Disclaimer






"I am a BLOGGER NOT an expert. This is a BLOG not a 'go-to' website for official information. I represent no one's view save my own. I have neither legal nor financial training, nor do I have anything to do with the real estate industry. My understanding of the Collective Sale Process is from a layman's position only. My calculations, computations and tables are homespun and may contain errors. Please note that nothing in this blog constitutes any legal or financial advice to anyone reading it. You should refer to your lawyer, CSC or financial adviser for expert advice before making any decision. This disclaimer is applicable to every post and comment on the blog. Read at your own risk."
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There is one thing worse than an Enbloc ----- and that is an Enbloc done badly. Since the majority have the necessary mandate to sell, then they owe it to all SPs to make a success of it. Minority SPs can only watch and wait, if they sell then lets pray it's at a price we can move on with, if they don't sell, then we are happy to stay for a few more years.

Caveats

An extract from the Law Gazette of Wednesday 20th June, 2007

Singapore Land Authority Practice and Procedural MattersAt a recent dialogue session, SLA informed the Society as follows:

1. Lodgement of purchasers' caveats in en-bloc sales
SLA has received feedback from minority owners facing en-bloc sale of their properties that purchaser's caveats have been lodged against their units, in instances where the Strata Titles Board ('STB') has yet to approve the application by the majority owners for the collective sale.
Pending the outcome of the application to STB for the collective sale, members acting for purchasers may wish to consider if the purchaser has a caveatable interest in the units of minority owners.

Minority owners have by now all received caveats on their homes. This is premature as the sale is only conditional, and until the STB approves the sale, our units have not been sold. Only the majority have agreed to sell at the reserve price. The purchaser has no ‘caveatable interest’ in our units, as stated in the law gazette, and the caveat should be removed until and if such time that they do.

Removing a caveat cannot be done by phone or website; only through a solicitor. The 'member acting for the purchaser' should ‘consider’ having the caveats removed so as not to incur unnecessary costs on the minority.

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