Aug 25 2022, 11:18 PM
QUOTE(Mattrock @ Aug 25 2022, 08:33 PM)
Hi,
I am thinking of purchasing property under my son's name. He is above 21. I am thinking that this will eliminate transfer fees if something happens to me (I do have a Will with my son as beneficiary). Also, looking at the 50% first time buyer stamp duty discount for property < RM1M. Plan is to buy cash, no loan.
Is there any cons of doing this or any other benefits, either for me or my son? Obviously he will use up his 'first time buyer' privilege in case such benefit is offered in future.
Advise and opinions appreciated. Thanks.
Just nominal rm10 stamp duty for transfer to your son under the will if something happen to u la *choi* and first time buyer gets stamp duty waiver for property 500k and below.I am thinking of purchasing property under my son's name. He is above 21. I am thinking that this will eliminate transfer fees if something happens to me (I do have a Will with my son as beneficiary). Also, looking at the 50% first time buyer stamp duty discount for property < RM1M. Plan is to buy cash, no loan.
Is there any cons of doing this or any other benefits, either for me or my son? Obviously he will use up his 'first time buyer' privilege in case such benefit is offered in future.
Advise and opinions appreciated. Thanks.
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