80 Year Old Grandma Sues Grandson Over $4 million Farrer Road House

This article hit the headlines in the Singapore media and my heart cringed when i saw this.

An 80-year-old widow has sued her eldest grandson over the $4 million Farrer Road family home which is registered in the sole name of her husband.

You can read the full article at

http://www.straitstimes.com/singapore/courts-crime/80-year-old-widow-sues-grandson-over-4-million-farrer-road-house

A quick summary:

80 Year old Mdm Lim Hoon Neo sues her 39 year old grandson Ang Wee Chai for a 60% stake in the $4 million farrer road family home where she is currently staying. According to the deceased estate’s will, the property was willed to the youngest son and eldest grandson. Mdm Lim was not mentioned in the will and she is now suing for the right to stay in the two storey terrace house and a 60.3% of the sale of proceeds when sold. The sole registered owner is Mr Ang Ho Sai who passed away in 2014. The said property was purchased for $36,500. Conveniently, the house was purchased in the sole name of her Husband as he was the head of the family and handling the transactions. Contributing $22,000 to the purchase price, Mdm Lim is claiming for a 60.3% of the sale of proceeds.

 

How did it come to this stage?

I will not be commenting on who’s right or wrong as this is simply a family issue. However, this highlighted a very important issue of LEGAL OWNERSHIP in property transactions When we purchase a property together with our family, the process is usually filled with emotions and love. Sometimes, we conveniently leave it to the most convenient methods.

Some take away from this sad court case :

  1. Own your property legally in title
    • if you feel you deserve a 50% share, speak to your co-owners and then ask your lawyers to deed this in writing.
  2. Separate emotions from financial transactions
    • you never know what happens 50 years down the road. Today, you can be business partners, tomorrow you can bitter enemies.

 

Stay tuned to more property investing highlights from Asia’s number 1 property investing community!

 

Always Protect Yourself @ luxurypropertyclub

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