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 Love and affection, Transfer property to direct family

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wild_card_my
post Jul 3 2015, 03:07 AM

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QUOTE(etcpro @ Jul 2 2015, 12:28 PM)
My mum is going to give me a house under her name as my wedding gift.
I understand that transferring a property from parents to children / husband to wife or vice versa can apply for stamp duty waiver.
Now the question is, me and my fiance are not officially ROM. Is clause of love and affection still applicable? As the property will be assigned under me and fiance's name.
We would like to demolish the house and rebuild it. Will finance through housing loan. If the house does not contain fiance's name, then he won't be able to apply for a housing loan for the said house. If on my own, I do not eligible.

Any advice would be much appreciated.
*
Alternatively you could get a proper S&P between you and your mother without your fiance's name.

Banks like OCBC allow your fiance, who is not your spouse, to joint-apply for a loan to finance the property.
wild_card_my
post Jul 3 2015, 04:01 PM

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Btw, have you checked with your lawyer? If I am not mistaken, my lawyer have once told me that transfers between Parents -> Children and between spouses only can get 50% waiver on the stamp duty.

Parents -> Children-in-laws cannot get.

Please verify since I am not a lawyer, but this is what I was told, if I am not mistaken - can't really recall since there aren't too many Love-dan-Affection cases out there. I cant get hold of my lawyer to confirm, but if this is true, you may want to get a good lawyer who knows their business instead smile.gif Let me recommend if you want.
wild_card_my
post Jul 3 2015, 10:38 PM

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OP, once you have the title transferred under YOUR NAME alone, then just use the title as the property document and refinance it la. With OCBC and HLBB refinancing unencumbered property has no 10 year limit rule applied against it, you can finance it for the maximum of 35 years.

Your fiance can even join you as one of the applicant to get the loan.

This is my professional advice as a mortgage broker to you.

This post has been edited by wild_card_my: Jul 3 2015, 10:40 PM
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