K1976 refuses to sell HDB flat co-owned with 90yo mother

[NanoSpeed]

he busy

Like that also can ?

 

[rocket]

Useless children

 

[rocket]

Son divorced or single retired taxidriver living in mom house.

 

[A Singaporean]

A typical Sinkie. Just because he had no savings so the fucking world owes him a living.

 

[mojito]

Artist why not sell art in stead?

 

[myfoot123]

Yes ,homeless with no income. Have to rent from hdb.

May not qualify because HDB deemed you have "profited" from the HDB sales and considered "wealthy".

 

[rocket]

May not qualify because HDB deemed you have "profited" from the HDB sales and considered "wealthy".

Can't rent or get a 2room flexi ?

 

[myfoot123]

Can't rent or get a 2room flexi ?

Depends on the amount of your sales proceed CPF will lock up. Sinkieland is a sinkhole for a reason.

 

[rocket]

Depends on the amount of your sales proceed CPF will lock up. Sinkieland is a sinkhole for a reason.

minimum CPF retirement sum for 2024 is $102,900 for the Basic Retirement Sum (BRS) and $205,800 for the Full Retirement Sum (FRS). These sums apply to people who turn 55 in 2024.

 

[myfoot123]

minimum CPF retirement sum for 2024 is $102,900 for the Basic Retirement Sum (BRS) and $205,800 for the Full Retirement Sum (FRS). These sums apply to people who turn 55 in 2024.

Even for short lease BTO, he has to wait 5 years for the BTO to complete. The 5 years waiting time he will be homeless, unless he select the Balance of Sales flat and get his MP to give him the priority to get the flat immediately.

 

[rocket]

Even for short lease BTO, he has to wait 5 years for the BTO to complete. The 5 years waiting time he will be homeless, unless he select the Balance of Sales flat and get his MP to give him the priority to get the flat immediately.

His case is urgent as he is going to be homeless. Likely he can rent 1room flat from hdb.

 

[NanoSpeed]

Pitch a tent at Pasir Ris Beach Park near the toilet. Pang sai pang jio jang jui free. Day time hot go sit inside NLB at White Sands or DTE.

 

[Willamshakespear]

A typical Sinkie. Just because he had no savings so the fucking world owes him a living.

1. He is 69 yrs old, way past the legal retirement age proven with economically limited ability to find a job or an employer would employ him, as the medical & insurance costs would be high to pay for him under employee benefits.

He had been CONTRIBUTING to our Nation while you & I were only sperms awaiting an opportunity to fertilize a female egg. While you & I were born & sheltered by our family & societal education cocoon, he was already sweating & toiling away, earning an honest living building roads, gardens & homes for the next generations - you & I.

The very first few decades of public infrastructures were built by true blue Singaporeans & NOT foreigners. Nor was education, let alone financial planning, an opportunity given to them by our ex colonial masters.

In our ancient past under barbaric uncivilized leaders, the aged were left with a satchel of water, a piece of bread & left in the woods. Die or not, it's their own problems to resolve & not leaders' as they will need the young as warriors & builders for their own personal purposes. The aged were cast aside & left to die.

Today, we are a Civilized society & will not leave anyone behind. He may not be yours or my grandfather, but he had contributed to our progress & evolution for decades. We Singaporeans take care of our own thru COLLECTIVE efforts. What is a few dollars from us taxpayers thru social funding in return for their efforts?


2. Should he place at least $300,000 into CPF retirement account, which ALL citizens have an account, he would receive an est ball park figure of $1400/mth payout for life after I year.


3. To rent a HDB 1 or 2rm unit which costs $75/mth, there will be criterions. Personal income & age are some of them. As he no longer works or capable of such, his sole income is from his retirement fund of $1,400, which for sure does NOT put him on a wealthy class.

Nor the balance of $50,000 out of the $350,000 he gained & with only $300k placed in CPF makes him wealthy, as he will still have to await one year for the CPF payouts to come. That $50k would be just enough to cover his living expenses for a year & renovations when he moves into the rental flat.

 

[k1976]

 

[k1976]

69yo son refuses to sell HDB flat co-owned with 90yo mother​

The sale of a Housing Board flat that has almost doubled in value would normally be a happy affair for its owners, but not so for an elderly woman and her son, who got embroiled in a dispute over it.

They were equal owners of the $700,000 flat in Toa Payoh, but the 90-year-old woman had been living elsewhere with her eldest daughter for the past two decades.

So her son, a 69-year-old retired artist, lived in the flat and had rented out two bedrooms for a total of $1,500 a month, which he used for his living expenses.

All was well until 2023 when the daughter asked the High Court for an order to sell the flat because her mother, who has dementia, needed money for medical and nursing care as her condition was worsening.

The daughter, 71, and also a retiree, had insufficient savings and so told the court that the proceeds from the sale of the flat would come in handy for her mother’s long-term care.

But the son objected to the sale, as it would render him homeless. He argued that he was no longer working, had suffered a stroke, and had no means to move out as he would lose his rental income.

High Court Judge Choo Han Teck noted that the son’s main point was that he would not have sufficient resources for his upkeep if the property were to be sold.

“This, however, must be balanced against the best interests of his ailing and aged mother. She cannot be kept out of the property and have the (son) taking over the benefits of ownership entirely. Nothing can be more inequitable,” the judge said.

So Justice Choo approved the application to sell the flat, noting that it would be the equitable solution in the circumstances.

As the flat was estimated to be worth over $700,000, mother and son would receive lump sums of at least $350,000 each as they were equal owners.

While the son would need to look for a new home, the judge noted that his share of the sale proceeds would allow him to find a suitable new home.

When the mother and son bought the flat in 2001, they were listed as joint owners. But the joint ownership was severed in December 2022 and they became equal owners holding 50 per cent each.

This was likely done because the mother probably did not want the son to automatically own the whole flat upon her death, and she wanted to leave her half-share to her beneficiaries.

But such legal ownership tells only half the story in some family disputes, especially if one of the owners claims a bigger share for contributing more to the purchase of the flat.

Despite holding the unit as equal owners, the son claimed he was entitled to about 60 per cent of the sale proceeds because he had contributed more to the purchase, which was funded by the sale of another flat owned by the pair.

However, the loan records showed that in both instances, it was the mother who had repaid the bulk of the mortgage. Moreover, the son did not share the rental proceeds with his mother, an amount that exceeded $400,000 since 2003.

So, instead of nitpicking over who paid more over the last 20 years, a task that would be impossible without proper records, Justice Choo found that it would be appropriate to divide the sale proceeds equally in this case, based on their shares.

https://www.straitstimes.com/business/invest/when-co-owners-refuse-to-sell-their-hdb-flats

 

[k1976]

Same as k1976 that 二百五

Dog is call 二白五？

 

[rocket]

View attachment 209880
Dog is call 二白五？

二百五is to describe u as idiot and retard

 

[k1976]

二百五is to describe u as idiot and retard

二百五u look for moi hah??!

Sad sad, ban me lah

Challenge u, Jiak Liao mee moderator

Just another shit like those in HWZ

 

[rocket]

二百五u look for moi hah??!

Sad sad, ban me lah

Challenge u, Jiak Liao mee moderator

Just another shit like those in HWZ

What mee? U lampah soh talk so loud! U a clown here a enunch here. Know where u stand! Mee pok ai mai? Phua cheeybe u