Dec 26 2019, 09:08 AM
QUOTE(Gundam84 @ Dec 26 2019, 01:31 AM)
Hi,
Need some advice on my scenario below and option that i could explore.
I bought a condo with my sister a while ago (it’s in construction). Both of our name are in the property title as well as loan (she’s the principal). My sister would like to take 100% ownership hence she will be servicing the loan by herself. May i know
1. What are the option that i could be removed from both property title and loan without need to pay thousands of stamp duty?
2. If option #1 is not viable, any idea how i can strike off my name from the property title but retaining my name in the bank loan? (In the sense that i’m willing to do so)
Thank you
It depends on whether the strata title is issued.Need some advice on my scenario below and option that i could explore.
I bought a condo with my sister a while ago (it’s in construction). Both of our name are in the property title as well as loan (she’s the principal). My sister would like to take 100% ownership hence she will be servicing the loan by herself. May i know
1. What are the option that i could be removed from both property title and loan without need to pay thousands of stamp duty?
2. If option #1 is not viable, any idea how i can strike off my name from the property title but retaining my name in the bank loan? (In the sense that i’m willing to do so)
Thank you
If not, then you can discuss with the developer whether they allow to omit your name.
On the other hand, banks are very rigid with this type of arrangement. They normally want the 'selling' and 'buying' between you and your sister to take place plus the cancellation and reapplication of loan. You can approach the bank to try your luck.
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