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.

THE EXECUTION PAGE OF THE CSA

The execution page of the CSA is a very important page in the  document. Since you are signing away your home, you life's work, your most precious asset, it is important that this page be drafted well. Because this is a collective sale, extra safeguards should be inserted so owners feel secure that everyone is 'signing on the same page, and signing for exactly the same as their neighbours.'.

There are a few pitfalls to look out for here.

Because the new rules state that the signing of the CSA must be witnessed by the en bloc lawyer and dated accordingly, this puts a spanner in the works of a previous favored practice of leaving the date of signature blank. To get around this annoying legal requirement, new tricks may be employed.
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The execution page is oversimplified
    The page may have just the name, address and signature of the owner(s), and the name of the witness and date of execution.
    • NO WHERE ON THE PAGE WILL IT STATE WHAT IT IS THE OWNERS ARE ACTUALLY SIGNING FOR. 
    • NO MENTION of reserve price,  
    • NO MENTION of the method of apportionment.  
    • So, even if there are 480 of such like pages there is nothing to show that they have all signed for the same RP.
    A pro-owner execution page should not leave anything to chance. The execution page forms the last page of a stapled agreement and it can be removed, switched or added to by less than scrupulous persons.

    Therefore, to safeguard against abuse, here is what I propose an Execution page of an Agreement should cover ON A SINGLE PAGE ONLY:
    1. Agreed Reserve Price written in words and Method of Apportionment
    2. Full name and IC number of Signatories and their Signatures
    3. Blk and Unit numbers 
    4. Correspondence address
    5. Telephone and Email addresses
    6. Full name and Signature of Legal witness
    7. Legal stamp
    8. Date & Place of execution
    9. Date of Rescission (if any)
    10. Special conditions (if any)
    A copy of his/her signed Agreement to be given to the signatory immediately upon signing.
    Copies of the signed execution pages of the Agreement (including those who have rescinded during the 5 day period) and any Notices of rescission to be given to the Sale Committee every 4 weeks (at the same time the Notices are put on the board).

    All owners in the estate should be allowed to view these signed execution pages and notices of rescission at the MCST office at any time, and be given a complete list of the Blk, Unit numbers, names of Signatories and date of signing upon request .

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