AskGuru Q&A Community

Good day to you,

During the divorce process, both parties have the opportunity to include in the Court Order a provision that allows the outgoing party to transfer their share of the unit to the remaining party. This arrangement is beneficial, as it streamlines ownership and simplifies financial responsibilities. The outgoing party should be aware that they will incur losses related to their CPF contributions and accrued interest.

To facilitate this transition, the remaining party needs to communicate with the financial institution about changing the ownership. They may also consider using the agreed amount to help reduce the outstanding loan balance. It's also important to address any additional concerns if the unit in question is a subsidized unit.

In the case of a part-purchase, the remaining co-owner will need to secure an approved HFE and obtain a housing loan. This will enable them to finance the outgoing co-owner's share of the mortgage loan, as well as cover the CPF contributions and accrued interest that the outgoing co-owner has contributed. By taking these steps, both parties can work towards a fair and efficient resolution.

Navigate Property Decisions with Confidence

With over 15 years of experience in Singapore's residential property sales and purchase (S&P) cases, I understand the complexities involved in the process. I aim to guide you every step of the way with clear communication, ensuring that all parties are legally represented and protected.

I offer in-depth knowledge in:
Ø Estate Planning and Distribution: Planning for the future can feel daunting. Let’s work together to create a smooth, transparent process that brings peace of mind.
Ø Divorce: Navigating property settlements during a divorce can be challenging. I provide expert guidance to help you achieve a fair and efficient outcome.
Ø And More: From Power of Attorney to navigating financial challenges, I handle various situations to address your concerns and empower you to move forward confidently.

Schedule a Free Consultation Today! Let's discuss how I can assist you in your property journey. For more informative insights, follow our short video here: https://www.youtube.com/@YourSGHomeCompass-MLnU.

Regards
Mike Lim
 96929209 
R026708F
m52i@yahoo.com
ERA Read More

1. **Ownership Transfer**: In a divorce, the Court Order may allow one party to transfer their share of the property to the other, simplifying the process of ownership. However, the departing party should note they may lose CPF contributions and interest in the process.

2. **Mortgage & Financial Adjustments**: The remaining party needs to work with the financial institution to update ownership records. They can also use part of the agreed amount to reduce the mortgage balance, ensuring financial clarity.

3. **Subsidized Units & Additional Concerns**: If the property is subsidized, special considerations are needed to address the terms of the subsidy and any repayment obligations.

4. **HFE Approval & Loan Financing**: For part-purchase, the remaining co-owner must obtain Housing Financing Eligibility (HFE) and secure a housing loan to pay for the outgoing party's share, including CPF contributions and interest.

5. **Fair Distribution**: Both parties should reach a fair settlement, ensuring that the transition does not create undue financial strain on either side.

_"The only limit to our realization of tomorrow is our doubts of today." – Franklin D. Roosevelt_
WhatsApp me at: ABLE Toh (65) 9856-9255  or through this link.:https://wa.me/6598569255
----------------------------888--------------------------------888--------------------------->>>
(1) "If you need more assistance with property matters:
like renting / selling, buying / or investing, I'm here to help!
WhatsApp me at: ABLE Toh (65) 9856*9255 or through this link.:https://wa.me/6598569255
(Unfortunately, this platform doesn't allow direct contact, but you can easily reach me )

(2) (***) ✅✅ You can READ my REVIEWS here:
✅✅ https://www.propertyguru.com.sg/agent/able-s-k-toh-61591.

(3) ✅✅ For PRIVATE Home Buyers, I offer solutions for sourcing resale and new PRIVATE homes at ✅✅ ZERO charge (Because Most PRIVATE seller Agent are willing to share commission with Buyer Agent)

*** You can reach me at my Singapore mobile: (65) 9856 9255  or email me at Able.selling@gmail.com.

From: ABLE Toh- Your Property ASSISTANT : ）
“ i am ABLE to Help As Much As You are ABLE To PM (Private Message) me ”
=========
(4A)✅✅ For the Below Condominium that may Achieve TOP ( Temporary Occupation Permit / Relatively New Condominium which may faced Difficulties/ Challenges to rent / sell at your Expected Pricing as facing too many neighbour’s units competing to Sell / Rent Out ,...
(4B)✅ ✅ ✅ I am okays NOT TO be the Sole Exclusive Agent , but the “ Open Listing “, additional pair of hands to help you bring the matching buyer / tenant . “ May the Hardworking + Lucky agent close the Deal !!, ( Whether it’s me or another agent ,✅✅✅ I will still be HAPPY FOR THE OWNER !! ✅✅My advantage is : I myself , have a Small Team of Agents who will work together with me to cast a wider Marketing Nets to Reach Your Goal !!!
Below is a list for reference >> see if YOUR CONDOMINIUM IS BEING MENTIONED:
(4C)✅ ✅ ✅
(1) Affinity At Serangoon, (2) Canninghill Square, (3) Dairy Farm Residences
(4) Forett at Bukit Timah, (5) KI Residences At Brookvale, (6) Kent Ridge Hill Residences
(7) Leedon Green, (8) Lavender Residence, (9) Meyer Mansion
(10) MeyerHouse, (11) Midwood, (12) M Suites
(13) NoMa, (14) One-North Eden, (15) One Pearl Bank
(16) Phoenix Residences, (17) Riviere, (18) Riverfront Residences
(19) Tedge, (20) The Atelier, (21) The Iveria
(22) Verticus, (23) Zyanya, (24) Mayfair Gardens

(5A) ✅ ✅ >> FOR NEW CONDOMINIUM IN
✅ ✅ YEAR 2025 / APARTMENT PROJECTS In Singapore
(5B) ✅ ✅ the LIST :
(1) Arina East Residences, (2) Aurea, (3) Aurelle of Tampines (EC)
(4) Bagnall Haus (former Bagnall Court), (5) Bukit Timah and Duke's Road, (6) ELTA
(7) Former Anson Centre, (8) Former Robertson Walk, (9) Keppel Bay Plot 6
(10) Lentor Central Residences, (11) Marina Gardens Lane, (12) Media Circle GLS
(13) Newport Residences, (14) Orchard Boulevard GLS, (15) Parktown Reside Read More

Hi

Both are similar in costs, because the stamp duty is based on the market value of the ownership share transferred or sold, regardless of the transfer price. The remaining owner needs to refund the CPF utilized + accrued interest of the outgoing owner as well, and the outstanding loan of the share of the outgoing owner needs to be redeemed.

As this is a divorce case, you may be better advised by the divorce lawyer as well as making a one to one discussion with the hdb branch officer with the relevant details, before the final court order judgement is done up.

Hope the above clarifies. I am well-versed with HDB and private property transactions, having helped more than 100 homeowners transit smoothly with their housing plans. Please reach out to me at 97432395  for a more in-depth discussion :)

May I have more info on your requirements so as to make better recommendations? Thanks and looking forward to chat more

Warm Regards,

Ivan Ng Realtor
ERA Senior Marketing Director
ERA Multiple Diamond Award Achiever

SEAA Salesperson Achievement Award (Gold)
SEAA Singapore Accredited Mortgage Planner (SAMP)

ERA Top 11th Achiever in Feb 2024 (Top 1% Company Level)
ERA Top 64th Achiever in March 2024 (Top 1% Company Level)
ERA Top 37th Achiever in Oct 2023 (Top 1% Company Level)
ERA Top 93th Achiever for Full-Year 2020 (Top 1.5% Company Level)
ERA Top 11th Achiever in June 2020 (Top 1% Company Level)

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

Contact: (+65) 97432395 
Whatsapp: wa.me/6597432395
Email: Ivanng10@gmail.com
IG: instagram.com/ivanngrealtor
WeChat: ivanng10
FB: fb.com/IvanNgRealtor
Web: 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! ** Read More

During a divorce, the Court Order can allow one party to transfer their share of the property to the other, streamlining ownership and financial responsibilities. The outgoing party should note that they will forgo their CPF contributions and accrued interest.

The remaining owner must work with financial institutions to update ownership records and may use part of the agreed amount to reduce the mortgage balance. If the property is subsidized, special considerations apply regarding subsidy terms and repayment obligations.

For part-purchase, the remaining owner must secure Housing Financing Eligibility (HFE) approval and a housing loan to finance the outgoing party’s share, covering CPF refunds and outstanding mortgage amounts. Stamp duty is based on the market value of the transferred share, making both transfer and sale options similar in cost.

Given the complexities, it is advisable to consult both a divorce lawyer prior. Read More

Hi,

1) The divorce and resale of part-share are a separate entity.
2) You have to check with a lawyer (family law) regarding the cost.
3) For resale of part-share, it is a process similar to selling the whole unit.
4) The staying party has to apply for an HFE indicating the intention of doing a part-share purchase.
5) Once the HFE is approved, you will know the amount of loan available if you need it.
6) You have the option of not taking the loan and pay everything in cash and/or CPF if permitted.
7) Therefore, both parties will have incurred legal fees for processing the transaction (buying & selling) and miscellanous, such as resale application, etc.
8) The staying party will need to pay buyer stamp duty for the value of the share purchasing and valuation cost.
9) There is no stamp duty for the outgoing party.
10) Transfer of ownership is a layman term. The actual process of ownership transferring is either via gift or part-share selling/buying.
11) If the transfer is via gift. The flat must be free from outstanding loan, not using CPF in the buying process (including the payment of mortgage). But, it is still subject to Buyer stamp duty, except that this is term as gift stamp duty, which is the same rate as the Buyer stamp duty.
12) The legal fees for gift and part-share transaction is about the same, or slightly higher.

All the best!

Please give me a thumbs-up if the answer provided is relevant to your main concern. Thanks!!!

Hope the above answers your main concerns, but if there are more queries, 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
https://www.linkedin.com/in/ckling/ Read More