Singapore legislation
Regulation 13
of Central Provident Fund (Approved Housing Schemes) Regulations 1986
Regulation 13
Permitted sale and disposition of proceeds of house or flat
Subregulation 1
This regulation does not apply to any house or flat to which regulation 14A applies.
Subregulation 2
The Board may, in its discretion and subject to such terms and conditions as it may impose, permit a member who —
has withdrawn any moneys under these Regulations in respect of a house or flat; or
is required under section 27D(1)(h), 27DA(1)(g), 27DB(2)(c) or 27F(1)(f) of the Act to make a payment to the Fund upon the sale or disposal of a house or flat,to sell, transfer, assign or otherwise dispose of the house or flat or any of the member’s estate or interest in the house or flat to any person, if the Board is satisfied that adequate arrangements have been made to secure the payment into the member’s account in the Fund of the amount specified in this regulation or such other amount as the Board may allow.
Subregulation 3
Subject to paragraphs (4), (5) and (6), the member making the sale, transfer, assignment or disposal must pay to his or her account in the Fund, in the manner determined by the Board, whichever is the lesser of the following amounts:
the net proceeds of the sale, transfer, assignment or disposal; (b)such of the following amounts as may be applicable to the member or, if both amounts are applicable to him or her, the aggregate of both amounts:
where paragraph (2)(a) applies to the member, all moneys withdrawn by him or her under these Regulations in respect of the house or flat (including any moneys lent to that member under section 14A of the Act in connection with the purchase or acquisition of that house or flat and withdrawn by that member under regulation 4A which have not been repaid), together with the whole or such part (as the Board may determine) of any interest that would have been payable on the moneys if the withdrawal had not been made;
where paragraph (2)(b) applies to the member, the relevant amount.
Subregulation 4
Subject to paragraphs (5) and (6), where the member sells, transfers, assigns or disposes of the house or flat or the member’s estate or interest in the house or flat to any person without consideration or for a consideration below the market value of the house or flat, the member must, unless the Board otherwise directs, pay to his or her account in the Fund, in the manner determined by the Board, the amount prescribed in paragraph (3)(b).
Subregulation 5
Paragraphs (2), (3) and (4) do not apply where the sale, transfer, assignment or disposal mentioned in those paragraphs is a relevant transaction and a continued charge is constituted or an undertaking is deemed under section 21C(1)(d) or (2) of the Act (as the case may be) as a result of the sale, transfer, assignment or disposal.
Subregulation 6
Despite paragraphs (3), (4) and (5), where the member transfers (other than by way of sale) his or her estate or interest in the house or flat to his or her spouse pursuant to an order of court mentioned in section 27D(1)(d), 27DA(1)(c), 27DB(1)(c) or 27F(1)(c) of the Act —
in the case of an order of court mentioned in section 27D(1)(d) of the Act, the person mentioned in section 27D(1)(f) of the Act must pay to the member’s account in the Fund, in the manner determined by the Board, any amount mentioned in section 27D(1)(f) of the Act which the person may be required by the order of court to pay to the Board;
in the case of an order of court mentioned in section 27DA(1)(c) of the Act, the person mentioned in section 27DA(1)(e) of the Act must pay to the member’s account in the Fund, in the manner determined by the Board, any amount mentioned in section 27DA(1)(e) of the Act which the person may be required by the order of court to pay to the Board; (c)in the case of an order of court mentioned in section 27DB(1)(c) of the Act, the person mentioned in section 27DB(2)(a) of the Act must pay to the member’s account in the Fund, in the manner determined by the Board, any amount mentioned in section 27DB(2)(a) of the Act which the person may be required by the order of court to pay to the Board; or
in the case of an order of court mentioned in section 27F(1)(c) of the Act, the member or person mentioned in section 27F(1)(e) of the Act must pay to the member’s account in the Fund, in the manner determined by the Board, such of the amounts mentioned in section 27F(1)(e)(i), (ii) and (iii) of the Act as may be applicable to the member or person.
Subregulation 7
In this regulation —
Definition
“net proceeds”, in relation to any house or flat, or a member’s estate or interest in a house or flat, which is sold, transferred, assigned or disposed of, means the excess (if any) of —
the consideration for the sale, transfer, assignment or disposal of the house or flat, or of the member’s estate or interest in the house or flat (as the case may be) or, if the Board so elects, the value of the house or flat, or of the member’s estate or interest in the house or flat (as the case may be) at the time of the sale, transfer, assignment or disposal as assessed by the Board; over(b)the aggregate of the following amounts, as may be applicable, paid in the following order:
(ia)in the case of an HDB flat, any subsidy recovery amount in respect of the HDB flat;
any amount under a housing loan from the Housing and Development Board for the purchase or acquisition of the house or flat, or of the member’s estate or interest in the house or flat (as the case may be) which has not been repaid;
any amount which, under any written law, is to be paid to any other person in priority to the Fund, or such part of that amount as the Board determines to be attributable to the member’s estate or interest in the house or flat, as the case may be; and
any resale levy (not being deferred resale levy) imposed by the Housing and Development Board as may be approved by the Board, or such part of that levy as the Board determines to be attributable to the member’s estate or interest in the house or flat, as the case may be;
Definition
“relevant amount” means —
in relation to a member who is required under section 27D(1)(h) of the Act to make a payment to the Fund upon the sale or disposal of a house or flat, the excess (if any) of —
the amount which the spouse of the member —
has given an undertaking to refund to the Board under section 15AB(3) or (4) of the Act or a former provision; or
is deemed to have given an undertaking to refund to the Board under section 21C(2) or 21D(1) of the Act,in the event the house or flat is sold or otherwise disposed of; over(ii)the amount which has been paid to the Board under section 27D(1)(f) of the Act towards covering the deficiency in the retirement sum which the spouse is required to set aside;
in relation to a member who is required under section 27DA(1)(g) of the Act to make a payment to the Fund upon the sale or disposal of a house or flat, the excess (if any) of —
the amount payment of which was secured by all of the charges on the house or flat mentioned in section 27DA(1)(b) of the Act; over(ii)the amount which has been paid to the Board under section 27DA(1)(e) of the Act towards covering the deficiency in the retirement sum which the spouse is required to set aside; (c)in relation to a member who is required under section 27DB(2)(c) of the Act to make a payment to the Fund upon the sale or disposal of a house or flat, the excess (if any) of —
the amount payment of which was secured by all of the charges on the house or flat mentioned in section 27DB(1)(b) of the Act; over(ii)the amount which has been paid to the Board under section 27DB(2)(a) of the Act towards covering the deficiency in the retirement sum which the spouse is required to set aside; or
in relation to a member who is required under section 27F(1)(f) of the Act to make a payment to the Fund upon the sale or disposal of a house or flat, the excess (if any) of —
the amount which would have been payable into the account of the member’s spouse in the Fund under paragraph (3) or (4) (excluding such interest or part of such interest payable under those paragraphs as the Board may determine), if there was no order of court mentioned in section 27F(1)(c) of the Act requiring the transfer (other than by way of sale) of the spouse’s interest in the house or flat to the member; over(ii)the amount which has been paid to the Fund to the credit of the spouse under section 27F(1)(e) of the Act;
Definition
“spouse” includes a former spouse.
Subregulation 8
Nothing in this regulation applies to the sale, transfer, assignment or disposal of any house or flat where the application for the consent of —
the Housing and Development Board under section 56 of the Housing and Development Act 1959; or
the Jurong Town Corporation under section 38 of the Jurong Town Corporation Act (Cap. 150, 1998 Revised Edition),as the case may be, in respect of such sale, transfer, assignment or disposal was made before 21 December 2001.
Subregulation 9
Regulation 13 as in force immediately before 21 December 2001 continues to apply in respect of any sale, transfer, assignment or disposal mentioned in paragraph (8).