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Transfer of property ownership

 
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sochaiapk



Joined: 21 Aug 2007
Posts: 2
PostPosted: Mon Jan 28, 2008 1:59 pm    Post subject: Transfer of property ownership Reply with quote
Would appreciate if someone can advise me on this. My parents want to transfer a link house under their name to me.
The house is fully paid of and market value is around 200K.
1) How much will it cost to transfer the ownership to me by engaging the service of lawyer. Can we do it without a lawyer.
2) Do i need to pay stamp duty and if yes will it qualify for 50% discount as the property is under 250K.
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cynthusc



Joined: 16 Sep 2005
Posts: 313
PostPosted: Thu Feb 14, 2008 8:58 am    Post subject: Reply with quote
1. the cost of engaging a lawyer is same as purchasing a property. Yes you can do it yourself if you are familiar with the procedures.
2. You can transfer for love and affection and the stamp duty could be waived
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trojan



Joined: 17 Mar 2006
Posts: 133
PostPosted: Mon Feb 18, 2008 4:11 pm    Post subject: Reply with quote
Cynthusc,

I have a apartment sharing onwership and bank loan with my sister. The loan will be settled in few months time.

Questions:
a) how "love and affection" being considered? Among siblings (brother-sister) can?

b) how would the process be simpler and less costly if I want to perform both property reassigment from bank + remove brother's name from the ownership?

Thanks to advise.
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cynthusc



Joined: 16 Sep 2005
Posts: 313
PostPosted: Tue Feb 19, 2008 1:51 pm    Post subject: Reply with quote
trojan wrote:
Cynthusc,

I have a apartment sharing onwership and bank loan with my sister. The loan will be settled in few months time.

Questions:
a) how "love and affection" being considered? Among siblings (brother-sister) can? No, only parent-child and husband-wife relationships

b) how would the process be simpler and less costly if I want to perform both property reassigment from bank + remove brother's name from the ownership? The cost and process is the same whether you do it separately or together but you may pay less disbursement (like transport if done together)

Thanks to advise.
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