Sometimes life events may require us to transfer the ownership of our flat to other family members. For example, when you are getting married and buying a flat with your spouse, or following a divorce or passing of a loved one in the family. It is possible to transfer your flat ownership without monetary consideration as long as all the current and new flat owners are aware and consent to the change.
As a flat owner, you may transfer your flat ownership to immediate family members if they meet all eligibility conditions. Here are the 4 most common types of transfer.
- Inclusion of owners (e.g including your daughter as an owner)
- Withdrawal of owners (e.g your daughter withdraws as an owner)
- Substitution of owners (e.g substituting your daughter's ownership with your son)
- Outright transfer (e.g transferring your ownership to your child)
If there is more than 1 owner for the flat, you will need to decide on the manner of holding - either by joint-tenancy, or tenancy-in-common. The former means that all owners own the whole interest in the property, and do not have separate shares. Meanwhile the latter denotes that tenants-in-common own the same property, but each with their own separate shares. HDB allows a maximum of 4 owners for each flat.
Use the following resources to find out how to go about effecting a change in flat ownership within your family:
- Eligibility condition
- Guide on flat transfer
- Application procedure
- Conditions after the transfer of a flat ownership has been completed
- Additional conditions that apply in the case of a divorce
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This article was adapted in collaboration with MyNiceHome, HDB’s official website for all things related to home buying and renovation in Singapore.