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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.

Chequebooks at the ready

Did you get an sms from the sale committee informing you to bring your chequebook to the EGM tomorrow?

Looks like they are expecting to start the signing right away which means they have no intention of making any new amendments to the CSA.

So any discussion at the EGM will be pointless and just so much hot air.  Bear in mind the subsidiary proprietors of TC are not the Solicitor's clients - the SC and the Representatives are. If you read  Schedule 3 Scope of  Solicitors Services, note C and the 'Work Excluded'. So, if you ask for advice, none will be given. 

It is best therefore to seek independent legal advice on the CSA to better protect your interests.

How much will you have to pay?
11.17: $52.00*
11.18: $168.00*
Scope of Solicitors services (1)(a): $250.00
Total: $470.00
* not sure when these is payable, but I presume at point of signing

I don't understand why anyone would  sign the CSA on day one. Why jump in at the beginning and tie your hands unnecessarily for the next 1-3 years (read the 33 covenants again).  If there is any hope of reaching 80%, it certainly won't be achieved quickly, probably on the last day of the 12 month period, if at all. Blame it on the LTSA - 6 months, 12 months, it doesn't matter; the prudent would always wait until the last moment to minimise their liability and maximise their options and you know what they say, only fools rush in.

6 comments:

  1. Enbloc round 1 I was one of the earliest to pay the admin fee that cost $700+. When the enbloc failed to materialise I lost the sum. Do you expect me to pay before STB approve the sale this time? Don't dream-lah.

    ReplyDelete
  2. Even before the ink is dry, they ask for your money. Is this deja vu? They are out for your maney, just like the last enbloc!

    ReplyDelete
  3. Very simple. If you sign, you must pay, if you don't sign no need to pay.
    So, if the en-bloc fails, you don't lose money.
    If en-bloc goes through STB and gets finalized, then you pay - no interests charged, very clever right?
    So why Pay And Pay up front?
    When you should first ask "Why Pay?"
    and my advice Never Stupidly Pay.

    ReplyDelete
  4. Must I pay if I dont agree to the RP (RP deleted) mio ?

    ReplyDelete
    Replies
    1. No, if you do not sign the CSA.

      In 2yrs+ time, if the sale is approved at the STB and only after the sale is completed, then the full costs & expenses will be deducted from your gross sales proceeds.

      Delete
  5. @Must I pay..
    If you sign - bring your cheque book and pay, if en-bloc fail you lose.
    If you don't sign then you Simply Don't Pay,
    if en-bloc fail you didn't lose a cent

    ReplyDelete