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."

SALE IS NOT CONFIRMED
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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.

TC Updates.....when they come


19 Oct 2017





PROPERTY TAX




Good question and probably one the Lawyers should answer. Forewarned is forearmed, they say.  The Lawyers were very late notifying the SSD owners of their sudden & impending payments - I hope they do a better job instructing all owners on the proper procedure here. 

First I checked the relevant clause in our S&P (standard clause):-
16.1 ... Vender shall be liable for the following ..... until vacant delivery 
(c) Payment of all outgoings including the property tax ......maintenance fund & sinking fund contributions ...

Then I checked the IRAS:-
'There is a checklist of things to do when selling your property, such as paying outstanding tax, terminating existing GIRO payments and submitting claims for tax refunds.'

1) Pay outstanding Property Tax (check your balance here)
2) Apportion Property Tax Liabilities
3) Terminate any Giro Payment Arrangement
4) Claim for any Property Tax Relief
5) Notify IRAS of the Property Transfer (done by Lawyer)

I am unclear when all these things will happen - I doubt if the Lawyer has filed the Notice of Transfer yet, as our sale is still conditional on getting STB approval.

We shall await further instructions.

3 comments:

  1. No news means good news ?

    ReplyDelete
  2. Just a query. I am paying my property tax for TC via monthly GIRO deduction. Since the unit is considered sold, do I need to inform IRAS and will the property tax be terminated or recomputed?

    ReplyDelete
    Replies
    1. Good question. Same here so I'll look into that.

      Delete