in sg,can a father sell a 2 million property to the son for a dollar ?

[Darth Vader]

Re: in sg,can a father sell a 2 million property to the son for a dollar ?

Yes you can. Consideration need not be adequate. Willing buyer willing seller.

i know can, but stamp duty base on $1 or $2 million ?

 

[MapleLeaf]

Re: in sg,can a father sell a 2 million property to the son for a dollar ?

You can sell at $1. But still pay stamp duty at a valuation price.

But if the father dies within five years (I think), and he has creditors coming after him, that property may be subject to creditors' claim.

Unless there is a valid reason for the $1 transaction, e.g. as a wedding gift.

 

[jaskin]

Re: in sg,can a father sell a 2 million property to the son for a dollar ?

How about if his son/daugther is under 18? Can he or she be placed on the title deed as a co-owner? Or also have to will

 

[peckhs]

Re: in sg,can a father sell a 2 million property to the son for a dollar ?

no need to pay $1, just transfer. But still need to pay stamp duty based on market value, and of course legal fees.

IRAS: Transfer by Way of Gift

 

[Baby1M]

Re: in sg,can a father sell a 2 million property to the son for a dollar ?

VERDICT has arrived !

 

[Mockngbrd]

Re: in sg,can a father sell a 2 million property to the son for a dollar ?

DArth Vader is elite

 

[Sal30]

Re: in sg,can a father sell a 2 million property to the son for a dollar ?

Legally speaking, $1 is a valid offer as long in a contract there is "offer and acceptance".

For eg, if one sell a 2nd hand BMW say for S$1, there is nothing illegal in this sales transcation.

In the case of the property sales, the relevant authorities can determine and decide what is the market value on the sale property so that the buyer cannot escape payable stamp duty, GST and capital gain tax in connection to the sales of the subject property.

 

[Centurion9990]

no need to pay $1, just transfer. But still need to pay stamp duty based on market value, and of course legal fees.

IRAS: Transfer by Way of Gift

Beware of using Inter Vivos of gift for transferring of property. In the event of 5years after the Giver legally transfer to Receiver, if the Giver is bankrupt or having some bad debts, the creditors could apply to the court to adjourn this gifting and force sell the property.

 

[peckhs]

Re: in sg,can a father sell a 2 million property to the son for a dollar ?

Beware of using Inter Vivos of gift for transferring of property. In the event of 5years after the Giver legally transfer to Receiver, if the Giver is bankrupt or having some bad debts, the creditors could apply to the court to adjourn this gifting and force sell the property.

Safer to buy for $1 then