Stamp duty reimbursement from CPF

[auroraborealis]

i'm not exactly sure... lawyers always write like that

but we only pay stamp duty once for each purchase, naturally i wld xpect "there can only be a one-time deduction of CPF monies for stamp fee reimbursement"

u shld talk to ur lawyer to get a clearer; everybody know 1-time claim, qn is why delay it when cpf monies risk min sum increases each yr

i receive the below reply from my lawyer, can someone advise me on that?

"As the stamp fee on the Sale and Purchase Agreement ("S & P") is $10,560, we would advise that you do not apply for reimbursement at this time, in view that there can only be a one-time deduction of CPF monies for stamp fee reimbursement.You may instead wish to instruct us to apply at a later date after further CPF contributions have been made.

Do note that reimbursement must be made before legal completion which, under the S & P, is to take place no later than 1 July 2020 or 3 years after the delivery of vacant possession, whichever is earlier. It is possible for legal completion to take place several months before this latest date.

If you are agreeable, kindly let us have your instructions once the notice of vacant possession / TOP has been issued in order to allow us time to process your request."

[price]

i receive the below reply from my lawyer, can someone advise me on that?

"As the stamp fee on the Sale and Purchase Agreement ("S & P") is $10,560, we would advise that you do not apply for reimbursement at this time, in view that there can only be a one-time deduction of CPF monies for stamp fee reimbursement.You may instead wish to instruct us to apply at a later date after further CPF contributions have been made.

Do note that reimbursement must be made before legal completion which, under the S & P, is to take place no later than 1 July 2020 or 3 years after the delivery of vacant possession, whichever is earlier. It is possible for legal completion to take place several months before this latest date.

If you are agreeable, kindly let us have your instructions once the notice of vacant possession / TOP has been issued in order to allow us time to process your request."

It means that, at this point in time, your OA balance available for reimbursement is only $10,560.

Say if your actual Stamp duty was 40k, why not wait till more CPF is being contributed from your salaries to come?

By then you would have more $ in CPF OA to reimburse.

[cottonberry]

Sigh, exactly...i don't understand from the way they write. I have paid up the stamp duty of 10,560 via cheque after i sign the S&P and now i am asking them to help me remiburse but they gave me this answer.

Thanks for all the reply, i just want to check if any of you guys are facing the same problem like me. I will check with the lawyer again.

[shareidiot]

It is strange. When I bought my PC last year, in lawyer's office, they asked me if I want to reimburse the stamp duty amount from my CPF account. I said yes, and she (the lawyer) duly did it for me adminstratively.

When CPF paid to the law firm, the lawyer offered me over the phone to bank in that cheque to my account. I thankfully said OK. It is just that simple .... No?

I was thinking whether should I ask for reimbursement or not as my bank has already released the 1st disbursement. Any advise?

[shareidiot]

I think CPF will reimburse through the law firm (based on my experience). You have to follow up with your law firm, when they can reimburse you the same amount.

Yesterday, received a letter from CPF about the approval of stamp duty. Now waiting for the money to be credited to my account only.

[einnoc]

if is true that if OA has not reach $69K, i can't get the reimbursement from cpf n has to pay fully in cash?

[auroraborealis]

if u have ever used cpf for any property purchase b4... the condition applies. this is the min sum requirement (65.5k this year; next jul will increase again but it's not a linear yearly increase hor... cos garmen got target by which yr need how much, at their current rate too slow so i foresee will hike exponentially in the next few yrs as this can indirectly cool property mkt)

but if u never ever use cpf b4, i think 1st property got some exemptions but i not very sure about it exactly

if is true that if OA has not reach $69K, i can't get the reimbursement from cpf n has to pay fully in cash?

[shareidiot]

I think it is combine amount for both OA & SA (not just OA).

if is true that if OA has not reach $69K, i can't get the reimbursement from cpf n has to pay fully in cash?

[einnoc]

i found this link abt the OA and SA.
http://ask-us.cpf.gov.sg/efa/cs/idcp...t=1&noSaveAs=1

[cottonberry]

It is strange. When I bought my PC last year, in lawyer's office, they asked me if I want to reimburse the stamp duty amount from my CPF account. I said yes, and she (the lawyer) duly did it for me adminstratively.

When CPF paid to the law firm, the lawyer offered me over the phone to bank in that cheque to my account. I thankfully said OK. It is just that simple .... No?

Why is yours so simple? I am also a first time buyer. Is it because due to my CPF has not enough fund that's why they can't reimburse me?

[CondoWE]

Why is yours so simple? I am also a first time buyer. Is it because due to my CPF has not enough fund that's why they can't reimburse me?

Possible. Just curious how much left in your OA ?

[cottonberry]

Possible. Just curious how much left in your OA ?

My magic number: 5k only

[auroraborealis]

then u better wait until OA have 11k b4 apply for stamp fee reimbursement... u appy now 10k, u onlt get back 5k no point

mayb ur lawyer was referring to this

My magic number: 5k only

[cottonberry]

then u better wait until OA have 11k b4 apply for stamp fee reimbursement... u appy now 10k, u onlt get back 5k no point

mayb ur lawyer was referring to this

Thanks auroraborealis! Noted on that.

[shareidiot]

Yup that's the link. When my stamp duty was reimbursed last year through the lawyer, I had to set aside $69500, before touching on the available balance.

i found this link abt the OA and SA.
http://ask-us.cpf.gov.sg/efa/cs/idcp...t=1&noSaveAs=1

[irisng]

I think CPF will reimburse through the law firm (based on my experience). You have to follow up with your law firm, when they can reimburse you the same amount.

Wow, your lawyer is so efficient, everything is so simple and straight forward. I received a letter from CPF on 17th Oct informing me about the successful deduction of the stamp fee from my CPF account, but till todate, I have not received my money back yet (supposed to bank into my account from the lawyer). I had called my lawyer 3 days ago but the person-in-charge was not around. She was supposed to call me back but , didn't call me, must call her again today.

[shareidiot]

In fact, this lawyer was so thoughtful to offer to drop cheque into bank (during her lunch time). I gave her my account no., and she did it (drop chq). She is great.

Wow, your lawyer is so efficient, everything is so simple and straight forward. I received a letter from CPF on 17th Oct informing me about the successful deduction of the stamp fee from my CPF account, but till todate, I have not received my money back yet (supposed to bank into my account from the lawyer). I had called my lawyer 3 days ago but the person-in-charge was not around. She was supposed to call me back but , didn't call me, must call her again today.

[irisng]

In fact, this lawyer was so thoughtful to offer to drop cheque into bank (during her lunch time). I gave her my account no., and she did it (drop chq). She is great.

When I signed my S&P agreement, I had already given her my accounts number for the reimbursement of the stamp fee. Today, check my accounts again, money not in yet, don't know what is she doing .

[radha08]

is it true lawyers fees also can pay thru cpf...

[buttercarp]

is it true lawyers fees also can pay thru cpf...

No I don't think so.
Interesting thing I just found out from this newspaper report.

http://www.tnp.sg/content/banks-stop...-housing-loans
October 1, 2012 Linette Heng

The Monetary Association of Singapore (MAS) has clarified that banks can continue to offer subsidies of legal and valuation fees to customers. Its rules only prevent banks from packaging legal and valuation fees as part of the property's purchase price.
Banks had earlier said that they had received a reminder from MAS to stop offering the subsidies, which can amount up to $5,000.
Despite the MAS clarification, OCBC and DBS banks said that they have stopped the subsidies. UOB will not offer the subsidies from Oct 5.

[radha08]

No I don't think so.
Interesting thing I just found out from this newspaper report.

http://www.tnp.sg/content/banks-stop...-housing-loans
October 1, 2012 Linette Heng

The Monetary Association of Singapore (MAS) has clarified that banks can continue to offer subsidies of legal and valuation fees to customers. Its rules only prevent banks from packaging legal and valuation fees as part of the property's purchase price.
Banks had earlier said that they had received a reminder from MAS to stop offering the subsidies, which can amount up to $5,000.
Despite the MAS clarification, OCBC and DBS banks said that they have stopped the subsidies. UOB will not offer the subsidies from Oct 5.

yup but seems they all stopped

[irisng]

When I signed my S&P agreement, I had already given her my accounts number for the reimbursement of the stamp fee. Today, check my accounts again, money not in yet, don't know what is she doing .

Received a call from my lawyer today. The reason for not able to receive my reimbursement is that the bank cannot issue the cheque under my name only as the ppty was bought under my husband and my name, so the bank needs an authorisation form from both of us. Funny leh, the SD was deducted from my CPF, definitely, the money has to reimburse back to me lor, why need authorisation letter?

[auroraborealis]

Yah.. Same here, so inefficient. Now only request authorisation form, shouldn't they have prepared it at the same time. It's been 2-3 months, sigh

Received a call from my lawyer today. The reason for not able to receive my reimbursement is that the bank cannot issue the cheque under my name only as the ppty was bought under my husband and my name, so the bank needs an authorisation form from both of us. Funny leh, the SD was deducted from my CPF, definitely, the money has to reimburse back to me lor, why need authorisation letter?

[irisng]

Yah.. Same here, so inefficient. Now only request authorisation form, shouldn't they have prepared it at the same time. It's been 2-3 months, sigh

Ya, my lawyer can actually send me an email with the attachment for us to sign but instead he kept calling my handphone in order to explain to me why my cheque was held back by the bank. For almost 3 days, I didn't answer the calls because the number seems unfamiliar to me as I have been receiving lots of calls recently.

[auroraborealis]

mine actually told me i can collect cheque soon, then suddenly say must sign authorisation form. then i ask them whether they applied for reimbursement or not they said applied, then i ask if you can apply w/o the form then y now need form

mayb we using same confused lawyer man

Ya, my lawyer can actually send me an email with the attachment for us to sign but instead he kept calling my handphone in order to explain to me why my cheque was held back by the bank. For almost 3 days, I didn't answer the calls because the number seems unfamiliar to me as I have been receiving lots of calls recently.

[carbuncle]

is it true lawyers fees also can pay thru cpf...

Can, at least when i bought mine!

b) When buying a private property
You can use your CPF savings in your Ordinary Account:
i)
To make direct payment to a property developer or a seller for the purchase of a property;
*
ii)
To repay a housing loan taken for the purchase of the property. However, please take note of the following:
The mortgagee's restriction on the use of your CPF savings towards servicing your housing loan.
The reduction of the contribution to the Ordinary Account as you get older.
The overflow of Medisave contribution to Special Account when Medisave ceiling is reached. For more information on CPF Contribution Rates Table, click here.
An amount should also be set aside in your Ordinary Account to buffer against unexpected events such as job retrenchment, or temporary work stoppage for childcare reasons.
Instalment payments for other properties, if any.
* *
iii)
To repay a housing loan taken for the purchase of land and/or for construction of a house on that land; and
* *
iv)
To pay the legal costs, stamp duty and survey fees incurred in connection with the purchase, refinancing and/or construction of the house.

[irisng]

mine actually told me i can collect cheque soon, then suddenly say must sign authorisation form. then i ask them whether they applied for reimbursement or not they said applied, then i ask if you can apply w/o the form then y now need form

mayb we using same confused lawyer man

I think authorisation form is required by the bank and not the CPF Board. CPF Board will approved the SD reimbursement as long as there is sufficient fund in your CPF. If the ppty is bought under 2 names (eg husband and wife), then the reimbursement cheque must issue under both parties' name but if you want the cheque to be issued under 1 name only (either your name or your spouse's name), then the bank will need the authorisation form to be signed by both husband and wife.

[Komo]

if throughout the initial payments only one person's cpf is used will not have such issue even if property is under 2 names. reimbursement will be directly to the one paid out from and very fast

[auroraborealis]

mine was for developer via developer lawyer, not sure why though

I think authorisation form is required by the bank and not the CPF Board. CPF Board will approved the SD reimbursement as long as there is sufficient fund in your CPF. If the ppty is bought under 2 names (eg husband and wife), then the reimbursement cheque must issue under both parties' name but if you want the cheque to be issued under 1 name only (either your name or your spouse's name), then the bank will need the authorisation form to be signed by both husband and wife.

[irisng]

if throughout the initial payments only one person's cpf is used will not have such issue even if property is under 2 names. reimbursement will be directly to the one paid out from and very fast

We have used cash to pay for the 20% deposit + stamp duty. Monthly CPF deduction started only when the bank disbursed the 1st progress payt and that's from my husband CPF account. For the stamp duty reimbursement, the CPF board has deducted from my account, so naturally, reimbusement should be issued under my name but why the bank still need authorisation form?