Asked by Anonymous
Dear Expert,
I am the co-owner (with my sister) of a condo in KL. The condo is still under construction and the housing loan is under both of our name.
I just receive the approval for the application of Singapore citizenship and I will have to renounce my Malaysia citizenship within 3 months time. I will need to give up the ownership of the house in KL in order to purchase a HDB in Singapore.
May I ask,
1. Is it possible to transfer my house ownership to my mum? If yes, what is the "cost" of this transfer...? What should I do and who should I approach? The developer? Lawyer?
2. Is it better to transfer the ownership to my mum before or after I renounce my Malaysian citizenship? Doesn't it matter?
3. Do I need to update bank in Malaysia about change of citizenship or I will only have to declare when I am going to sell the property out
4. So long I am not the owner of the house, the moment when my sister selling out the property regardless whether I have bank loan or not, we need not pay the tax? (If let say my sister is going to sell out the house after 5 years time)
Appreciate your valuable advice. Thank you very much.
Regards,
Brandon
I am the co-owner (with my sister) of a condo in KL. The condo is still under construction and the housing loan is under both of our name.
I just receive the approval for the application of Singapore citizenship and I will have to renounce my Malaysia citizenship within 3 months time. I will need to give up the ownership of the house in KL in order to purchase a HDB in Singapore.
May I ask,
1. Is it possible to transfer my house ownership to my mum? If yes, what is the "cost" of this transfer...? What should I do and who should I approach? The developer? Lawyer?
2. Is it better to transfer the ownership to my mum before or after I renounce my Malaysian citizenship? Doesn't it matter?
3. Do I need to update bank in Malaysia about change of citizenship or I will only have to declare when I am going to sell the property out
4. So long I am not the owner of the house, the moment when my sister selling out the property regardless whether I have bank loan or not, we need not pay the tax? (If let say my sister is going to sell out the house after 5 years time)
Appreciate your valuable advice. Thank you very much.
Regards,
Brandon
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