In Singapore, although almost every household owns property, situations sometimes arise where a property needs to be transferred. So, how can property in Singapore be transferred to another person? The method is simple: transfer the title of an HDB flat or condominium to someone else. However, this process comes with various restrictions. Therefore, today we will provide a detailed explanation of how to transfer ownership of HDB flats and condominiums in Singapore.
Method 1 for Transferring HDB/Condo Ownership in Singapore: Gifting the Property to Another Party
For this method, the execution differs between HDB flats and private condominiums. For government-built HDB flats, the owner can only gift the property to an immediate family member (i.e., spouse, parents, or children). An additional point to note is that the property owner can only do this if the property is not under a mortgage, meaning the gifted property must not have any outstanding loans. Furthermore, gifting an HDB flat is only permitted under six special circumstances: marriage, divorce, death of the owner, financial hardship, renunciation of citizenship, and medical reasons. As for private condominiums, there are no strict restrictions on the recipient or the reason for the gift, but we still need to consider the manner of holding (Joint Tenancy or Tenancy-in-Common).
⚠️Note: For this method of transferring property as a gift, the Additional Buyer’s Stamp Duty (ABSD) still applies, depending on the beneficiary’s status and the residential properties they own. To be cautious, it is best to consult with professional real estate and legal practitioners to avoid potential legal issues. Experienced senior real estate agent Leo Kwek can answer your related questions.
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Method 2 for Transferring HDB/Condo Ownership in Singapore: Transferring Property to a Beneficiary Through a Will
In Singapore, gifting property through a will is often the most common method. As people age and accumulate assets, they naturally consider providing for their family, relatives, and friends after their passing.
Since real estate often constitutes a significant portion of a person’s assets, property is typically “gifted” to close family members after the owner’s death. Although inheriting property through a will does not initially require stamp duty payment, there are other issues to consider when gifting property via a will, such as whether the property is held under Joint Tenancy or Tenancy-in-Common.
If a property is held under Joint Tenancy by a married couple, even if the will states that a share of the property is to be transferred to a child, it will still automatically transfer to the surviving spouse. This is due to the Right of Survivorship that applies to properties held under Joint Tenancy. If one co-owner passes away, the other co-owners automatically gain sole ownership of the entire property.
However, for properties held under Tenancy-in-Common, the owner can bequeath their share of the property to whomever they wish through a will.
The above details the specifics of transferring ownership of HDB flats and condominiums in Singapore. However, since a title transfer involves numerous legal issues, it is best to seek professional help if you are considering this. We are ready to answer your questions at any time.
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