It’s the perfect love story. You’ve finally met the person of your dreams. You both fall hopelessly in love, butterflies abound in your stomach, you can’t stop thinking about them, and you want to be with them forever.They squeal in joy and say, “Yes, but….”This is a scenario that’s pretty not uncommon in Singapore.
The only exception to this rule is if you’re single and over 35 years of age . Then, you’re eligible to purchase any resale HDB flat of your choice or a 2-room flexi BTO flat in a non-mature estate.Investing in a property with a friend/family? Here's how to choose between joint tenancy and tenancy-in-commonHowever, by choosing to co-own a flat with your parents or siblings, it means you’ll probably have to make some hard decisions further down the road.
Potential financial strain. If you decide to remove your name as co-owner, your parents or siblings will need to buy over your share, which may result in financial strain. If they’re unable to service the loan, the financial burden will fall on you to do so.Removing your name from the HDB flat is by far the best and most recommended option, short of changing your partner. The first way is a conveyancing procedure that doesn’t involve any monetary consideration.
status as a co-owner in the case of family circumstances such as marriage, divorce or demise of an owner, you can apply for a change in flat ownership. and give their full consent. This process typically takes four months from start to finish.Addition of co-owner, such as when a parent includes their child as an owner.Replacement of co-owner, for example, replacing the son with the daughter as the owner.
This includes fire insurance premium, late payment charges, or bill charges. Also, if you’ve purchased an EC from a developer or a HDB flat before withdrawing your name as a co-owner, you may need to cough up a