I have a fully paid house under my name that I rent out. My father collects the rent 100% for his own use.

The family house we live in is under my father's name also fully paid. Now my father would like to transfer the house to me instead of my elder sister because she has emotional issues, we are afraid she would donate the house or give it away for free. However, it would seem unfair to her that everything goes to me. I'm the one who bought the family car and fully paid for it, family expenses and bills are paid by me.

Is there any legal way to transfer the house fully to her name but she will need my consent to sell the house? She has never bought a house before, would giving the house to her limit her future purchase? Such as missing out on a 90% loan quota or a low-cost housing scheme?

Won’t affect the 90% loan but will affect first home ownership programmes if she choose to buy in the future. Just do joint name title lor

This post has been edited by elimi8z: Oct 26 2023, 08:27 PM

Existing house owner can't entitle to stamp duty waiver (which is ongoing till year 2025).

Also she no longer can get RUMAWIP/etc since those are tailored for 1st time house buyer IINM.

As for loan, it's not an issue as 3rd house above only will affect the additional down-payment.

This post has been edited by msacras: Oct 26 2023, 08:44 PM

you can transfer to join name

or ask your dad make a will, saying if he no more around, the house will pass to you both. so it is safe for now

later year only think of the problem arise

why would you like her to own something since she's emotionally unstable? just continue to provide a roof for her will be more than enough

To be honest, I dreaded the idea of staying with her for the rest of my life. I already gave up on forming my own family a long time ago in order to pay off everything. 2 houses, 2 cars, living expenses... I know my father wants to give the house to me so that he can tie my sister to me forever.
Maybe I'll get that expensive dual key and rent out both houses... More things to spend money on. forever slaved to family.

Your father can set up a trust to hold the title for her, and put you as control person. So if after your father life time, and if she want to sell the house, must get your approval, if not trust will continue hold the house for her.

But of course it will come with cost like fee, and stamp duty when transfer the property to trust.

If got trust, I don't think her name will appear on the title of your family house, since the trust hold it. So guess she can still buy with her own name.

But this is just the rough idea I learn from my friend as his father got trust for them before pass away.

But of course the fee not cheap

Joint name best. Do it now since there is stamp duty waiver. Just pay legal fees. But it will affect your sister's future purchase of property since it will no longer be her first home.

well again, this is not about giving the property to her or not..
u got 2 house, let her stay 1 but ownership still yours.. as long you dont kick her out of the house, u are fine..

Yeah, usually only rich family setup trust. Never hear poor people setup trust to manage peanut lol

Yeah, I guess join name us the only way for now.

Yeah, I think I'll rent out both houses, and buy another dual key for us.

You have been worrying about your sister but not about yourself.

If you leave earlier than you sister, what you think will happen to those properties ?

This post has been edited by mini orchard: Oct 28 2023, 05:15 PM

All the properties, even my father's house, are already paid off. If I leave my family and live by myself, my expenses would have almost doubled as I would have to support both myself and my family. Instead of having a rental income, my family would have 0 passive income and rely on my low salary only.

I rephrase my question ...

If you are dead earlier than your sister, what happens then ?

Why would I care then? I'm already dead.

Good answer.

Then you should not worry too much if the family property is transferred to your sister.

I don't actually really want the house. I just want her to have the house, but not giving/waste it away.