welcome any questions at 9696 4398  via phone or WhatsApp. Email is Stewartlim96964398@gmail.com
Cheers
Stewart-PropNex Read More

Hi,

There is a misconception that adding and removing a name from a property is merely an addition or subtraction from a deed.
This was the reason I wrote an article on Transfer of ownership hopefully to help people make a diligent decision before signing the expensive paper (property deed).
https://www.linkedin.com/pulse/transfer-ownership-chee-kwong-ling/?trackingId=DZHNyR%2F7Rm7jBRyzLby1QA%3D%3D

1) You will need a lawyer to assist to process the legal paperwork. The legal fee is usually around $6k, this is considered as part-share selling.
If your wife needs a loan in order to buy over the share, there shall be a bank valuation fee, mortgage stamp duty, buyer stamp duty (BSD) & additional buyer stamp duty (ABSD). Now SC at 17% for 2nd property.

2) This is assuming you did not include your wife's name in the property.
You can make a will to ensure the whole property is inherited by your wife. Otherwise, it will distribute according to the intestate succession act.
Either way, your wife will not incur any tax to take over the property.

Hope the above answer your main concerns, but if there are more query, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer

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Hi,

Let me help you out with your questions:

1) The wife can "buy over" a percentage of the share of the private property from the husband, either under "Joint Tenancy", or "Tenancy-in-Common". Do take note that stamp duties apply for the percentage of shares that is transferred. ABSD for Singaporean's second property is now at 17%.

2) Yes, this is possible if the Husband will the property to the Wife. If there is no Will, the property will be distributed based on Singapore Intestate Succession Act. The spouse will own 50% of the estate, with the children having equal share of the remaining 50%. You can read more about Singapore Intestate Succession Act online for more information.

I am experienced and well-versed in both HDB and private transactions. I will be aldren.ble to assist you in your property plans. Please get in touch with me for a more in-depth discussion.

Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More