Tuesday, 4 October 2011

Property : Couples fake divorce to earn extra $3K monthly rent

Married couples in Singapore have been faking their divorce in order to buy new flats to be rented. The flats rentals typically earn them an extra $2,000 to $3,000 a month.

Vice-president of real estate company Propnex, Mr Lim Yong Hock, told Lianhe Wanbao that such practices began about 10 years ago.

Property agents have been puzzled when couples show up to view a house together, despite being divorced.
After the couples proceed with the divorce, one party will keep the existing flat which they co-own, and the other party would buy another flat. One of the flats will then be rented.
According to Singapore's regulations, a single person above the age of 35 is eligible to own a flat on their own.

Mr Lim added that such arrangements between couples are hard to see through and even harder to foil.
In an earlier report last year by China Daily, couples in Shanghai had also faked their divorce and obtained fake divorce certificates to buy properties after the legislation passed a regulation which only allowed families to purchase only one apartment.

[Commentary] The things that people do to make $$$.. But don't forget once it is made legal, the other party may rescind on the promises and you may be left holding the debt and liability... remember the lawyer who ran off with millions of dollars and abandoned his wife and children???

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