Quick answer
A jointly owned condo is sold as one property, so expect every owner to be part of the sale; your lawyer can confirm who must sign. For private property bought or refinanced on or after 1 September 2002, CPF Board states that the selling price pays the outstanding housing loan first, then each owner’s required CPF refund, then other sale expenses. Whatever is left is the cash the owners share.
The refunds go back into each owner’s own CPF account, so two owners with the same share of the flat can walk away with very different amounts of cash. If the price is not enough to cover the loan and both refunds, and the condo is sold at market value, CPF Board shares the money left after the loan between the owners in proportion to their required refunds.
How much cash will each owner actually receive?
The simplest way to see it is with numbers. The example below is made up to show the order of payment. Your own loan, CPF and expense figures will be different, and the expense figure in particular is an assumption, not a quote.
Example 1: the price covers everything
| Step | Amount | What is left |
|---|---|---|
| Selling price | $1,800,000 | $1,800,000 |
| 1. Outstanding loan | $900,000 | $900,000 |
| 2. Owner A CPF refund | $300,000 | $600,000 |
| 2. Owner B CPF refund | $200,000 | $400,000 |
| 3. Sale expenses (assumed) | $50,000 | $350,000 |
Illustration only. Order of payment from CPF Board for private property bought or refinanced on or after 1 September 2002. Figures are invented for this example.
Here the owners share $350,000 in cash. If they had agreed to split it equally, each would receive $175,000 in cash. But Owner A also gets $300,000 back into CPF and Owner B gets $200,000, so their total positions are not equal. How the cash itself is divided depends on how you hold the property and what the owners have agreed, which your lawyer can confirm.
What if the price is not enough to cover both CPF refunds?
CPF Board states that if the property is sold at market value and the price cannot cover the loan and the required refunds, the owners only refund what is left after the loan. They do not need to top up the CPF shortfall in cash. That remaining amount is shared using this formula:
Your required CPF housing refund ÷ total required refund for all owners × (selling price − outstanding loan)
Example 2: the price falls short
| Item | Owner A | Owner B |
|---|---|---|
| Required CPF refund | $300,000 | $200,000 |
| Share of the total | 60% | 40% |
| Refunded to CPF | $240,000 | $160,000 |
| Cash left over | $0 | $0 |
Illustration only. Selling price $1,800,000 at market value and outstanding loan $1,400,000, leaving $400,000 after the loan. Formula from CPF Board.
Two things catch sellers out in this situation. First, if the condo sells below market value, CPF Board states that the shortfall must be topped up in cash. Second, with nothing left after the refunds, ask your lawyer early how legal fees and other sale expenses will be paid, and keep cash aside for them. If the price may not even cover the bank loan, that gap is a matter between you and the bank, so speak to them before you issue an OTP.
What if one owner used more CPF than the other?
That owner may have a bigger required CPF refund, depending on the principal withdrawn, accrued interest and any other applicable CPF requirements. If so, more of the proceeds go back into their CPF account and, in a shortfall, they receive a bigger share of the money left after the loan. The share is based on each owner’s required CPF housing refund, which CPF Board describes as the CPF principal withdrawn plus accrued interest, not the principal alone. CPF Board notes the required refund can be lower for some members who turned 55, or set aside the Full Retirement Sum, before 1 January 2013. Owners aged 55 and above who pledged the property to meet their retirement sum must also refund the pledged amount.
Each owner can check their own figure in the What happens if section of the CPF Home ownership dashboard. Accrued interest keeps adding to the refund over the years, so owners who bought long ago are often surprised by how large it has become. Compare both figures side by side before you set a price.
Where does the refunded CPF go, and why it matters for your next home
CPF Board states that if you are below 55, housing refunds are credited to your Ordinary Account, which can be used for another property. If you are 55 or above, refunds are first used to top up your Retirement Account to your required retirement sum, and only the balance stays in your Ordinary Account.
This matters when the owners are of different ages. An older owner may find that much of their refund goes to the Retirement Account rather than being available for the next purchase. CPF Board sets out a limited exception for owners aged 55 and above buying a 3-room or smaller HDB flat, with conditions. Check each owner’s position before you commit to buying the next home.
What should both owners agree on before listing?
Five things to settle first
One number you both accept, so offers can be answered quickly.
Whether both must agree each time, and how fast.
Completion date, and where each owner will live next.
Confirm with your lawyer before marketing starts.
Who signs, and plans for any owner overseas.
Most problems in a jointly owned sale do not come from CPF rules. They come from owners discovering, with a buyer waiting, that they had different numbers in mind. Writing these five points down before the first viewing avoids that. The private-property selling guide covers the rest of the selling process.
What happens when one owner refuses to sell?
The buyer is buying the whole condo, so do not plan on selling it without every owner on board; ask your lawyer to confirm what applies to your title. If one owner refuses, or you agree to sell but cannot agree on the price or on how the cash is split, this becomes a legal matter rather than a marketing one.
- Talk early, with figures. Disagreements often soften once both owners see their own CPF refund and likely cash in writing.
- Get independent legal advice. Each owner may need their own lawyer if interests differ, especially for spouses who are separating. A lawyer can explain the options available to you.
- Do not issue an OTP until everyone is aligned. Issuing an option the other owner will not honour creates problems with the buyer.
- Keep paying the loan. The loan stays your joint obligation while the dispute is sorted out.
A property agent can help both owners see the same price evidence and figures, but cannot resolve a legal dispute between owners. Transfers of a share between owners, divorce and inheritance follow different rules and are not covered here. The inheritance and probate guide covers the estate route.
Option monies and seller checks
CPF Board states that option money from the buyer is part of the selling price and must be refunded to CPF before the transaction can be completed, so do not treat it as spending money. CEA’s checklist for sellers of completed private residential property suggests stating in the OTP that the option deposit is paid into your lawyer’s conveyancing account or to the Singapore Academy of Law. It also lists checks on the buyer’s identity, outstanding property tax, mortgage redemption and outstanding MCST fees, and flags checking whether the sale will be a negative sale. The pre-OTP seller checklist walks through these steps.
Coordinating a sale with two owners
A jointly owned sale works best when both owners see the same figures, the same price evidence and the same timeline from the start. Start with the property sale proceeds calculator for a first illustration, then confirm the real figures with CPF Board, your bank and your lawyer. The private-property selling page explains how Melvin helps co-owners plan pricing, buyer positioning and timing for the sale.
FAQ
Official sources
- CPF Board — CPF Refund When Selling or Transferring Property — last updated 11 June 2026
- CPF Board — How Much Do I Need to Refund if the Selling Price Is Not Enough? — last updated 12 June 2026
- CPF Board — What Will Happen to My Sales Proceeds After the Sale of My Property? — last updated 12 June 2026
- Council for Estate Agencies — Checklist for Seller for Sale of Completed Private Residential Property
- Singapore Land Authority — joint tenants and tenants-in-common (Ask Gov)
Sources checked on 9 November 2026.
This article provides general educational information. The examples are illustrations only. CPF, loan, tax and legal matters depend on the actual transaction and the owners’ circumstances, and should be confirmed with CPF Board, your bank or a lawyer before a binding commitment is made. No sale price, timeline or outcome is guaranteed.