What Is Collective Sale Agreement

Usually, this is possible if their full consent to the group sale is from the beginning, as there is then a high probability that the group has appointed the real estate marketer and appraiser through CSC, which would be helpful in setting a realistic price. Once appropriate approvals are obtained from the Strata Title Board or the High Court in the event of a dispute, owners can legally complete the sale and receive the proceeds of the sale (minus a small holdback) from the developers. You can also put the property up for sale, but this must be done within the 12-month period. It is first triggered by interested owners or by agents who approach the Management Company (CG) with a proposal for collective sale. After that, it is necessary to form the sales committee (CS), as well as appoint agents and lawyers for the bulk process – all of whom must be present at the negotiation of the conditions of the collective sale with an evaluation within 3 months of the triggering of the collective sale. After that, there is another month for two where the owners meet to keep abreast of progress and discuss relevant issues related to the sale, bringing the schedule to four to seventeen months. The Selective En Bloc Redevelopment Scheme (SERS) is the HDB version of a Block Sale. Whenever HDB properties are bought by the government for refitting, they are purchased by the owners through GAINS. They will effectively return their homes to HDB for compensation. For the uninitiated, you may be wondering what the big problem with bulk ownership is.