Jul 5 2022, 01:48 PM
QUOTE(zeopphire @ Jul 3 2022, 05:41 PM)
Hi All,
would like to ask, if a property was bought under parent's name (let say the mother's name in the s&p) but the housing loan is with the child's name, meaning the housing loan instalment is still ongoing and the child is the one servicing the loan.
in this situation, is it better for the parent to do a will so that the child can righfully inherits the property in the future?
Thanks in advance.
do will = pay rm10 stamp dutywould like to ask, if a property was bought under parent's name (let say the mother's name in the s&p) but the housing loan is with the child's name, meaning the housing loan instalment is still ongoing and the child is the one servicing the loan.
in this situation, is it better for the parent to do a will so that the child can righfully inherits the property in the future?
Thanks in advance.
pro of doing will = save stamp duty
con of doing will = other children may contest the will if excluded from the will, but in this case if that child is solely paying the house instalment, even if contested that child servicing instalment high chance to get the property since he's paying the instalment. but this doesn't mean the other children will initiate legal proceeding and all parties will be stuck for 1/2 - 1 year to battle it out.
transfer now = pay 50% stamp duty
pro of transfer now = that child con9lan7firm will get the property, but need to refinance the loan
con of transfer now = pay higher stamp duty + need to refinance loan (might be diff interest rate)
so, best to decide based on the circumstances.
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