Can I use CPF to pay for stamp duty to pay for a completed property?

A agent asked why their client can use CPF to pay for stamp duty for a new condo purchase but not able to use CPF to pay for stamp duty for a completed property?

The reason is because :

  • Its a limitation from CPF.
  • For new projects law firm will lodge an ANC (Application to Notify Charge) on the title under the developer’s name, thus CPF monies are able to pay for SD directly.
  • However for completed property, ANC can only be lodged upon completion together with the transfer and mortgage, thus client need to pay for SD using cash and get reimbursed on the completion date.

The only way to use CPF to pay for stamp duties for a completed property purchase is to pay using your own cash first, then get reimbursement from CPF on completion date (in a form of cashier’s order).

Propertywiki tip 101: To use CPF for your property purchase, you need to send the law firm a copy of your CPF statement showing how much you have in your OA (Ordinary Account). The lawyer will take your instructions on how much CPF to use, and from whose account.

So you are still unsure? Do contact us if you have any further queries and we will do our best to answer it if it is not found anywhere here!