Collective Sale of Private Properties Flashcards
who manages en bloc sales in SG?
Strata Titles Boards
What Act governs en bloc sales in SG?
Land Titles (Strata) Act [LTSA]
what is collective sale?
the sale of 2 or more units to a common purchaser
How to decide whether an en bloc can go through? [2]
based on majority consent:
- If dev less than 10 years old, 90% vote based on share value and strata area
- more than 10 years old, 80%
how to determine the age of the development?
based on latest TOP issued. if dont have = based on CSC
share values are issued by…?
how are they distributed?
Commissioner of Buildings (COB)
According to strata area
what will be decided during the meeting held by the Collective Sale Committee? [3]
- Appointment of lawyer, valuer, and marketing agent
- Apportionment of sale proceeds
- Drafting of Collective Sale Agreement
can an owner who signed the CSA choose to rescind the agreement? when?
yes, during the 5 day cooling off period after the day on which the CSA was signed.
the 5 days do NOT include weekends and public holidays
how will the committee find a buyer?
through public tender, advertised in 4 languages
what type of issues can the minority owners raise an objection under the Land Titles (Strata) Act [3] and when?
- Financial loss
- Not done in good faith
- Conflict of interest
they can file an objection within 21 days after the date of notice of the actual application was served
how long will STB mediate for? if not, what happens?
max 60 days. if not will issue a stop order and the proceedings will be taken to High Court
when will STB not approve an en bloc sale? [3]
- sale was not conducted in good faith
- minorities suffered financial loss
- sale proceeds insufficient to pay for any loans or fees w respect to the unit [bank will reject also]
