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Hi Experts,

I have a 3rm bto joint tenant with my dad, flat is going to mop in nov 2022. My dad wants to buy over the flat but wants to do a transfer of ownership, he will pay my cpf and give cheque. What are the risk of doing this? My dad is not reliable and I’m afraid the cheque bounces and I do not get my share of the profits as I have been the one financing the loans. He has been bankrupt before.

Reason he is asking to sell is because of his health issues and want to hire a helper and needs the other room (1 room for him, 1 for helper). Basically telling me to sell my portion of the place. But I actually think he want to takeover my share and sell it after mop to earn some money.

Backstory: in 2017 my dad paid the initial amount for the hdb but after that it’s been using my cpf and monthly salary to pay off the loans.
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1 Answer

Hi,

As this is within MOP period, you guys will need to go to the hdb branch to appeal for this. Instead of transfer of ownership, you should be looking at part-share sale & purchase. And assume HDB branch approves, and if he is buying over your share via full cash, HDB will require a cashier order from him so to ensure the funds are in order for you to exit.

You may wish to contact the hdb branch officer to consult more on this as well before agreeing to any arrangements. Hope the above clarifies. May I have more info and requirements about your plans so as to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,

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