Transfer of Flat Ownership
Due to a change in your family’s circumstances such as marriage, divorce, or financial hardship, existing flat owners may need to effect a change in flat ownership within your family members.
One way to do this is by transfer without monetary consideration. The other is to do a transfer pursuant to a Court Order, in circumstances such as divorce.
Types of transfer
There are 4 main types of transfer of flat ownership.
- Inclusion of owners: Parents include daughter
- Withdrawal of owners: Daughter withdraws
- Substitution of owners: Father substitutes daughter with son
- Outright transfer: Father transfers ownership to son
Who can initiate a transfer of flat ownership?
Existing flat owners may transfer their flat ownership to immediate family members if the proposed owners meet all eligibility conditions. If there is more than 1 proposed owner (maximum 4 owners can be allowed for each flat), they would need to decide on the manner of holding the flat upon the transfer of ownership, whether by joint-tenancy, or tenancy-in-common.
Before submitting an application for the transfer of flat ownership, existing and proposed owners should consider the following:
- Eligibility conditions
- Finances required
Proposed owners will have to meet these eligibility criteria.
Guide on flat transfer
Before flat owners initiate a transfer, there are a number of things to consider, such as eligibility and finances. See the steps in guide on flat transfer.
Follow these steps to complete the application procedure for the transfer of flat ownership.
Conditions after flat transfer
The proposed owners and withdrawing owners have to take note of certain conditions after the transfer of flat ownership has been completed.
In the case of a divorce, the transfer of flat ownership is subject to these conditions.