Checklist for Couples Buying a Home Together
Checklist for Couples Buying a Home Together
Before you sign on the dotted line, use this checklist to make sure both of you are aligned on money, ownership and long-term plans.
1. Talk Honestly About Money
- [ ] Have we both fully disclosed our income, loans and existing commitments?
- [ ] Do we know each other’s CPF balances available for housing?
- [ ] Have we agreed how much cash and CPF each person is putting in?
- [ ] Are we clear who will pay the monthly instalments (and in what proportion)?
2. Decide on Ownership Structure
- [ ] Are we buying under both names or one name only?
- [ ] If both names: Joint Tenancy or Tenancy-in-Common?
- [ ] If Tenancy-in-Common: what ownership shares (e.g. 50/50, 70/30)?
- [ ] Does the ownership share roughly match our contributions?
3. Put Contributions in Writing
- [ ] Have we listed who pays:
- [ ] Option fee & exercise fee
- [ ] Buyer’s Stamp Duty / ABSD
- [ ] Legal fees, valuation, renovation
- [ ] Do we have a simple written agreement on what happens if we break up / divorce / sell?
- [ ] Are bank transfers clearly labelled (e.g. “House downpayment”, “Mortgage share”)?
4. Check All Eligibility & Rules
- [ ] Are we buying HDB or private property? (Different rules apply)
- [ ] If HDB: do we meet citizenship, income and family nucleus rules?
- [ ] If private: have we checked ABSD for both of us?
- [ ] Do we understand lock-in periods, SSD, and any clawback conditions?
5. Plan the Exit Scenario
- [ ] If we sell, how will sale proceeds be divided after:
- [ ] Loan redemption
- [ ] CPF refund + accrued interest
- [ ] Legal, agent and renovation costs
- [ ] What happens if one party wants to keep the property and buy out the other?
- [ ] Do we have a rough plan if one loses income or cannot pay?
6. Get Professional Advice
- [ ] Have we spoken to a banker about maximum safe loan?
- [ ] Have we discussed ownership structure with a lawyer?
- [ ] Do we understand the long-term impact on our asset progression plan?
Bottom line: A home can strengthen a relationship – or strain it – depending on how clearly both of you plan the financial and legal side from day one.
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