I. Transfer of ownership by gift
Definition: before giving life, by giving, also known as giving before death.
In Singapore, it is legal to give property without monetary compensation. You can give property through a gift contract between the transferor and the transferee.
For HDB, the situation is a bit tricky. You can only transfer the ownership of government units to immediate family members who meet certain conditions. Private property can be transferred, but there are also problems and risks that need attention. It is recommended to consult a professional.
If the ownership is transferred by gift, the following three issues need to be considered:
First: Is there any mortgage or provident fund fee for the property?
In Singapore, many properties are purchased through mortgage loans or provident fund loans. If you plan to give it away, please consult the bank and the Central Provident Fund Bureau for specific steps.
Second: Are you donating real estate or building a trust?
You should make sure that you are making a gift of property, and the real intention is not to set up a trust for the property. If the trust is established, the person who accepts the property only holds the property on your behalf.
Third: stamp duty is still payable.
In Singapore, even if the property is transferred, stamp duty cannot be avoided. Unless you want to be punished, stamp duty still needs to be paid according to the share of the market price of the transferred property.
Second, the way of inheritance and transfer
Definition: Donation in the form of will after the death of the donor.
In Singapore, transferring property by will is often the most common way of property distribution. However, you need to consider this question: Is the property jointly owned? There are two kinds of property ownership, one is joint lease and the other is joint lease.
Take Ode to Joy as an example. If you buy a house with Fan, they usually choose to own it together. If Fan and Qu Xiaoyu invest in real estate together, it is usually shared by the authorities.
The key point is: in the case of joint ownership, ownership cannot be transferred by inheritance through will. When one of them dies, the survival law comes into effect, that is, the ownership of the deceased is automatically transferred to the name of the surviving party and cannot be included in the will as the legacy of the deceased party.
It's a little complicated, isn't it? But this is also a common misunderstanding of many people.
In other words, if Wang Baichuan and Fan buy a house together in Singapore, it is assumed that Fan is still alive after his death and the property ownership belongs to Fan.
However, if Fan Hequ Xiaoyu buys a house in the form of decentralized ownership, Fan can transfer his share of property to others by making a will.
Three, the main procedures before and after the transfer of real estate
Before the handover, your lawyer will be responsible for:
1) Check whether there is any unpaid property tax.
2) Share the property tax between you and the transferor/seller.
3) Inform the transferor/seller's lawyer who is the payer.
4) Arrange to pay stamp duty within 14 days after signing the contract or agreement.
After the transfer, you need to:
1) Update the address at the police station.
2) Received a notice from the Inland Revenue Department of Singapore (IRAS) to check the effective owner-occupation tax.
3) Pay property tax
Finally, I would like to remind you that no matter what kind of transfer method, the procedures are not simple and involve many legal provisions. It is recommended to consult a professional to fully understand the details, advantages and disadvantages.