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.

Just Waiting


There's nothing to do but wait for :

1) the advertisement* of the particulars of the sale in the local papers followed by
* 4 daily newspapers on Mon 18 Sept, 2017

2)the  notice of the collective sale (a large bundle of documents) sent to each owner by registered post. These will include the CSA, S&P, Valuation Report among other things

3) minority objectors have 21 days from date of notice for collective sale to make an objection at the STB.

4) the Application* for sale to The STB within 14 days of the newspaper advertisement.
* 22 Sept 2017

5) wait 60 days or less for the STB Approval or Stop Order

6) wait 3 months from date of STB approval for completion of sale and money in your bank

7) stay for 6 months if necessary to prepare to move out.











CAVEATS
A comment below said they he/she had received a letter from the SLA informing them that a caveat had been lodged against their unit.

What is a caveat?
A caveat is a legal document lodged with SLA by a purchaser to protect his/her interests after an option to purchase is exercised or a Sales & Purchase Agreement is signed

This is normal practice as the buyer has a caveat-able interest in the majority units. The buyer should not, however, lodge caveats against the Minority units until such time as the STB approves the sale.




4 comments:

  1. Received a letter from SLA with regards to Caveat matter. Now finally got the feeling that the house is going...

    ReplyDelete
    Replies
    1. That's interesting. This is the purchaser lodging caveats against the units.

      I hope I do not receive one prematurely as the STB has not yet approved the sale.

      This issue was raised in Rd 1:

      http://www.tampinescourt.net/2007/06/caveats.html

      Delete
  2. Hope we can get this enbloc done quickly to have peace of mind. Everyday having news of North Korean warmongering and the upcoming hike in property prices

    ReplyDelete
    Replies
    1. You want fast, go for 100% signature & bypass STB. Sorry, no other ways.

      Delete