Property questions

[Funz]

Busymom:

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.

Didn't know about that. So CPF doesn't need to have second charge on our property anymore?

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.

[csb]

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:

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

[hquek]

csb:

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:

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

Sell high, buy high. Unless you have multiple properties.

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.

[csb]

hquek:

csb:

[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:

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

Sell high, buy high. Unless you have multiple properties.

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.

[Busymom]

MMM:

Wondering if the market will go up further. :rubhands:

That's the million dollar question that I like to know too

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.

[MMM]

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. .

Thanks.

Funz:

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 .

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.

Funz:

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.

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.

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:

[MMM]

Busymom:

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.

Everyone is talking about bubble. Personally, I think it would be good to hold off unnecessary property investment later down the road. Eg. wait for correction.

We are pretty lucky as we got our 2 other property in 2006 and 2007 when the prices are still low. I recalled that it was shortly after we bought our current place in 2007 that the price start to shoot up. We were really very lucky. At that point, I was banking on the IR hope. Since then it has been a yoyo. Up and down. Last yr, my cousin bought a f/h development in paya lebar area and it has gone up by 300 psf.....

[MMM]

csb:

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

Spoke to my housing agent aunt this morning as asking her to check the latest caveat and market condition for the place we intend to sell out. She said that rental price is also increasing.

[Funz]

MMM:

csb:

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).

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.

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:

This CPF thing is totally mind boggling alright. And it appears to be a moving target as it is calculated based on net present value. So today they say must have eg, 100K min sum NPV, in 2020, that 100k may mean 120K due to inflation.

You can use this tool to calculate what your max housing withdrawal limit is. http://www.cpf.gov.sg/cpf_info/calculator/vl/vl_input.asp?popup=yes

But like what csb mentioned best to speak to CPF.

[hquek]

MMM:

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.

Everyone different lah. I don't want to see the title deed cos I scared I lose it. Better someone jaga for me so I don't have to worry about its whereabouts (this is probably outdated fear).

MMM:

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.

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.[/quote]

I only know, at present, CPF can be used for only 1 property at a time - unless you have set aside to meet the minimum requirement prevailing. Yours is existing but because you have never used CPF on that, so I'm not sure if they will allow this application. Better to check with them.

MMM:

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:

No lah, you are not wrong to think that. 'ren bu wei ji, tian zhu di mie'. Just heng that you have multple properties to rely on/pass down to next gen.