What are the options for downsizing under my mum's name, given that my mum and dad co-own the current HDB and my dad owns a condo

If you and your family are considering downsizing and want to buy a property under your mum's name, here are the key options and considerations based on your current ownership structure:

- The current HDB flat is co-owned by both parents.
- The condominium is solely owned by your dad.
- You are looking to downsize to a property under your mum’s name.

Here are the main options:

1. Sell the Current HDB Flat and Buy a Smaller Property Under Mum’s Name
- You can sell your existing HDB flat on the open market.
- Your mum can then purchase another HDB flat or a private property (e.g., a resale condominium).
- Note: If your mum buys another HDB flat, there must be at least 15 months between the sale of the existing HDB flat and the purchase of a resale flat (if she is below the age of 55 and intends to buy a 4-room or smaller resale flat as a first-timer).
- If she is a Singapore Citizen and does not own any other residential property, she can purchase a new HDB (if eligible) or a resale HDB without paying Additional Buyer’s Stamp Duty (ABSD).

2. Ownership Transfer of Current HDB Flat
- Transferring the HDB flat solely to your mum is not straightforward.
- HDB generally allows change in flat ownership only under special circumstances (death of an owner, divorce, marriage, etc.), not simply for convenience or to facilitate a next purchase.
- If attempting to transfer ownership to a single owner (your mum), there must be a valid reason permitted by HDB, and she must meet all eligibility conditions.
- The process also requires HDB approval.

3. Purchasing a Private Property Under Mum’s Name
- If your mum sells her existing HDB interest and does not own any other property, she can purchase a private property, such as a resale condominium, in her sole name.
- Keep in mind, if she owns any part of an HDB, rules apply regarding owning private property.
- If your mum wants to buy a private property before selling her share of the HDB, she may be subject to ABSD if she’s considered to own two properties at the same time.

Key Financial and Eligibility Considerations
- If the plan is for your mum to own only one property, ensure the sale or transfer of the existing HDB is completed before buying another property under her name to avoid paying ABSD or breaching ownership rules.
- Decisions made for ownership transfer must conform with HDB’s policies and eligibility schemes.
- For any transfer within the family, especially for HDB flats, eligibility and approval are strictly enforced, and you may need to provide supporting documents or reasons as requested by HDB.

Next Steps
- Consider which property (HDB or condo) to sell and in whose name the replacement property should be purchased for optimal financial and regulatory outcome.
- Reach out to HDB or EdgeProp’s advisory service to further clarify your specific eligibility and detailed steps, especially if you are considering complex ownership changes or need guidance on stamp duties and tax reliefs.

It is recommended to consult with a qualified real estate agent or HDB officer to ensure compliance with all current policies before making any firm decisions.