Dear Ng,
If you refer to the developer's Option to Purchase, you will find that Clause 6 stipulates that the Option cannot be assigned or transferred. It would be advisable for your wife to instruct your lawyers to write to the developer's lawyers to request for the original Option to be cancelled and a fresh one issued in both names, if your intent is to use CPF towards payment of the property. This is subject to Developer's discretion, and a small administrative fee may be charged.
It would be advisable to check first though. If you are already using CPF to pay for another property, you must have an aggregate balance of at least half the prevailing Minimum Sum (currently Minimum Sum is $131,000, so you need to have at least $65,500 balance)in your ordinary and special accounts before you can use CPF for a second or third property. This is the multiple property rule under CPF.
Let me know if you require further clarification on the above. I'm formerly a practicing real estate lawyer, and have acted in hundreds of property transactions including developers sales and CPF applications so I should be able to help you out. Of course the best person to consult would be the lawyer actually handling the matter for you.
Warmest regards,
Natasha Goh
LL.B (NUS) Hons
Sales Manager (SRI5000)
CEA Reg No: R045004B
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