Property questions
-
Q: How do I go about collecting my title deeds from CPF?
A: From 15 September 2004, CPF members with no outstanding bank mortgages on their properties bought with CPF savings can keep their title deeds. The Board no longer keeps the title deeds of properties bought under the Residential and Non-Residential Properties Schemes. Members who have been notified to collect the title deeds that are still with the Board but have not come forward to collect their title deeds can email us at [email protected] to make an appointment.
Got the above from the CPF website.
I am actually in the midst of doing exactly the same thing as you and it never occurred to me to check up on the title deed thing.
Now just wondering to clear the o/s bank loan on the 2nd property or continue with the loan since interest is low and use the money for other investments. -
MMM:
If 40 is outstanding under property B, and you pay it off using a mix of cash and CPF, firstly, the bank has to discharge your current mortgage held on property B. CPF on the other hand, will definitely need to have a charge on your property B as long as any CPF money is used.haha this is rather complicated... hope someone can advise. Any housing agent KSP here?
We are looking at 2 property A and B.
We intend to sell property A for $90. We still owe the bank $50. So when we sell, I suppose $50 will go into paying off the bank first and the balance $40 will back to CPF. Is this correct?
We now have $40 sitting in CPF after we sell property A. We intend to use this $40 to pay off existing property B. Eg. property B has a outstanding loan of $40 and for this property, we've never apply to use CPF before. I am assuming we just need to get the lawyer to prepare some docs to use CPF against property B. So once this is done, effectively, property B is now paid off with a mix of cash and CPF. Will we get the title deed back? Or do we've to wait till we are 60? Any implications,etc...?
I think whether you get the title deed back is not so important. Once you sell property B, the title deed will be passed on to the next buyer anyway, following discharge by CPF. -
Funz:
Didn't know about that. So CPF doesn't need to have second charge on our property anymore?Q: How do I go about collecting my title deeds from CPF?
A: From 15 September 2004, CPF members with no outstanding bank mortgages on their properties bought with CPF savings can keep their title deeds. The Board no longer keeps the title deeds of properties bought under the Residential and Non-Residential Properties Schemes. Members who have been notified to collect the title deeds that are still with the Board but have not come forward to collect their title deeds can email us at [email protected] to make an appointment.
Got the above from the CPF website. -
csb:
Yes, the CPF instructions are quite cheem :roll: Never understand so wondering if someone has gone through it before and able to share the experience.Hi MMM, why don't you write to CPF directly?
I read and tried to understand the policies a few years before but gave up. It was on the cpf website. Recall that there was/is(?) a minumum sum we have to set aside in our cpf a/c. Only amount over and above the minimum sum can be used for housing loan BUT I think (disclaimer: don't quote me cos, as I mentioned earlier, I gave up understanding it totally) this condition is waived for 1st purchase (only hdb?) and/or 2nd property purchased before a certain date (around 200x).
We are exploring the thought at this moment and trying to do the sums if we should sell the property A or continue to rent out for some time... Wondering if the market will go up further. :rubhands: -
Busymom:
Title deed and charge on the property is different. CPF will still have a charge on the property and that will come into effect only when you sell the property. Meaning you have to put back what was taken out + int if it is a positive sale. If negative sale, and there is not enough to cover what was taken from CPF then the entire sales proceeds will go to CPF. All stamp, conveyancy fees are to be paid in cash.
Didn't know about that. So CPF doesn't need to have second charge on our property anymore?Funz:
Q: How do I go about collecting my title deeds from CPF?
A: From 15 September 2004, CPF members with no outstanding bank mortgages on their properties bought with CPF savings can keep their title deeds. The Board no longer keeps the title deeds of properties bought under the Residential and Non-Residential Properties Schemes. Members who have been notified to collect the title deeds that are still with the Board but have not come forward to collect their title deeds can email us at [email protected] to make an appointment.
Got the above from the CPF website. -
MMM:
Well, if you can get a very good price for it, why not? We are even ready to rent a place if someone offers a really good price for our present unit. Waiting for someone to pay sky-high prices like those making the news ever-so-frequently now
We are exploring the thought at this moment and trying to do the sums if we should sell the property A or continue to rent out for some time... Wondering if the market will go up further. :rubhands:
-
csb:
Sell high, buy high. Unless you have multiple properties.
Well, if you can get a very good price for it, why not? We are even ready to rent a place if someone offers a really good price for our present unit. Waiting for someone to pay sky-high prices like those making the news ever-so-frequently nowMMM:
We are exploring the thought at this moment and trying to do the sums if we should sell the property A or continue to rent out for some time... Wondering if the market will go up further. :rubhands:
I always thought that property prices should have regained some sanity in 2008...but it just got crazier - in spite of the turmoil overseas. Now I keep quiet. Things just don't make sense to me anymore. -
hquek:
Sell high, buy high. Unless you have multiple properties.
Well, if you can get a very good price for it, why not? We are even ready to rent a place if someone offers a really good price for our present unit. Waiting for someone to pay sky-high prices like those making the news ever-so-frequently nowcsb:
[quote=\"MMM\"]
We are exploring the thought at this moment and trying to do the sums if we should sell the property A or continue to rent out for some time... Wondering if the market will go up further. :rubhands:
I always thought that property prices should have regained some sanity in 2008...but it just got crazier - in spite of the turmoil overseas. Now I keep quiet. Things just don't make sense to me anymore.[/quote]In MMM's case, she doesn't need to buy 1 after the sale but can wait for prices to lower before she gets another property. That's also what we hope to do: sell high, buy low. -
MMM:
That's the million dollar question that I like to know too
Wondering if the market will go up further. :rubhands:
Maybe it's better to hedge your bet, i.e. sell one but buy another one? Only thing though, no/less risk = no/less gain as well. -
Funz:
Thanks.Q: How do I go about collecting my title deeds from CPF?
A: From 15 September 2004, CPF members with no outstanding bank mortgages on their properties bought with CPF savings can keep their title deeds. The Board no longer keeps the title deeds of properties bought under the Residential and Non-Residential Properties Schemes. Members who have been notified to collect the title deeds that are still with the Board but have not come forward to collect their title deeds can email us at [email protected] to make an appointment. .
Funz:
My hubby is very concerned about title deed. To him, seeing the title deed is like the property is finally ours and not belonging to someone else. This is particularly so as this will be the long term family house for us and the intention is for our son to inherit the place in the future. Traditional huh.I am actually in the midst of doing exactly the same thing as you and it never occurred to me to check up on the title deed thing .
Funz:
In our case, we got property A during 1997. Prices at that time was still high. So it's only recently that we see hope of the price going near that level. We've a price target and it seems to be hitting it now with the asking price of people in the development and latest caveat. We would still have it sell it at some loss (considering that we stayed there for 10 yrs and it was rented out for the past 1.5 yrs). So after we sell off, all the money will go back to CPF. To me, I rather use this money to pay off property B fully. We have another property C so I was thinking of using the monthly CPF contribution against property C as well if we really sell off property A. So we are down to minimal debt and cash outlay. We can then look for other opportunities in the future when the property market is down. Or should anything bad happen to our job, we are no longer worried.Now just wondering to clear the o/s bank loan on the 2nd property or continue with the loan since interest is low and use the money for other investments.
But again, the consideration is should we continue to rent out since the tenancy is up in Sept this year. At the same time, monitor the market and hopefully if it goes up further, we will be more than happy to sell it.
csb,
Yes.... let's hard that the price will increase further. Though we will be :spank: by people who are looking for a house now.... :lol:
Hello! It looks like you're interested in this conversation, but you don't have an account yet.
Getting fed up of having to scroll through the same posts each visit? When you register for an account, you'll always come back to exactly where you were before, and choose to be notified of new replies (either via email, or push notification). You'll also be able to save bookmarks and upvote posts to show your appreciation to other community members.
With your input, this post could be even better š
Register Login