Help: How to buy over co-owner share

[smurfzzz]

I have a condo which is bought together with another person. Now this person wants to sell the house, which I disagree, so I intend to buy over his shares.

However to pay him a lump sum of 100+k cash is almost impossible, is there anyway I can buy over the share with the housing bank loan?

[Northeast91]

I have a condo which is bought together with another person. Now this person wants to sell the house, which I disagree, so I intend to buy over his shares.

However to pay him a lump sum of 100+k cash is almost impossible, is there anyway I can buy over the share with the housing bank loan?

You should be able to refinance his part of loan and takeover..

[smellyfish]

assuming this is a private property, the bank will treat it as a fractional purchase at arms length. You need to purchase his share as if it is another property. However, the CM measures do not apply (except maybe the TDSR).

bank will finance you up to 80% of the person's share and you still need to come with the balance. there will be legal fees for both owner and seller, and also valuation fee and stamp duty on the 1/2 share.
.

[mcmlxxvi]

What if the property has risen say 20% in valuation vs the original purchase date? It will be based on this new price? Or whichever price agreed upon by both parties?

[smellyfish]

What if the property has risen say 20% in valuation vs the original purchase date? It will be based on this new price? Or whichever price agreed upon by both parties?

my bank didnt let me sell based on agreed price, say die die must follow valuation. I am like wtf (?!?) so long as the sale price can cover the loan portion right???

but they die die insist, so ok lor, ended up i pocket another 100k that i dont want..

[newbie11]

Then you should look for another bank that supports Lower Val.

Part purchase and cash out can be done provided tdsr is met.

[mcmlxxvi]

my bank didnt let me sell based on agreed price, say die die must follow valuation. I am like wtf (?!?) so long as the sale price can cover the loan portion right???

but they die die insist, so ok lor, ended up i pocket another 100k that i dont want..

And u pay stamp on that too.

[mcmlxxvi]

Then you should look for another bank that supports Lower Val.

Part purchase and cash out can be done provided tdsr is met.

Good to have second opinion mindset i guess.

[smellyfish]

there is no way to escape stamp duty. stamp duty is paid on higher of valuation or sale price.

I wasnt trying to argue with the valuation, which was more or less fair, and which has definitely gone up

but i would have thought so long as i sell my share at a price that is sufficient to fully redeems my share of loan, the bank should be happy.

but they say no, and ok lah, i didnt protest too much either about getting some fresh cheap money

[smurfzzz]

Is there anyway to avoid the 5%cash, 15% CPF procedure again since it is the same property?

[mcmlxxvi]

there is no way to escape stamp duty. stamp duty is paid on higher of valuation or sale price.

I wasnt trying to argue with the valuation, which was more or less fair, and which has definitely gone up

but i would have thought so long as i sell my share at a price that is sufficient to fully redeems my share of loan, the bank should be happy.

but they say no, and ok lah, i didnt protest too much either about getting some fresh cheap money

Issit free money? Aint it left pocket to right pocket? U referring to the additional loan amt due to higher valuation issit...

[smellyfish]

so for the half share, was $400k when bought, now valued at $500k. remaining loan $300k.

sale is at $500k, the seller (wife ) paid me a cheque of $100k for the 20% downpayment which I didnt cash or will kenna sleep on floor

wife took loan of $400k to pay me, but bank deduct $300k for my share of mortgage, so net net take back $100k

wife now has $300k loan from her original half share + $400k new loan = $700k loan for the property. She literally has two loan letters for the two loans.

therefore, I say cheap money, not free money.

clear enough liao boh

[smellyfish]

Is there anyway to avoid the 5%cash, 15% CPF procedure again since it is the same property?

not for my bank. but we didnt use CPF so not sure what additional complications if CPF involve.

[mcmlxxvi]

so for the half share, was $400k when bought, now valued at $500k. remaining loan $300k.

sale is at $500k, the seller (wife ) paid me a cheque of $100k for the 20% downpayment which I didnt cash or will kenna sleep on floor

wife took loan of $400k to pay me, but bank deduct $300k for my share of mortgage, so net net take back $100k

wife now has $300k loan from her original half share + $400k new loan = $700k loan for the property. She literally has two loan letters for the two loans.

therefore, I say cheap money, not free money.

clear enough liao boh

Whatever rocks ur boat man... too compkicated for 950pm... anyway 400k... u mm club also issit?

Oh half share.,,,1mil property... understand liao.

If equity based or asset based loans are outlawed, this is another good way to free up cash....

[newbie11]

so for the half share, was $400k when bought, now valued at $500k. remaining loan $300k.

sale is at $500k, the seller (wife ) paid me a cheque of $100k for the 20% downpayment which I didnt cash or will kenna sleep on floor

wife took loan of $400k to pay me, but bank deduct $300k for my share of mortgage, so net net take back $100k

wife now has $300k loan from her original half share + $400k new loan = $700k loan for the property. She literally has two loan letters for the two loans.

therefore, I say cheap money, not free money.

clear enough liao boh

Not everyone has the cash to show to buy over even it's left to right pocket. Gd on u

[smellyfish]

Whatever rocks ur boat man... too compkicated for 950pm... anyway 400k... u mm club also issit?

Oh half share.,,,1mil property... understand liao.

If equity based or asset based loans are outlawed, this is another good way to free up cash....

no lah, not mm and did it some time last year, while it still made sense to do all these things.

now can just look at bank statement and wank

[mcmlxxvi]

So salted fish u also waiting for crash to buy your next si mm si??

[smellyfish]

So salted fish u also waiting for crash to buy your next si mm si??

i transfered and bought my stuff before 2013 so the only waiting i do is waiting for new BPL season to start lah

as for property need to crash until the CMs are removed; not sure i really want that