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"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.

The vestiges of a failed enbloc

The For Sale signboard:
I'm sure owners want to see this taken down as soon as possible. I believe the managing agent has called the property agent to come and remove it, failing which the MA will remove it and charge them costs.
UPDATE: 09 Aug 2008
The property agent has removed the signboard.


STB Costs
An outstanding issue that has not been fully resolved.
It was unusual for the STB to award costs to the Applicants, the amount is still being worked out and it appears (note, I am not 100% certain here) the burden of payment will fall on the two Applicants. This could be quite a substantial sum of money, and underlines the risks taken by those who put themselves forward as the main applicants in an en bloc sale.


Caveats
There are caveats lodged on our homes. A caveat cannot be removed by a phone call, nor can it be done over the internet.
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UPDATE 13 Aug: ALL CAVEATS WERE REMOVED BY THE BUYER SHORTLY AFTER THE EN BLOC FAILED AT THE STB.
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However, in a Land Titles Search; each of the properties* continue to reflect another Interest/Encumbrance. It appears as Item No. 3: "Application to Register Collective Sale Application IA/970386M ". It lists the two STB applicants by name. Perhaps you should write to the en bloc lawyer to remove the said notification against each of your properties.
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* at least this is the case with my property; I am therefore assuming it is the same for all.
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3 comments:

  1. The previous buyers (Far East Org) should automatically arranged for the caveat to be removed on all the properties in TC.

    It is simply not efficient for each SP to write to them to request for the removal. Any cost should be borne by Far East Org.

    ReplyDelete
  2. Logically, that should be the proper thing to do. In my case, I am getting my lawyer to request for the removal. If they do it quickly and without hassle (or payment) then I will let you know.

    ReplyDelete
  3. Hi,

    I am a resident and a lawyer. I am writing to the developers asking them to remove the caveat against my unit and to give evidence to me of the removal of the caveat.

    There is no real necessity for a lawyer to give the notice. Any individual owner can write to the developers (address in the S&P Agreement).

    I can prepare a template of the letter for use by residents. Letter should be sent by normal post or registered mail to developers.

    Only if the developers fail to remove the caveat within the time stipulated, then, the resident should consult a lawyer.

    It is unlikely that the developers wants to incurs more costs by not removing the caveat. I think they will remove it upon receipt of notice.

    Please email to me at bluejazz88@gmail.com if you want the template.

    Regards

    ReplyDelete