Additional buyer stamp duty......absd

[lifeafter41]

Over the weekend, this classmate of mine was kpkb that he has to pay the absd of 10% on top of the 3% stamp duty if he were to buy his third property. He is eyeing a condo at the potong pasir area, I think about 1.5kk. That's 150k on top of the 45k stamp duty.

He was wondering if the absd will be removed soon.......

Always wonder where they get their money from........

 

[eatshitndie]

3 sinkie words: tan ku ku.

 

[eErotica69]

Tell him don't buy.

Invest overseas. Like Vietnam properties.

 

[halsey02]

3 sinkie words: tan ku ku.

no lah!..the 70% approved what!...ku ku cheow!

 

[frenchbriefs]

absd bosd s&m bdsm....PAP sure loves these types of activities and terminology.

 

[apogee]

absd bosd s&m bdsm....PAP sure loves these types of activities and terminology.

Can afford to buy expensive property, can afford the absd. What I object to the GST - touted as the fairer form of taxation. The poor pays more than the rich in percentage terms.

 

[shittypore]

Can afford to buy expensive property, can afford the absd. What I object to the GST - touted as the fairer form of taxation. The poor pays more than the rich in percentage terms.

Yet, majority Sinkie Peasants voted for em.

 

[Papsmearer]

Over the weekend, this classmate of mine was kpkb that he has to pay the absd of 10% on top of the 3% stamp duty if he were to buy his third property. He is eyeing a condo at the potong pasir area, I think about 1.5kk. That's 150k on top of the 45k stamp duty.

He was wondering if the absd will be removed soon.......

Always wonder where they get their money from........

There are many ways around this. Put it in a wife, son or daughter's name. Especially if its their first property. Or do Decoupling.

 

[lifeafter41]

There are many ways around this. Put it in a wife, son or daughter's name. Especially if its their first property.

Hi pap, not sure if he has thought about this, but I recall both property under the husband/wife already. Son and daughter, one in ns, the other in JC. Plan to take loan, with 50% dp. Excluding the absd.

Will let him know on this though....though not sure if they can take loan if house is under their children name.

 

[halsey02]

There are many ways around this. Put it in a wife, son or daughter's name. Especially if its their first property. Or do Decoupling.

Wife name no...it will become a donation to 'charity'..children's name...must make them sign another document, versified by a lawyer, witness by a JP....hmmm

 

[Talking Donkey]

never put anything under your wife name BECAUSE.....

 

[halsey02]

never put anything under your wife name BECAUSE.....

it is better to put under your mistress name..ha ha ha

 

[Talking Donkey]

it is better to put under your mistress name..ha ha ha

and also never put anything under your mistress name BECAUSE...

haha ... better be careful, the next time both your wife and your gf may throw you out of the window. And they go back to sleep saying they love each other.

 

[Papsmearer]

Hi pap, not sure if he has thought about this, but I recall both property under the husband/wife already. Son and daughter, one in ns, the other in JC. Plan to take loan, with 50% dp. Excluding the absd.

Will let him know on this though....though not sure if they can take loan if house is under their children name.

The older son, the one in NS is already considered an adult. For sure the property can be put in his name. But because the son has no job and no credit history, no bank will lend him the money for the mortgage even if he put 50% down. What he should do is go to the bank and apply with his son. But he will be the guarantor/co-signor on the mortgage, the title will be with the son only.That way, the bank has his credit strenght as a guarantor. If the son defaults, the bank will go after him. But on the title, only son's name showing, so the son don't have to pay ABSD. The IRAS does not care how or who arrange the loan or how the financing was done. They just look at the name on title and cross check it to see if the same name is also on other properties.

 

[Papsmearer]

and also never put anything under your mistress name BECAUSE...

Who is this ugly bitch with the moon crater face.

 

[eatshitndie]

The older son, the one in NS is already considered an adult. For sure the property can be put in his name. But because the son has no job and no credit history, no bank will lend him the money for the mortgage even if he put 50% down. What he should do is go to the bank and apply with his son. But he will be the guarantor/co-signor on the mortgage, the title will be with the son only.That way, the bank has his credit strenght as a guarantor. If the son defaults, the bank will go after him. But on the title, only son's name showing, so the son don't have to pay ABSD. The IRAS does not care how or who arrange the loan or how the financing was done. They just look at the name on title and cross check it to see if the same name is also on other properties.

very risky. know of a case where loser and deadbeat son refuses to sell when old couple wishes to liquidate for cash for retirement. but the son is gonna sell on his own and keep the proceeds for himself. sinkies cannot be trusted even if they are own family members.

 

[eatshitndie]

Who is this ugly bitch with the moon crater face.

according to narong, raiders will say bonkable. must attribute credit to narong for the now famous phrase.

 

[lifeafter41]

The older son, the one in NS is already considered an adult. For sure the property can be put in his name. But because the son has no job and no credit history, no bank will lend him the money for the mortgage even if he put 50% down. What he should do is go to the bank and apply with his son. But he will be the guarantor/co-signor on the mortgage, the title will be with the son only.That way, the bank has his credit strenght as a guarantor. If the son defaults, the bank will go after him. But on the title, only son's name showing, so the son don't have to pay ABSD. The IRAS does not care how or who arrange the loan or how the financing was done. They just look at the name on title and cross check it to see if the same name is also on other properties.

Hi Pap, have spoken to him, while that is one way to overcome the absd, their take is that they would not want to deprive their children of one bite of the cherry (hdb, with bto and 5 years stay to sell at a later stage), if it is still a cherry......

Agree with putting the son's name in with both parents as co-sign and guarantor might just work.......

 

[Papsmearer]

Hi Pap, have spoken to him, while that is one way to overcome the absd, their take is that they would not want to deprive their children of one bite of the cherry (hdb, with bto and 5 years stay to sell at a later stage), if it is still a cherry......

Agree with putting the son's name in with both parents as co-sign and guarantor might just work.......

Well, I don't know what to say. Who bases their investment decision on when their children is going to take a "bite" of the cherry or not? Here, he has an opportunity to buy another property at a time when the market is down, and when interest rates are still low and he can in addition skip the ABSD by putting it in his son's name. The only way that the son can buy a HDB flat is if he married. Since he is still in NS, and we can assume he goes to Uni after that, then he meets a girl, courts her, etc. By the time he qualifies to buy a HDB flat, it will be 5-10 years down the road. Who knows what will happen to the ABSD, it may be abolished by then. In the meantime, the son has this property under his name, earning rents on it, paying down the mortgage, and hopefully get some property appreciation. If he wants to buy the HDB flat down the road, he can sell/transfer this condo back to the father, especially if ABSD is abolished or reduced by then. Then the son has 30 months to wait before he applies for a HDB flat and have his "bite".

 

[frenchbriefs]

he can always make a deal with the condo seller,take 5 percent absd off the retail price.