AskGuru Q&A Community

Good morning Mdm,

Your knowledge is not entirely wrong. It's applicable for different scenarios.

Resale HDB purchase:
Both of you have to dispose off any property be it HDB or private property (resale EC inclusive) within 6 months from your resale HDB purchase completion date. Adhere to 5 years minimum occupation period before you can buy a private. You guys can choose to buy under one owner and another as essential occupier so the essential occupier wont be subject to additional buyer's stamp duty if buying another property.

New EC:
And of course both of you are not eligible to apply for a NEW EC cause your fiance considered to have own a private property. He has to dispose off his existing unit first and observe 30 months waiting period before you guys can apply for a new EC.

Perhaps you guys can share more with me so I will be in a better position to advise what will be best for both of you while planning for the future.

Hope my sharing helps in aiding in your enquiry.

May I know how can I value add further in your property needs?

Best regards,

YT Tan
Property Kaki
You dream. I create. We make it happen!
Association of Chartered Certified Accountants Graduate
Singapore Accredited Mortgage Planner

Contact:
Mobile: 91115171 
Email: yt.tan91115171@gmail.com

Do follow me on:

IG: instagram.com/propertykaki
FB: https://www.fb.com/propertykaki/
YouTube: https://bit.ly/Youtube_PropertyKaki

To find out what’s the estimated valuation of your existing house, try our SRX property tracker.

You will receive free sms update on a monthly basis.SRX property tracker: http://bit.ly/yt_proptrack Read More

Hi,

Yes you have a brief understanding of the regulations, just that it applies to different scenarios. Assuming the current EC has reached MOP,

If you guys go for a resale HDB, yes he has to sell away his private property within 6 months after resale completion of the HDB.

If you guys go for resale EC or private property, he need not sell away the current EC but ABSD will apply as it is his 2nd property.

You guys cannot apply for new EC or BTO, as he needs to sell off the current EC, wait out 30 months before you all are eligible to apply.

Hope the above clarifies.

May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,

Ivan Ng Realtor
ERA Senior Marketing Director
ERA Diamond Achiever

ERA Top 11 Achiever in June 2020 (Top 1% Company Level)
ERA Top 91 Achiever in 2nd Quarter 2020 (Top 2% Company Level)
ERA Top 15 Achiever in April 2019 (Top 1% Company Level)
ERA Top 86 Achiever in Sept 2019 (Top 2% Company Level)
ERA Top 510 Achiever in Year 2019 (Top 8% Company Level)

SMU BBM (Finance), Magna Cum Laude
Proactive. Sincerity. Feedback.

Contact: (+65) 97432395 
Email: Ivanng10@gmail.com
IG: instagram.com/ivanngrealtor
WeChat: ivanng10
FB: fb.com/IvanNgRealtor
W: ivanng10.com/clientreviews
(Client's Testimonials)
CEA: R052114D

**Note: We are not prompted when you respond here, hence please get in touch directly. Look forward to hear from you soon! **

-- EC Sellers, Private Property Buyers Dr. Chan & Ms. Xie --

I would like to compliment Mr Ivan Ng for his professional work and effort.I sent my first post in Jan 2019 and Ivan replied promptly, so I have decided to contact Ivan for follow up. My EC was not ready for sale due to MOP (another 3 months from Jan) at that time and Ivan was able to give me advices on how to proceed from there. Initially we have decided to try to write to HDB for early sale but since it was only 3 months left, eventually we waited for another 3 months while we looked for our next property. Ivan was able to arrange for new property showroom appointment at a timely manner while helping us to list for our EC for sale. We were a bit worried when our EC sale time was longer than expected due to trade war, but Ivan was able to reassure us that our EC would sell. By November, he managed to secure a buyer for our EC. Thank you.

-- HDB Yishun BTO 5-RM Sellers, Private Property Upgraders Mr. & Mrs. Koh --

I would like to express my appreciation to Ivan Ng for his excellent work. Ivan is a dedicated, client-focused, patient and sincere agent. Throughout the whole process of selling and looking for our next property, he has always acted very professionally that makes my wife and I feel at ease and assured. Ivan is not a pushy and hard sales agent. Ivan listens and understands our needs and carefully guided us through. We are fortunate to have Ivan as our agent. Thank you Ivan. Read More

Hi!

In addition to what was already explained by others. You and your fiance may also explore the possibilities of keeping the existing EC and purchase another property under your name, if both your finances allows.
Either of the property can be rented out to offset monthly mortgages, and in time to come, possible higher price appreciation.
We had helped many property owners to benefit through our proprietary GAIN strategy, a guide on how to create additional income though real estate.

I am sure you both will also find it interesting!
If you will like to know more, pls contact me via my mobile number 9754 5207  !

Thank you and Best regards.
Brendan Bay
Contact: 9754-5207 
Whatsapp: wa.me/6597545207
ERA Realty Network Pte Ltd Read More

Hi Mdm,

It depends on what he wish to buy. If he is buying a resale flat, he can proceed to buy the flat first and just sell off the EC within 6 months from the completion date of the HDB purchase. The advantage in such an arrangement is that he will have sufficient time to renovate the new place and transit smoothly to the new place without the need for an interim housing. However, the downside is the cash outlay may be higher and he will not be able to utilize the sale proceeds and CPF in the current property to finance the purchase.

For brand new EC, it is a bit tricky because he will need to sell off the current EC, wait out a 30 months window before he can apply again as a 2nd timer. A resale levy of 50k is also applicable and he will need to wait 3 to 4 years for the new EC to be ready. Therefore this may not be the best option going forward.

Alternatively, he can consider buying a resale EC or a private property. There is no restrictions in timeline but we will need to time the sale and purchase carefully so that we can avoid the need for ABSD.

Please feel free to contact me so that I can understand your situation before and provide you with different options so that you can have a holistic view so that you can make an informed decision.

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS) / Cert-in-REA
(E) nick96444854@gmail.com
SEAA Salespersons Achievement Platinum Award 2020

Visit my website to get to know me better:
www.nicktan.com.sg

I was featured recently on Council for Estate Agencies (CEA) Newsletter:
http://bit.ly/CEAnews

Testimonial from Satisfied Clients
“I would like to recommend Nick Tan from SRI. Before we engaged Nick, we were working with another agent from a very popular property agency in February 2017. We decided to terminate the contract after 5 weeks of zero viewings and no paper advertisements. Basically he was just waiting for phone calls. We engaged Nick on 20th April and by 10th of May, our unit was sold off. Why Nick? 1. He has good marketing strategies 2. He always kept us posted on what he did (communications!) 3. He made sure we understand the current market situation but he will consistently reassure us that the unit can be sold off 4. He is not greedy and trusting 5. He walks the talk”
Peter & Wendy (Property Seller)

I write to commend Nick Tan (R040814C). When my husband and I first met Nick, we were impressed by his drive, commitment, business acumen and strategical thinking, and decided to engage him. We were not disappointed. Nick sourced for prospective quality buyers in a targeted methodical fashion and was effective in connecting us with serious buyers, notwithstanding the fact that the search primarily took place over Dec – Feb (a traditional lull period). Throughout the transaction, he also gave us helpful advice in various aspects; the advice reflected his personal experience and expertise and was not simply regurgitated from public sources without any value-add. Further, Nick went beyond the call of duty of a competent professional. He had a sense of humanity in the way he interacted with myself and the other parties to the transaction such as my parents. As an example, my newborn daughter was warded into A&E on the completion date of the transaction; the care and concern that Nick showed went beyond the scope of work of an estate agent. I commend Nick for his capabilities and character, and would certainly wish to engage him for future property transactions.
Weilun & Benita (Property Seller)

“We are very grateful to Nick for his extensive marketing efforts. With his comprehensive marketing plan, he helped us to achieve a record selling price within 2 weeks of listing our property for sale! We highly recommend his service to anyone who is keen to sell their properties.”
Mr & Mrs Wong (Property Seller)

“Nick has conducted himself ethically and professionally when handling the sales of our property. Thanks to his patience Read More

Hi Ms,

If both of you were to purchase a resale HDB flat, he will have to dispose off his EC latest within 6 months upon the HDB flat purchase.

If both of you were to purchase another resale EC or a private condo, there is no need for him to dispose off his current EC.

Both of you will not be eligible to apply for a BTO flat or purchase a brand new EC as you do not meet the requirements. Your fiancé will have to sell off his current EC, and then wait out a period of 30 months before both of you can apply for a BTO flat or purchase a brand new EC direct from the developer.

I am experienced and well-versed in both HDB and private transactions. I will be able 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