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View Full Version : Question: Can I add new owners to my property title deed?


gwlip
29-10-12, 15:06
Need expert advice from all the gurus here. If I own a private property - are there any restrictions to add my parents into the ownership? (assuming parents do not own hdb etc) Any difference if the property is fully paid for or if it is bought using bank loan? Thank you!
Laguna
29-10-12, 15:31
Need expert advice from all the gurus here. If I own a private property - are there any restrictions to add my parents into the ownership? (assuming parents do not own hdb etc) Any difference if the property is fully paid for or if it is bought using bank loan? Thank you!

Of course, u can, provided :
1. you pay stamp duty and legal fee
2. bank side shall not be too difficult so long as there is no change in borrowers. But the bank must agree to the change.
3. CPF may have problem...this I am not sure
buttercarp
29-10-12, 15:38
Also bear in mind that the 4 yr SSD will apply to the newly added people should they sell within 4 years of inclusion of their names.
Laguna
29-10-12, 15:43
Need expert advice from all the gurus here. If I own a private property - are there any restrictions to add my parents into the ownership? (assuming parents do not own hdb etc) Any difference if the property is fully paid for or if it is bought using bank loan? Thank you!

why u need to do this?
very complicated?
also u need to consider common tenancy or joint tenancy...to make sure the property will come back to u
DC33_2008
29-10-12, 16:13
The stamp fee has already put me off to include my spouse name for properties bought before getting married. Just put my spouse in my will.
Of course, u can, provided :
1. you pay stamp duty and legal fee
2. bank side shall not be too difficult so long as there is no change in borrowers. But the bank must agree to the change.
3. CPF may have problem...this I am not sure
gwlip
29-10-12, 16:27
O I thought stamp duty is needed only if the property is transferred as a gift to another person.
In this case including another owner, the stamp duty is the same rate? Or halved?
Sorry I am very blur here...
toiletsiao
29-10-12, 17:25
O I thought stamp duty is needed only if the property is transferred as a gift to another person.
In this case including another owner, the stamp duty is the same rate? Or halved?
Sorry I am very blur here...

same rate...but just onli on the portion that is being transferred... eg if only 10% share of the property is involved....u only need to pay stamp duty on that 10%...
radha08
29-10-12, 17:31
JOKE:...Can no issue please put in my name...i looking to buy a house....END of JOKE...:D:D:D:D:D

Sorry thats just me...:D
Allthepies
29-10-12, 19:19
The stamp fee has already put me off to include my spouse name for properties bought before getting married. Just put my spouse in my will.
just curious, if by will will there be a death tax on the property?will this be more than stamp duty if any?
Laguna
29-10-12, 19:20
just curious, if by will will there be a death tax on the property?will this be more than stamp duty if any?

no estate duty and no stamp duty on properties transferred as well
but I am not sure whether the SSD will kick in or not
Allthepies
29-10-12, 20:42
no estate duty and no stamp duty on properties transferred as well
but I am not sure whether the SSD will kick in or not

thanks for the info...:cheers1:
heehee
29-10-12, 20:47
Actually, I have opposite situation question:
Need expert advice from all the gurus here. If I & another party own a private property, what are the implications & charges (any taxes, SSD etc) to remove the party from the ownership? Any difference if the property is fully paid for or if it is bought using bank loan & joint tenancy or tenancy in common? Thank you!


Need expert advice from all the gurus here. If I own a private property - are there any restrictions to add my parents into the ownership? (assuming parents do not own hdb etc) Any difference if the property is fully paid for or if it is bought using bank loan? Thank you!