Minimum Occupation Period for Purchasing Private Property

[property_finder]

A tricky scenario on Minimum Occupation Period (MOP) which hopefully fellow focummers can help.

Year 2003 Dec: Son and mother bought a HDB flat directly from HDB with CPF grants.
Year 2009 Dec: Son got married and included wife's name as co-owner of the HDB flat and wife's CPF was utilised. Son and mother still retained ownership so the HDB flat has a total of 3 owners.


Year 2012 June: Are son and wife eligible to purchase a Private property in June 2012, or need to wait until 2014 Dec? In other words, is the MOP calculated from 2003 or 2009?

[Stingray]

Most likely, it is from 2009. It is better that you check with HDB.

[ikan bilis]

even say counting from year 2009 onwards.... those purchase before Aug 2010 was 3yr MOP, right??...

[buttercarp]

http://www.hdb.gov.sg/fi10/fi10326p....s?OpenDocument
A transfer of flat ownership refers to a change of flat ownership between family members. The change of ownership is without monetary consideration and is by way of gift on grounds of love and affection.


Types of Transfer

The different types of transfers include:

• Inclusion of co-owner(s) (e.g. A to A & B)
• Deletion of existing co-owner(s) (e.g. A & B to A)
• Substitution of co-owner(s) (e.g. A & B to A & C)
• Outright transfer of owner(s) (e.g. A to B)

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http://www.iras.gov.sg/irasHome/page04.aspx?id=10208

10. I became the co-owner of my parents' HDB flat after my parents and I did a Transfer to include my name as one of the 3 owners of equal shares on 15 January 2011. We decide to sell the HDB flat 6 months later. Does SSD apply to us when we sell the flat?
Yes, as you have acquired the 1/3 share in the HDB flat after 14 January 2011, you would have to pay SSD when the HDB flat is sold within the 4 years' holding period.

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So if according to the above website, the MOP has been fulfilled as it starts from 2003.
In 2009, it was transfer of ownership to include the newly wedded wife.

But the problem now it that the wife utilised her CPF to help pay, so it is better to get a written reply from HDB.

[Poloclub]

A tricky scenario on Minimum Occupation Period (MOP) which hopefully fellow focummers can help.

Year 2003 Dec: Son and mother bought a HDB flat directly from HDB with CPF grants.
Year 2009 Dec: Son got married and included wife's name as co-owner of the HDB flat and wife's CPF was utilised. Son and mother still retained ownership so the HDB flat has a total of 3 owners.


Year 2012 June: Are son and wife eligible to purchase a Private property in June 2012, or need to wait until 2014 Dec? In other words, is the MOP calculated from 2003 or 2009?

should be 2003.

[richwang]

Will the policy be changed to make Singapore dollar credit only available for locals?

If Debt = Money

The Government should give debt only to locals.

Thanks,
Richard

[pengful]

A tricky scenario on Minimum Occupation Period (MOP) which hopefully fellow focummers can help.

Year 2003 Dec: Son and mother bought a HDB flat directly from HDB with CPF grants.
Year 2009 Dec: Son got married and included wife's name as co-owner of the HDB flat and wife's CPF was utilised. Son and mother still retained ownership so the HDB flat has a total of 3 owners.


Year 2012 June: Are son and wife eligible to purchase a Private property in June 2012, or need to wait until 2014 Dec? In other words, is the MOP calculated from 2003 or 2009?

Is that son you?

[TheOnlyGayInTheVillage]

Will the policy be changed to make Singapore dollar credit only available for locals?

If Debt = Money

The Government should give debt only to locals.

Thanks,
Richard

And give money to foreigners?